There are endless reasons why entrepreneurs should NOT start their own business, especially during these hard times where the COVID-19 pandemic has not completely subsided. However, rare people spare some time to think about why it is a very brave and rewarding experience to venture into business opportunities in Thailand and follow their dreams. The idea of a “new normal” shouldn’t hinder a budding business. It should give entrepreneurs an advantage in serving potential customers in the ways they are now looking to be served.
Entrepreneurs who are thinking of setting up a company in Thailand must know what investment opportunities await in the market. The country’s stability in politics, social and economic situation, work ethics, and government support are some of its main advantages. The Thai government has been maintaining an open, market-oriented economy that encourages more foreign direct investments and promotes economic development. There’s no wonder why the country makes a good investment destination for any foreign business owner looking to make it big in the Asian market.
However, it is undeniable that there may be challenges and uncertainties of doing business along the way, but the benefits an entrepreneur can receive from being determined to succeed and not being afraid of seeking legal assistance, are many.
Independence and flexibility
Entrepreneurs who start their businesses have more freedom and independence working for themselves – they are their own bosses. They can’t get fired. Entrepreneurs make the decisions that are crucial to their own business success. They can do what they want, how they want, and when they want. Entrepreneurs also have the free will to choose whom to do business with and what work they will do. And once their business in Thailand is firmly established, they’ll have the flexibility to make sure they don’t miss the moments and events that matter to them in life.
Another advantage of being their own boss is that entrepreneurs can work when they work best – whether that’s 12 pm or 12 am – which should result in them being far more productive. And if they need a power nap in the late morning or afternoon to boost creativity and productivity, they can take one. Entrepreneurs also have the freedom to work where they want. So if they love to travel, they could spend some time living the lifestyle of a digital nomad.
A Sense of Pride
Entrepreneurs who own and manage their businesses felt more satisfied and fulfilled than working for someone else. In fact, many successful startup business owners say that going out of their comfort zone and having the courage to go out on their own have gained them the respect of their peers. Making their dream a reality and knowing that all of their hard work has finally paid off is a great feeling and is worth the stress and long hours it took to get there.
While it may take a while, entrepreneurs who started a business in Thailand from nothing and made it past the first year are a great accomplishment. Accomplishing difficult projects gives entrepreneurs a sense of achievement. Their success didn’t happen overnight. They hustle, seek legal advice from experienced startup specialists, and perhaps had some luck, they became wealthier than their wildest dreams. In healthy doses, it gives self-worth and lets entrepreneurs take credit when they achieve something worthwhile.
Oftentimes, typical jobs can be constricting and sometimes don’t allow employees to maximize their knowledge and skill. However, owning a business saves entrepreneurs from having to work for anyone else. They are involved and in control of the total operation of the business, from concept to design to creation, from sales to business operations to customer response. That means they can develop their brand to the level they think is best. The ability to be in full control of a business is a fulfilling experience for entrepreneurs who are driven by passion, creativity, vision, and goal. As business owners, they have ultimate control over success or failure. If they work harder, keep pushing, and figure it out, they have the potential to have incredible success. This level of involvement allows the business owner to truly create something of their own.
Opportunity to Pursue a Passion
Let’s get real: not all passion can turn into a business that can generate income. However, one of the advantages when starting a business is that entrepreneurs can work on something that thrills them. Passion is what drives them to succeed because they are completely dedicated to making their business work no matter how hard the process may be. In fact, many entrepreneurs say that the long hours they have invested in growing their business don’t feel like work because they are having fun with what they are doing.
Unfortunately, a lot of aspiring entrepreneurs just like the idea of success but do not have a passion for business. Keep in mind that entrepreneurs will not survive in the industry without passion because the grind of building a business will take a toll on them emotionally, mentally, and physically. This can be a tough journey to overcome without having a purpose or passion that driving them forward.
Achieve Financial Independence
Every entrepreneur strives towards running a successful and profitable business and achieve financial independence. Financial independence is the status of having a reliable source of income that is sufficient to cover the cost of living without being dependent on others. With the right skills and the right mindset, entrepreneurs can ensure their business is successful on the market. They can then reap the benefits of their hard labor, as well as the efforts that got them there in the first place.
While it is possible to earn millions from a 9-5 job, it will probably take years to achieve such a great deal, not to mention having to compete with many people to have this income. However, the risks of giving up a minimum paycheck can pay off when aspiring entrepreneurs start their own businesses. They can get rich in a small business or at least achieve financial independence.
When entrepreneurs start a brand-new business, they are starting with a clean slate. This allows them to build their business in their own image from the brand name, mission and vision, inventory, and employees without having to deal with a company’s previous problems or poor reputation. Entrepreneurs can also staff their company with the type of employees that they want working for them.
They say that half the battle of building a business is starting. And not everyone has the desire to take a calculated risk and put an effort to start their business, which understandable since the idea itself is terrifying. However, people who engage in entrepreneurship can take advantage of the freedom to make their own choices and control their destiny in a way that conventional jobs do not. If some people are hesitant to start their business in Thailand today and more established businesses are playing it safe on their marketing strategies, then setting up a company today is an advantage. Now is a good time to reach potential customers who were once stuck in habitual shopping behavior and are now looking to engage in new relationships with new brands.
Source: Asian Correspondent
There’s a long list of reasons why many people are motivated to pursue their dreams of setting up a business in Thailand. Apart from the country’s booming economy, it boils down from relatable reasons such as wanting to earn some extra income on the side to reasons like wanting to be the first company to come up with new products or services that customers will soon love. All in all, people start their business for different reasons.
Starting a company in Thailand is one of the most rewarding and challenging things a person can do. Sometimes it’s fun and other times, it is emotionally, physically, mentally, and financially draining. It can also seem like a scary one if you’ve never done it before. Starting a business requires you to leave your comfort zone, try something new, and hire startup specialists to succeed. Sure, there might be one or two good reasons why you shouldn’t start a business right now. But there’s something about entrepreneurship that makes it worth considering.
While there is no exact formula to succeed in the business industry, you can make a few steps to improve the odds of your business survival by determining and understanding the factors of whether or not you are ready to start a business in Thailand. Is starting a business the right choice for you? Here are some important questions to ask yourself before launching one.
Do I fully understand my reason why I want to start a business?
Although entrepreneurs have different reasons why they want to start a company or take advantage of various business opportunities in Thailand, oftentimes, most of them cannot justify their reasons and don’t understand the depth as to why they want to do such a thing. Determining the reasons why you want to start a business is not enough. Evaluate yourself. What’s the reason behind your WHY? You have to be rational. You have to be clear about your intentions and motivations to back your reasons up. Moreover, by doing this, you are protecting yourself and your business from unnecessary risks.
Can I see myself doing this business for years?
Starting a business requires a lot of your time, effort, and money. Apart from considering hiring a skilled and experienced startup specialist, you also have to think about making your business known to the public. How willing are you to take on the road bumps ahead of you? Do you have enough courage to face problems and inevitable challenges in your business that will shake your resolve? If you see yourself doing business in the coming years overcoming these hurdles in the industry, then it shows how committed and determined you are in pursuing your goals.
What is my long-term plan?
After evaluating whether you’re up for the journey, it’s now time to think about whether or not you’re up for a long-term haul. If you’re planning to start a company such as a consulting firm in Thailand, having a long-term plan for your business shows that you are in for a serious business matter. A long-term plan gives you something to aim for in the coming years. This includes goals such as five-year income projections, expansion plans, or hiring goals. The plans should be reviewed regularly so you can track their process and do some adjustments when necessary.
Does my business idea meet a need?
The next question you need to ask yourself is whether your business idea is helping or serving a need. Is there an unmet need or an unsolved problem in the retail industry in Thailand that you want to fill? Why should your target market care about your product or service? What makes your brand advantageous? If you can’t provide a need or a reason for a customer to engage with, then there might be a problem with your business idea. Keep in mind that at the end of the day, if no audience would engage in your products or services, you’re not going to generate income. However, once you can honestly answer these questions, you can look more seriously at taking your idea and turning it into a viable business.
Is my business idea feasible?
Oftentimes, entrepreneurs have a brilliant business idea but lack feasibility. Many entrepreneurs think they can just figure it out as they go. In reality, they need to know in advance. By evaluating and asking this question to yourself, it can give you an overview of whether or not your business idea could turn into a reality. You need to know if you can afford to start a business in Thailand, if your family or friends can handle the change, and whether you have the motivation and determination to go the distance. Also, making a list of everything; such as the people you want to work with, finances, skills, and anything else, can help you in reaching your goals. You’ll be surprised how resourceful you can be even when you feel limited.
Do I have the budget to fund my business?
Every business startup needs funding since it gets a business up and running. Having sufficient business capital is key to a company’s financial health. However, not having enough funding can have a serious impact on the future of your business. If you’re not already well funded, you’ll have to figure out how you’re going to fund your business. There are many ways to raise funds. You can get a bank loan, crowdfunding, factoring, borrowing money from family or friends, etc. In the long run, the company has to turn profitable and cannot depend on raised funds to manage itself. And once there’s an increase in sales, some of that revenue can be reinvested in the business industry to attract more potential customers.
How will I market my business?
Marketing is one of the most vital things an entrepreneur can do – it determines if your business startup will be successful or not. Not only does marketing boost brand identify but it can also attract potential customers which leads to conversion and increase of sales. As an entrepreneur, you have to determine who your target audience is, who are your competitors, and what online platforms should you utilize to manage your business. Without a proper marketing strategy, your business is likely to close down due to a lack of sales.
Building a new business that becomes successful provides entrepreneurs great personal satisfaction. For some, it has become the pursuit of their life’s goal. It also allows individuals to learn various skills that provide continued personal growth, pride, and fulfillment. However, while starting a company in Thailand will fundamentally change the way you live your life, there are also a lot of questions you need to ask yourself as you get started. Apart from seeking help from startup specialists, evaluating yourself and asking these questions can help you enlighten on whether starting a business is a path you want to pursue. Remember, starting a business isn’t easy and will require a lot of time, patience, and energy. It can also be a lot of work and risks. But with informed decision-making, an effective marketing strategy, and a solid team, starting your own business can be an extremely fulfilling experience.
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Source: Asian Correspondent