Author: Andy Aditya

What are the benefits of Launching your Start-up in Thailand

Looking to launch your startup in Thailand? Thailand is globally acknowledged for its rich culture, exquisite cuisine and natural beauty. But you might not be aware that Thailand is also a popular business destination for both Thai as well as foreign businesses to launch their startups. The GDP (Gross Domestic Product in Thailand was US $501.79 Bn last year in 2020, and is expected to reach 546.00 USD Billion by the end of 2021 as per World Bank.

Thailand GDP Over the Years

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Thailand has a comparatively low cost of living, together with high-speed internet access practically everywhere, stable power, and low cost of food, housing, medical care, as well as transportation costs. Thailand is well ahead of the curve in enticing talent from the world over. Obviously, these factors aren’t exclusive to Thailand. However, what sets the country apart and makes it attractive for foreign investors is its strategic location and government support, plus all the benefits it provides to businesses` in the country. Let’s have a look at some of the key reasons why Thailand is becoming so popular business destination for startups.

Key Benefits of Launching your Own Startup in Thailand

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Ease of Doing Business in Thailand Over the Decade

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Thai Government’s 2021 Incentives 

Foreign investors, professionals as well as retirees would be able to relish new incentives in Thailand, as the Thai government looks to interest high-earning foreign residents in helping Thailand’s COVID-19 recovery. On September 14, 2021, Thailand’s cabinet through a resolution introduced tax, immigration, and land ownership incentives designed for skilled professionals and foreign investors. These incentives are efforts to stimulate the country’s economy which has been severely impacted by the pandemic. As per a government spokesperson, the Thai government assumes the incentives would attract a horde of foreign investors as well as professionals in the coming five years, that would contribute over US $30 Bn to Thailand market economy.

These incentives are of three categories:

Immigration – Qualified applicants could receive a long-term resident visa for 10 years to live in the country, including spouses and children. Automatic work permits would also be issued to qualified applicants. This is one of a kind visa that didn’t exist previously in Thailand.

As opposed to other Thailand visas, those on this visa won’t have to provide written notices to the respective authorities for a stay exceeding 90 days in Thailand.

Tax – The qualified applicants would be able to enjoy income tax rates the same as available to the Thai citizens, and tax exemptions for the income earned overseas. Moreover, the qualified applicants will be able to apply for a 17% fixed income tax rate in line with the Eastern Economic Corridor scheme.

Land and property – These qualified applicants would be able to enjoy eased out restrictions on foreign ownership as well rent of property and land.

These incentives would be supervised by the county’s Office of National Economic and Social Development Council (NESDC). They would be there from 2022-2026 for five fiscal years, at which their performance will be evaluated and further decision on whether to further extend them.

Finding the Productive Environment for your Startup in Thailand

Although you might be lured by the benefits that Thailand has to offer, you still might need some hand-holding opening a business in Thailand once you have arrived in the country. Even with a lot of streamlining of the process, still, a lot of operational details needs to be taken care of before starting a business in Thailand.

As a foreigner, you may not be conversant with the company requisition process. Therefore, for easing the registration process, it’s better to contact a startup consulting in Thailand.  Business startup consulting firms in Thailand can work with you in reviewing your business model and assist you in identifying strategic initiatives that would support your business objectives. A Thailand representative through facilitated sessions would develop the right strategy for your business development in Asia. Also, these Asian business consultants would help you in executing, monitoring and making ongoing adjustments to your business strategy.

Developing a robust business plan is crucial for a successful startup. Consulting firms in Thailand work with you in building robust plans which involves detailed strategies such as finance, marketing, operations, sales, supply chain, engineering and procurement. 

Final Word

Along with the rapid growth Thailand is relishing, it also reaps the benefits of being a friendly, competent, hospitable culture immersed in history. Challenges are there everywhere in the world. Add start-up to that equation and the rate of failure is intimidating. But individuals don’t get into start-ups to be unsuccessful or repeat their past, they work to see that their ideas or concepts come to life. Thailand has made all the efforts for improving the country’s economy and promote foreign relations and technological advancement. It’s no surprise that Thailand is today among the popular business destinations for foreign investors. The foundation of the dreams starts here in Thailand and it’s exhilarating to imagine what boundless harvests lay ahead in Thailand’s evolving economic future.

Request a FREE Online Consultation or get essential tips by downloading this e-Book  on how to Startup in Thailand.

Interesting Reads: 

The post What are the benefits of Launching your Start-up in Thailand appeared first on StartUp in Thailand.

Source: Asian Correspondent

Time-Saving Tips for Startup Businesses

For most entrepreneurs, success is defined by how fast their business in Thailand grows. But one of the biggest challenges is finding time to get everything done. No matter how driven, focused, or hard-working they are, it is easy to lose track of time during a hectic workday. Time is money for them, and unfortunately, it can be pretty scarce when they have a lot on their plate. Entrepreneurs oftentimes wear several hats, rolling up their sleeves to do whatever needs to be done, whether it be managing employees or selling the product or service. And with so many things to do, other crucial things like decision making, problem-solving, and product development become difficult. But there is a better way of managing time before they burn out.

Whether entrepreneurs are setting up a company in Thailand or venturing into online selling, it will be helpful to implement some simple time-saving hacks to their business whenever they can. Keep in mind that good organization and time management skills are essential to the success of a business. Businesses that utilize good time management are better positioned to consistently deliver their product, or service, on-time. To be more productive and efficient, entrepreneurs can tweak their routine and utilize these time-saving tips below.

Create a Realistic Schedule

Planning out the day is crucial if entrepreneurs want to save time and stay on track. While they may not get everything done that they intended to complete, they will still have a pretty good idea of what they should do next instead of having to waste time while they figure it out. And one of the best ways to plan out their day or week is to first track their time and figure out how long it takes for them to complete certain tasks. They can write out their schedule based on what their priorities are for the week so they can focus on that first. With this, they will know how much time they will have for strategic business planning, appointments, events, and other activities.

Set Clear Goals

Identifying the goals helps entrepreneurs stay on track during their workday. It will also save them from wasting their time on things that are not part of their big picture. Entrepreneurs should start by identifying their long-term, overarching goals; and then work backward from there, breaking them up into smaller, more short-term objectives. For instance, if they want to try any investment opportunities in Thailand, then they should create a clearly defined goal that is both realistic and practical. Having a clear and direct goal can help entrepreneurs work towards a tangible benchmark. When they accomplish their goal, they will also experience a sense of achievement, which can help them push toward setting even more ambitious goals in the future.

Delegate the Tasks

Startup entrepreneurs are often faced with challenges that require them to be flexible and versatile; be it accountant, marketing director, operations manager, cashier, or even shop cleaner – they are more than willing to take on these tasks for their business. However, doing it by themselves and taking on all responsibilities is not the most productive use of their time. Entrepreneurs should not be afraid to delegate tasks to their members. They can also hire a skilled and experienced business startup consultant to help them through the process. Often, someone else can get it done faster, and maybe even better than them. So, learning how to delegate tasks is an important time-saving tip to bear in mind.

Cut Down on Meetings

Cutting down on meetings is one crucial way to save money. The next time entrepreneurs are in a meeting, they should do some rough calculations based on the number of people in the room and the average hourly salary they are paying them. Sometimes, the results can be staggering. They can also take a look at both their own and their employee’s calendars. How many hours per week are spent in meetings and evaluate the cost and benefit to the company. More likely, they can cut back on some meeting time and free up time for actually getting work done. Another suggestion is to eliminate a lot of information-sharing meetings. If they need some feedback on something, they can send some information ahead of time and ask everyone to review it before they sit down to meet.

Use Smart Automation

Automating a process can help entrepreneurs be more efficient. They can automate things like payroll, accounting, social media, and sales and marketing to help save time. Implementing automation tools allows entrepreneurs to simplify repetitive tasks and gives them more time to work on important projects. And, automated processes can help make sure that the business runs like clockwork. Entrepreneurs should consider automating their accounting and payroll duties by investing in accounting software and payroll software. For startup entrepreneurs, there is software that is built specifically for them, so they don’t have to break the bank to automate this process. Moreover, Using automated email marketing tools allows entrepreneurs to send emails to all their customers or vendors without wasting time writing and sending emails to each individual.

Create Time Limits

As business owners, it is easy to let the day get away from them. As soon as they know it, it is already 5 o’clock in the afternoon. Then all of a sudden, it’s Friday. One of the easy ways to have more time in their day is to create tangible time limits for certain activities. For instance, limiting phone calls to 5 minutes can decrease the amount of time on small talk during calls and help refocus phone conversations to address important points. During working hours, entrepreneurs should figure out how much time they need to finish each task and set a goal for themselves throughout the day to complete the project by a certain time. Creating limits on the number of time entrepreneurs spend on unplanned tasks can put a premium on their time, helping to ensure that others won’t waste their time. Moreover, keeping an eye on the clock can also help save time. Entrepreneurs should understand how much time they need for each project to have a better plan on their days and waste less time.

Conclusion

It is common for businesses in Thailand to have unclear goals or a vague approach to evaluating efficiency at the workplace while starting. Thus, time management is a crucial skill entrepreneur should learn. It helps facilitate all other aspects of business and makes problem-solving and decision-making much easier. Entrepreneurs should understand that at the end of the day, it is not about just saving time, it is about saving their time for a reason; ensuring that it is being out to the best use possible. With the right approach, they will soon be able to simplify the busy work and focus their attention on their business once again. So, if they want to get more done in less time, they can hire a business consultant and apply these time-saving tips that will make their startup team more productive and efficient at work.

Request a FREE Online Consultation or get essential tips by downloading this e-Book  on how to Startup in Thailand.

Interesting Reads: 

The post Time-Saving Tips for Startup Businesses appeared first on StartUp in Thailand.

Source: Asian Correspondent

10 Entrepreneurial Strategies for Success

Taking on the challenge of starting a company in Thailand can be exciting and rewarding, but this endeavor also has many hidden risks. The decision to venture into this profitable industry is only the first challenge. Entrepreneurs need to seek professional help from an experienced startup specialist to ensure that their business is flourishing. They will also need to work hard, establish a network, and learn new things often. However, many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in the business industry is more complicated than they thought.

More than half of startup businesses fail after four to five years. And of those that survive, only a few of them become successful. One of the aspects that distinguishes these entrepreneurs from the competition is their approach to strategy. To succeed in business today, entrepreneurs need to be flexible and have good planning and organizational skills. That means they need to embrace rather than reject corporate strategies, and they will often trade off or tone down reckless entrepreneurial behavior for a more civilized approach. Entrepreneurs should take their time and plan out all the necessary steps they need to achieve success. Whatever type of business they want to start, they can use some pieces of advice or tips that can help them be successful in their venture.

  1. Make Strategic Planning a Top Priority

One of the common mistakes made by startup entrepreneurs is the lack of planning when conducting the company. Oftentimes, they make strategic decisions in the heat of the moment without proper planning – this can be a recipe for disaster, especially when a business is growing fast. This is where the expertise of a business startup advisor comes in. With their help, entrepreneurs can have a formal strategic plan, having a document where they can review and detail their company’s current position, state their goals, identify potential obstacles and establish an action plan to follow. 

2. Study Your Competition

Whether entrepreneurs would like to venture into the wholesale or retail industry in Thailand, there are probably many other business people who are targeting the same customers they want to attract. That means if entrepreneurs want their business to thrive, they need to know who their competitors are and try to understand their product or service. Moreover, if entrepreneurs can identify any of their competitors’ weaknesses, they can use them to their advantage.

3. Work to Broaden Your Client Base

One of the most common risks many startup businesses face is being dependent on one or two major clients. Entrepreneurs should be aware that their business can fail after losing their biggest client. Thus, it is crucial to constantly make new contacts while maintaining existing ones to help grow and form partnerships. Moreover, participating in exclusive events such as startups meetings, entrepreneur fairs, and other business meetings is one way to open new opportunities and broaden their client base.

4. Listen to Customer Feedback

In business, change is inevitable. Thus, Every entrepreneur should know the acronym ABA, which stands for “always be adapting.” An entrepreneur must be prepared to accept change and adapt business operations accordingly. They must be flexible. And there’s hardly a better way entrepreneurs can evolve their business than to listen to their customers’ feedback. That way, not only will they be able to change what they’re not doing right, but they might also pick up some brilliant ideas on which direction their company’s supposed to go. Moreover, if a shift in their product or service is warranted, entrepreneurs should not be left behind. Keep in mind that a lack of adaptability can result in a loss in customers, profits, and even business failure.

5. Utilize Social Media

In this generation, social media has become one of the most popular means of staying up-to-date with any type of news. No matter what industry entrepreneurs would like to venture into, there are people they need to follow to make sure they get all the latest industry-related news that could affect their business. Most of these people can be found on Twitter, LinkedIn, and Facebook. If entrepreneurs are managing a B2B business, using platforms like LinkedIn is an absolute must.

6. Monitor Profit Margins

Also called the return on sales ratio, it shows the after-tax profit (net income) generated by each sale by measuring the percentage of sales revenue retained by your company after operating expenses, creditor interest expenses and income taxes have been paid. Typically, a company with a higher profit margin than its competitor is usually more efficient, flexible, and able to take on new opportunities. Thus, it is important for entrepreneurs to closely watch their profit margin for each of the products and should not hesitate to remove them that do not generate income from their business. Entrepreneurs don’t need to carry products with no or low-profit margins when there’s no return for them.

7. Develop a Cash-Flow Planner

Many entrepreneurs outsource financial management to their accountants. However, this strategy can cause them to lose track of their cash flow. Entrepreneurs who take the time to focus on their business’s financial health can help them identify problems and turn things around. They can take an hour of their time and record their month-opening bank account balance and all anticipated cash inflows and outflows. With this, entrepreneurs can track their cash as it comes in and goes out each day. Now that they have a tool that allows them to keep close tabs on how their business is doing, they can respond to them quickly when required. Moreover, they should also master the numbers and use their knowledge to reach their financial goals.

8. Set Your Goals

Being an entrepreneur means that they have to keep coming up with new goals their business is supposed to meet. It’s not just about long-term goals but short-term goals as well. If entrepreneurs are unsure where to start, figuring out how many new customers they want to attract in their first couple of months is something they can never go wrong with.

9. Have a Content Strategy

The majority of marketing now takes place online and if entrepreneurs want to attract a lot of web users to their business, they will need to provide them with quality content their target audience will come back for. The good news is, producing content for their content strategy is not that difficult. All they need to do is use their expertise to come up with blog posts or video ideas. Entrepreneurs should always consider their website as part of their sales team and should be held accountable to meet targets.

10. Target the Right Market

When starting a business in Thailand, aspiring entrepreneurs would tend to dream about conquering it all. Still, this is practically impossible when they are just launching a small business. However, it doesn’t mean that they should not dream big, it means that entrepreneurs should tackle small markets first and move on to bigger markets as their company grows. If foreign entrepreneurs plan to run a company in another country, like setting up a business in Thailand, they should first seek professional help from startup consultancy experts. They know the ins and outs of the local market, which entrepreneurs can take advantage of.

Conclusion

People are drawn to entrepreneurship because they want to nurture their interests. However, passion is not enough to ensure a successful business start. If they want to succeed in the business industry, they need to have what it takes to achieve their goals, and following these tips above can help them jump-start their career.

Request a FREE Online Consultation or get essential tips by downloading this e-Book  on how to Startup in Thailand.

Interesting Reads: 

The post 10 Entrepreneurial Strategies for Success appeared first on StartUp in Thailand.

Source: Asian Correspondent

How to Save a Struggling Startup Business

Every startup business goes through bad patches. As a company in Thailand grows, different problems and opportunities demand different solutions – what worked a year ago might now be not the best approach today. Recognizing and overcoming the common pitfalls associated with growth is essential if a business is to continue to grow and thrive. Crucially, entrepreneurs need to ensure that the steps they take today will not create additional problems in the future. However, keeping a small business afloat in difficult economic times is challenging. Whether failing to properly plan or simply a lack of sales, they are all equally devastating. 

Unfortunately, there is no one-plan-fits-all solution. Every small business is different, and each carries its own risks and rewards. These differences make copying another company’s turnaround strategy to the letter unrealistic. Still, there are some general strategies business owners can follow to help them stop taking on water and start bailing themselves out. Sure, theoretical advice is nice, but when entrepreneurs are struggling to keep their business going, they want real help from skills and experienced startup consultants.

To survive, there are some rules which matter more than others. Most who manage and own large businesses, who, at one time, were struggling in their own start-ups, will inform startup entrepreneurs that there are some steps and strategies they need to hang on to, to reach their goals.

Assess the Damage

The first thing entrepreneurs need to do when their business in Thailand is in trouble is to find out exactly how much trouble. They can’t tackle a problem until they are willing to face it head-on. Apart from seeking professional advice from a business startup advisor, entrepreneurs must also learn to identify the areas where the business is failing. It’s easy to overlook the signs as they develop because they are busy with their day-to-day running of the business, but if entrepreneurs look hard enough, they should be able to spot discrepancies leading up to the problems.

Talk to Customers/Clients

Customers/Clients are arguably the most important aspect of a business. Without them, entrepreneurs wouldn’t be bringing in the revenue to keep their doors open. It’s important to get as much feedback from customers as much as possible. What were they pleased with? What could the business have done differently? If entrepreneurs aren’t collecting information from their customers, they have no idea how to successfully move forward. Perhaps, entrepreneurs can ask their customers to take part in a survey and offer a nice prize to one lucky partaker as a reward. They can also do a quick sit down with long-time customers and have an open conversation to gather in-depth information about their business and about any unmet needs they might have to them could fulfill.

Manage Finances Properly

One of the main reasons startup businesses go out of business quickly is that owners fail to manage their money well. If their business is going through a rough patch, it’s a good idea to create weekly budgets, instead of monthly and annually. When it comes to the cash flow, entrepreneurs should be tracking down to a fine art. If they do end up struggling with money and they have debtors to pay back, they should make sure that their debtors are aware of their current situation. One of the many ways entrepreneurs can avoid conflict is to contact their debtors and explain the situation to them – this will put them in a good light, and they’re more likely to work out a payment deal than come after the business.

Reduce Expenses

When a business starts to fail to bring in profits, it’s a clear indication that things are going wrong. However, it doesn’t mean it is the end. If entrepreneurs need to get back on their feet to invest in the business to offer what their customers are looking for, it is time to reduce expenses. It could be anything from cutting extraneous employee expenses to reducing office space and even lowering costs on office supplies or the cost of shipping or other services that the company routinely buys. Every little bit helps when it comes to reducing business costs, so don’t be afraid to be tight pocketed.

Don’t Stop Marketing

Many startup businesses are tempted to cut their marketing budget to save cash. This is a mistake. When entrepreneurs turn their back on advertising, they are pretty much giving up on their business. They are saying that they can’t afford to bring in new clients, which spells disaster for the future of their company. Even if they don’t have the budget for marketing, there are many ways they can advertise to save small businesses, such as:

Review Current Strategies

Entrepreneurs must understand that the way they think about their failures is the key to their success. After entrepreneurs re-evaluate their company in Thailand, chances are they have found where they went wrong and are ready to redefine and rethink their strategy – it is a great step in reviving their failing business. There are times that a failing company might be doing everything right – having the right product, identifying the right customer base, right pricing but their marketing is not able to convince customers to buy their products. The right way out for this is for entrepreneurs to evaluate the right marketing mix for their customers with the right message and pitch.

Meet With Employees

It’s time for entrepreneurs to set a company meeting. They need to admit that there are things wrong with the business and discuss how management plans would help fix them. Entrepreneurs should provide their employees with relevant parts of the business plan and ask for their ideas. Remember, when it comes to drafting a plan, two heads are better than one.

Learn From Previous Mistakes

One of the many reasons why a business is failing is because entrepreneurs still have more to learn. They should learn from their mistakes, sit down, and reflect. Understanding what caused their business to get into the current state and being open about the mistakes they have made is a crucial factor in saving their business. After some re-evaluation, entrepreneurs must pick themselves back up and move on. They should not be so hard on themselves because they did not do it on purpose.

Conclusion

When entrepreneurs know that their business is on its last legs, they need to be proactive. They should not sit back and wait for things to happen before they take action. Entrepreneurs must take actions that are not only preventative but can also fix glaring problems. There’s no better feeling for startup entrepreneurs than when they can turn something around for the better. Moreover, entrepreneurs should never let go of their passion for the business. As long as they still have passion in them, they will always look for ways to keep their business alive. Passion is what made them start their business in the first place, and it will help them to keep going. Passion may not always come with the voice of reason, but it may be the fuel they need to reignite that fire.

Request a FREE Online Consultation or get essential tips by downloading this e-Book  on how to Startup in Thailand.

Interesting Reads: 

The post How to Save a Struggling Startup Business appeared first on StartUp in Thailand.

Source: Asian Correspondent

10 Signs You Are Ready to Start a Business

Many people find it challenging to deal with corporate workplace rules, company internal politics, and regulations. They are thinking about working on their own project and in their own way. They desire to have full control over their time and goals. Unfortunately, for most people, venturing into a startup business may only stay just a dream. But thanks to startup consulting firms, aspiring entrepreneurs can now launch their company in the country without any hassles and worries.

However, the question will remain – “Do you have what it takes to start your business?” Many people believe that starting a business in Thailand is easier than it seems when in reality, launching a brand can be daunting and exhausting. Having a brilliant idea is not enough. Being a successful entrepreneur requires outside-the-box thinking and larger-than-life ideas. Anyone can come up with a new idea but build a successful business. 

  1. You Know Your WHY

    Opening a business in Thailand is not a walk-in-the-park journey. Before starting a company in the country, entrepreneurs must be crystal clear about their reasons, intentions, and motivations behind such decisions. When they know their whys, they are motivated and determined to succeed no matter what may come their way.

  2. You Are Passionate About Your New Venture

    Passion is a huge driver for success. Although it’s not enough, passion is still crucial when starting a business. Does your idea fire you up? Do you lie awake at night thinking about it? For entrepreneurs, it is important to have something they are excited about and truly passionate about what they do and will do everything possible to turn their vision into a product or service for the rest of the world to enjoy.

  3. Your Idea Uses Your Skills and Experience

    Starting a company from scratch can be a tough call. Thus, many startup entrepreneurs would prefer hiring skilled and experienced startup specialists to help them guide and build their business from the ground up to survive in the local market. However, aspiring entrepreneurs should keep in mind that starting a business that requires skills and experience they completely lack could be adding a layer of stress and risk too much.

  4. You Have a Plan

    It is crucial to create a comprehensive business plan detailing how entrepreneurs intend to source financing, who their target market is, how they plan to market their business, and what their competition looks like. Additionally, it is also important to decide whether they would like to go ahead with a bricks-and-mortar business or whether they would prefer to embrace the e-commerce side of things, serving customers from far and wide as opposed to just locally. In the end, planning is guessing, and it won’t turn out to be how they planned, but thinking about the details gives them a better understanding of how the future of their business could look like.

  5. Your Product or Idea Has a Market

    Entrepreneurs can create a great business by combining what they love with what other people are willing to pay. Figuring out who their target market is may be part of their business plan, but knowing there’s a demand they can supply is a sure-fire way to know that now may be the right time to start a business. They just have to make sure they’ve done their research and consulted with startup consultants who are knowledgeable about the local market, products, or services on the supply side.

  6. You’re Committed to Doing Whatever It Takes

    Starting a business is not for those who are not committed. Generally, most entrepreneurs who decide to start their own business tend to overestimate their own abilities. They think they have what it takes to succeed in business until they actually do it. If entrepreneurs are truly committed to doing whatever it takes to succeed, they might have what it takes to start their own business.

  7. You Have a Good Business Team

    “Alone we can do so little; together we can do so much.” Helen Keller.

  8. To succeed in the business industry, entrepreneurs must have a team of loyal, dedicated, and talented people that not only can but actually enjoy working for business growth. Startup entrepreneurs can seek help from a reliable consultancy firm to aid them with legal assistance.

  9. You Have a Passion for Creating a Product or Service the Market Doesn’t Provide.

    Aspiring entrepreneurs seek solutions to the problems. They have their eureka moment or the motivation to fulfill something when they realize that a specific product or service isn’t currently available.

  10. You’re Not Afraid to Fail

    Failure is an inevitable part of life that also builds character and makes us stronger. But venturing into the business industry is not for the faint of heart. Fear of failure can be a crippling factor in a business. It’s something many entrepreneurs feel to some degree, but if it is not confronted, it can paralyze them to succeed.

  11. You’re Aware of the Risks

    Most people like to play a safe game. But when starting and running a business, entrepreneurs must know that it involves many risks. They could lose their entire seed capital (which most likely comes out of their own pocket). They might end up spending much less time with their family and friends, and they might even criticize them for what they are doing. Entrepreneurs must keep in mind that their business may require a long phase of hard work to make it a success. If they are aware of these risks and are ready to face them, it’s a good sign that they might be ready to start their own business. Just give it a try!

Takeaway:

At the end of the day, it is the entrepreneurs’ passion and drive to start a new business that will take them to new business heights. All of the other things mentioned here can be learned and built upon, but if they don’t have the desire to start a successful business and really give it their all, then there’s no point in even starting. This is not something that can be learned, it’s something that is simply instilled in all successful entrepreneurs.

Moreover, aspiring entrepreneurs should not be discouraged if the first few phases of starting their own business don’t turn out to be what they expected. Entrepreneurship is a volatile world, but as long as they stay committed to improving their ideas and continue to work hard, they will always have a chance to succeed. They should trust in their selves; otherwise, they run the risk of failing before their business even gets off the ground.

Request a FREE Online Consultation or get essential tips by downloading this e-Book  on how to Startup in Thailand.

Interesting Reads: 

The post 10 Signs You Are Ready to Start a Business appeared first on StartUp in Thailand.

Source: Asian Correspondent

What Makes a Successful Startup Team

Everything tends to move fast in the dynamic world of startups. As a company in Thailand grows, the challenges that go with managing a startup business are inevitable. Thus, building a strong team is necessary to thrive in the local market. Entrepreneurs must keep in mind that the future of their business lies in the people they work with. However, there is no such perfect employee, a perfect team, a perfect manager, or a perfect partner, and hiring the wrong people prove to be disastrous in the long run. But there are a few keys to great management that bring out the best in everyone. 

Building a successful team is about more than partnering with a skilled and experienced startup consultant and finding a group of people with the right mix of professional skills. Studies have shown that skills and experiences alone were not enough to make a team thrive. While skills and experience broaden the team’s resource pool, help people identify opportunities, and are positively related to team effectiveness, a team should also consider certain factors to truly thrive. 

Establishing Positions and Responsibilities

Oftentimes, startup employees may not have a clear understanding of their roles and responsibilities due to a lack of organizational structure. Roles and responsibilities provide structure and allow entrepreneurs and employees to focus. Roles define the job functions within a team and responsibilities define the activities that a member is accountable for. Before hiring people, entrepreneurs must understand their roles in the startup. Who should be the technical lead? Who will handle the sales & marketing side of the business? They must first establish the foundation and structure of their inner circle.

Consider each other’s skill set, strengths, and weaknesses to ensure that everyone understands what they can bring to the table. When entrepreneurs have decided on their roles and responsibilities, then it is time to gather the rest of the team. Depending on their startup business needs, some of the positions they can open are project managers, sales and marketing specialists, finance officers, and so on. Keep in mind that a strong team is extremely clear about who is responsible for what.

Hiring the Right People

The type of people entrepreneurs hire can ultimately make or break their business in Thailand. A startup team with diverse skills and experience is essential to its growth in the long haul. Ideally, entrepreneurs want each member to have the right balance between hard skills (talents and abilities that pertains to a specific field) and soft skills (interpersonal skills that help people get along with each other and collaborate.) When choosing candidates, entrepreneurs must weigh if they can thrive in a fast-paced environment and learn quickly as they go along. They sure want someone who can get the job done and are a perfect fit for their startup’s culture.

Sharing the Vision With the Team

It starts with a vision. Entrepreneurs must know that sharing their vision with their team is crucial. It gives the team members a common goal and a sense of purpose. If the ultimate goal is to be a leading company in Thailand, then entrepreneurs must share it with their current and future employees. Make them see the big picture. When they know where they are going, they are more motivated and will work harder. Entrepreneurs must be candid about their vision with the candidates they interview. It’s great to be honest about this since not everyone likes to work in a big corporate setting. By sharing the vision with them, entrepreneurs can attract the best candidates with the same goals. Additionally, having an on-going discussion about future goals with the team helps everyone stay on the same page and prepare for changes when necessary. Entrepreneurs must also ensure that their vision clearly states what they want and why they want it. They should make their team feel like a part of the vision.

Offering Training or Mentorship

If entrepreneurs want their teams to succeed, they have to invest in them – and training and mentoring are some of the best investments they can make in their startup company. Employees can benefit when they undergo training to sharpen their skills. Although not all startup companies have enough budget for expensive training programs, there are still other ways to learn for free. Entrepreneurs can encourage their team members to take free online courses or network with great mentors in their startup community. By motivating them to improve themselves, entrepreneurs have helped them contribute to the success of their vision and reach their career goals.

Provide Feedback on Performance

Training and mentoring may enhance the skills of the employees, but what puts them on an accelerated path to excellence is regular constructive feedback. Having a feedback system plays a significant role in assessing an employee’s performance. By providing performance reviews regularly, entrepreneurs can help employees see how they are doing and the areas they need to improve on. However, a lot of entrepreneurs have a problem with communicating their feedback to their employees, which results in offending employees, discouraging them, or worse, making them leave the company. If entrepreneurs think that giving constructive criticism is not their forte, then they have to learn to do so. They can’t build a successful startup company in Thailand if they inadvertently keep on putting off their employees.

Upgrading Workspace

Oftentimes, expanding the office space would be the last thing entrepreneurs would do, especially when they are just starting their business in Thailand, due to the limited resources and funding. Some startup entrepreneurs start their business in someone’s basement to save on rent and other operating costs. While this setup is good at the beginning, sooner or later, entrepreneurs need to plan for the future and prepare for a proper expansion to accommodate the growth of their startup. One way they can do this is to try looking for vacant offices within their location and see if they can negotiate the terms that will allow them to rent the space as needed while avoiding the need for expensive relocations.

Entrepreneurs Must Get Ready to Scale Up Their Startup Team!

Having great and responsible team members is crucial for a startup business‘ success, but being able to lead the team successfully and to create a comfortable and nurturing work environment is the responsibility of a startup team leader. When it comes to building a strong team, entrepreneurs need the all-stars to get their business off the ground. There’s no secret formula for winning teams. They are built over time and assembled from the ground up, and entrepreneurs simply can’t afford to hire the wrong people. Remember, the backbone of a company’s success is the people who work behind it.

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The post What Makes a Successful Startup Team appeared first on StartUp in Thailand.

Source: Asian Correspondent

Email Marketing: How to Avoid Emails Ending Up in Spam

Regardless of the size of the business, every penny spent on marketing must be worth it – this is especially true for startup businesses that have smaller budgets and unique needs. The good news is, email marketing allows marketers to market their products or services without spending too much. Marketing products or services by email can be a fast, flexible, and cost-effective way of reaching new customers and retaining existing customers by encouraging repeat website visits.

Unlike some other marketing channels, email marketing allows marketers to create targeted and personalized messages that help build meaningful relationships with their customers. Be it a simple, “Thank you for subscribing,” a cheery, “Welcome on board,” or a sincere “Happy Birthday,” email is the easiest and most effective way to let their customers know that the company values them. Customers love it when businesses in Thailand treat them as an individual, not just like everyone else. Email marketing is also one way to improve the conversion rate of direct marketing campaigns. 

However, it is important not to overuse this marketing strategy. Receiving sales and marketing emails can irritate people if it is irrelevant, too frequent, or unwanted. If messages are not targeted to the right people, the recipient may delete the email or unsubscribe. When sending an email, marketers always have to be careful not to end up in the spam filter of their recipient’s mail provider (Gmail, Outlook, etc.) 

What Is Spam?

Spam is unsolicited, irrelevant emails, sent in bulk to a list of people. This can include unsolicited commercial emails or fraudulent messages, like those including lottery scams, phishing scams, or computer viruses. For instance, a customer purchased a list of email addresses from a local business organization. On the surface, that list of addresses seems like it could contain some great prospects for his business, and he wants to send them an email with a relevant offer they can’t refuse. But since those people didn’t permit him to contact them, sending an email to that list would be considered spam.

So, to minimize the risk of that happening, marketers can hire a reliable startup consultancy firm for some best advice, or they can also check out some helpful tips below:

  1. Always Get Permission to Send Emails

    Nothing will get an email flagged as spam faster than sending an email without permission. Just think about what marketers would do when they get an email from an unknown sender – they will ignore it. The first rule of email marketing is to always have permission before sending an email. Sending people marketing emails without their permission is not a recipe for startup business success in the long term. Not only is it unethical, but it’s also ineffective and can potentially land marketers in some unstable position.

    Additionally, marketers must also be mindful of their recipients. Even if their intended recipients are already their customers (or their colleagues, or people they met at a trade show, etc), they should not send promotional emails without getting their permission first. Marketers can consider adding a signup form to their website or giving customers the option to sign up for their list when they purchase from their store.

  2. Write Good Content and Avoid Trigger Words

    People do not like commercial advertisements and pure promotions. 
    Keep in mind that the contents of the email matter, but so does the subject line. It shouldn’t look spammy. Exclamation points, dollar signs, and other trigger words such as ‘Best price’, ‘Free’, ‘Only’, ‘Winner’, ‘Money’, ‘Billion’, are just so obvious and aggressive and must be avoided. 

    To ensure that recipients do not mark the email as spam, try to offer them original and interesting content. Marketers must personalize their email to make it more engaging, tailoring their content to fit a specific audience interest or channel makes it more likely to be seen and remembered and possibly shared or acted on. They must keep it real, informative, and don’t waste people’s time. Moreover, avoid too much text; users will only devote a few seconds to deciding whether to read the email. And create responsive emails that are easily displayed on any mail client or device.

  3. Target the Right Audience

    One of the primary goals of email marketing is to create meaningful conversions. Emails that are sent to the wrong people create poor open and bounce rates. In addition to this, marketers also have to consider how their ROI will be impacted. Keep in mind that it is important to serve the needs and interests of each subscriber. Thus, knowing who to target with their email marketing campaigns is crucial. A targeted audience means a segment of their list filled with individuals who are pleased with the emails they’re receiving.

    List segmentation does not have to be difficult. It can begin with a signup form. One way marketers can segment their list is by demographic. This includes gender, age, and location. Based on the data fields on a signup form, marketers can sort new subscribers from the beginning.

  4. Avoid Including Attachments

    Attachments should be avoided at all costs for two reasons.
    First, they alert spam filters and reduce the chances of an email making it to the recipient’s inbox. For all they know, attachments are used for distributing malware or other malicious activities and are going to attract attention from spam filters, especially certain file types (like a .exe file). Second, the attached files also increase the size of an email, so consequentially, it takes them longer to load. When sending an email, there’s no need to attach a file. Marketers can bypass this by placing the particular document on their website and providing a link, or a CTA that leads to the document’s location.

  5. Don’t Buy Email Lists

    Many marketers are tempted to grow their list by a million potential customers in no time – this can seem harmless behavior, especially if they do it with a “trusted” business partner. But in reality, it is not a good way to avoid spam and is unethical. It violates the agreement marketers made with subscribers and increases the risk of their emails being marked as spam. Moreover, buying contact lists is a bad idea for three reasons:

    • The list won’t be structured or targeted, with profiled contacts divided into groups and chosen coherently.
    • Marketers can’t find spam traps among purchased addresses.
    • It increases the chances of a message ending up in the spam folder.

    Collecting quality email contacts may be a long and tiring job. But to get results, marketers must do it correctly. There are no shortcuts and any attempt to speed up the process can be harmful.

  6. Include Option to Unsubscribe

    One thing marketers don’t want to experience is for their subscribers to unsubscribe from their email list. But they cannot force them to stay. One way they can do this is to respect their decision by including an unsubscribe button or link in every email. Marketers should give their email recipients a way out and should be visible to them. Marketers should understand that it is better to lose a subscriber than to be marked as spam. When more people mark their emails as spam, it is harder for them to get through the spam filter.

Conclusion

Unfortunately, there is no magic formula that guarantees emails won’t land in spam. Anti-spam laws are brutal, and there is no definite guide to help marketers deal with deliverability issues. However, by paying attention to technical issues, cleaning email lists, taking good care to avoid all spam triggers in the subject lines and email bodies, and by following up appropriately and on time, marketers are more likely to preserve their credibility, sender reputation, and protect their IP address and domain from ever getting blacklisted.

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The post Email Marketing: How to Avoid Emails Ending Up in Spam appeared first on StartUp in Thailand.

Source: Asian Correspondent

Why Patience Is Important in Business

Effective startup business owners, executives, or managers are often described as “passionate and hard workers”. They are passionate about their career, cause, the way they guide their teams, and the impact they make in people’s lives. But patience is not typically associated with these people and is often overlooked. People who use patience to their advantage are more likely to make better decisions for the greater good, lead ethically, and build sustainable startup companies in Thailand designed for long-term success.

In the business industry, where there are a lot of uncertainties regarding economic conditions, marketing strategies, target audience, patience becomes a crucial quality. The right amount of patience enables entrepreneurs to detach from their emotions when it comes to making crucial decisions and uses logic and facts to substantiate their decision. 

However, having this virtue can also be one of the most challenging to practice consistently, primarily because the stress of daily life and work gives entrepreneurs so many opportunities to experience frustration. From trying to stay calm in handling the team’s different personalities, finding the right consultancy firm to solving business problems, everyday stresses can make patience elusive. Cultivating patience is crucial. As challenging as it can be to be patient, this is one of the most important traits that entrepreneurs should have, as it provides various benefits.

Patience Helps People Avoid Make Hasty Decisions

When entrepreneurs want something to happen now, they are focused on what it feels like to get what they want, and may overlook questions about whether it is the right time or place for that development or event to occur. This hasty decision often ruins crucial first impressions with a faulty product or a service that isn’t fleshed out as well as it could be yet. 

Constantly hurrying to the next stage leaves little time for the team to adjust to any mistakes entrepreneurs or marketers might make. One of the things that can help entrepreneurs is to hire an experienced startup specialist to help conduct adequate research, study the market and the competition, and define the target audience they want to reach. Doing so will help them make better decisions about how and when they launch.

Patience Improves Reputation and Brand Image

How business people market themselves as entrepreneurs is just as important as how they create a brand image and reputation for their startup. Entrepreneurs must keep in mind that they are their business. Being viewed as a patient person, rather than an impulsive, aggressive, and impatient one can directly impact whether a prospect chooses to do business with their brand.

Patience can help bring confidence in the entrepreneurs’ mission, instead of a palpable air of desperation. Investors and customers may see that. The target audience needs to feel confident in their brand before they choose to work with them, so entrepreneurs must build credibility by focusing on patience and positivity.

Patience Drives Business People to Work Harder (And Smarter)

If business people have an entrepreneurial mindset, they already work hard and know that they must wear many hats. However, when they focus on patience, they develop comfort with the reality that building something of value takes time. Entrepreneurs’ desire to achieve success does not have to be clouded by impatience. When they jump to a hasty conclusion, they end up creating an artificial timeline in their mind. And when people or processes fail to align to that timeline, the mind can run wild, questioning the motives and intentions of the people around them. 

Instead, business people can use that desire and acceptance together as motivation to fuel their efforts. When they get tired or frustrated, they can reflect on how their previous sustained efforts got them to this point. That, in turn, can drive them to work even harder. They can take dynamic action, yet do it mindfully.

Patience Deepens Business People’s Resilience

Resilience is typically defined as the capacity to bounce back from challenges and keep going. As the events of 2020 proved, resilience is a critical trait for entrepreneurs, startup business owners, teachers, students, and just about everyone else. With patience and resilience, business people should remain focused on their goals despite any unexpected adversity. 

Demonstrating resiliency doesn’t necessarily mean that entrepreneurs or business owners have not suffered difficulty or distress due to economic instabilities. It also doesn’t mean that they have not experienced emotional struggles. The good news is resilience can be learned. It involves developing thoughts, behaviors, and actions that allow you to recover from traumatic or stressful events in life. By remaining calm and aware, they can maintain control of a situation and think of new ways to tackle problems. In many cases, resilient people emerge stronger after such difficulties.

Patience Amplifies Appreciation

Impatience is a habit, and so is patience. When people lack patience, they are unable to delay gratification for more than the moment, which fills them with frustration. Frustration is the emotional energy that drives “quitting.” When people are impatient, they are unable to work toward their business goals in a dedicated fashion. They start to quit to start again, and they run this pattern over again.

Those who enjoy instant gratification tend to lose out on that experience of gratitude. The longer it takes to get something they want, the greater their appreciation will be when they finally achieve it. Keep in mind that it takes a lot of patience to get through difficulties and failures. Entrepreneurs can reach success and enjoy that sense of gratitude because they know how much they did to achieve their goals.

Patience Selects the Best Opportunities

Rather than rushing things, patience helps entrepreneurs to focus on finding the best opportunities, instead of all the opportunities. This includes business ideas, investor funding, business partners, and talent. In each of these areas, entrepreneurs will find opportunities that seem good at first glance.

Patience prevents people from simply jumping in with both feet without any assurance. Instead, they will be able to take the time to evaluate their options and consider both the risks and the benefits. If someone pushes entrepreneurs to make an immediate decision, their patience will send up a red flag and tell them it’s not the right opportunity at the right time.

Patience Create a Comfortable Company Culture

Startup entrepreneurs are not just setting up a company in Thailand. They are also creating an environment that will ultimately become their company culture. To attract and retain the best talent or employees, they must have a working environment that can make them feel happy to come to work. On the other hand, impatience can lead to a culture that is aggressive and toxic, which makes all your employees feel uncomfortable. 

Thus, having patience will lighten up the company culture, in the long run, making the team members stick with the company. That means less time looking for new employees and training them. Entrepreneurs can also save money and become a magnet for other top talents as they grow your business.

Conclusion

Business people live in a world that values quick thinking and dynamic action – this is not a bad thing. However, when they allow these traits to manifest in the form of impatience, problems arise. Patience requires practice, dedication to continued learning, and commitment. As difficult as it may be, entrepreneurs must remember that patience, especially in business, truly is a virtue.

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Source: Asian Correspondent

Why Startup Businesses Need a Strong Team

“No matter how brilliant your mind or strategy, if you’re playing a solo game, you’ll always lose out to a team”

-Reid Hoffman, Entrepreneur

Regardless of the kind of business entrepreneurs own or the size of their company, one way or another, they will need a team of employees supporting them as they develop and grow their brand. A business is nothing if entrepreneurs don’t have an outstanding team to put their ideas into action. Like successful companies in Thailand, they were able to grow their businesses in the local market by understanding the value of having the right team in place – not to mention hiring a reliable and experienced startup specialist. The incredible loyalty for a certain brand wouldn’t be achieved if there weren’t people working to deliver the best result. Keep in mind that a company needs various skills to be able to thrive in the industry.

Hiring the right team is, therefore, necessary for any business, and more so for a startup company, since it is the team that plays a key role in understanding and executing the founder’s vision. Here are some points that justify the importance of building a strong team for any startup:

Execution of the Company’s Vision

The vision of an entrepreneur would stay dormant without a team. A team is responsible for executing the founder’s vision by breaking it down into short-term, realizable, and scalable goals, ensuring that the company’s goals are met, thereby playing a crucial role in turning a vision into a reality. Each individual will take on separate roles while putting together their attitude, knowledge, skill, aptitude, and competence to meet these small targets. On the other hand, startup business owners can now focus on the larger goal and macro-level decisions.

Brings Fresh Ideas to the Table

One of the many reasons why companies, especially startup businesses in Thailand, should build a strong team is the ability and the opportunity to share ideas with the group. Businesses need innovative ideas to succeed in the competitive world. When a company creates a safe space where individuals with different ages, backgrounds, skills sets, and experience levels can work together as a team without the fear of criticism, new ideas and perspectives will start to flow. Keep in mind that businesses grow when they have a team of different people who can contribute individual ideas. 

Improves Productivity and Efficiency

To improve the productivity and efficiency of a business, entrepreneurs must get their employees to work together. Surveys show that organizations with employees who work as a team accomplish tasks faster and much more efficiently than those who work alone. Since the team is working towards a common goal, this enables entrepreneurs to split difficult tasks into more manageable chunks and complete them quicker. Ultimately, teamwork is crucial in businesses because it enables individuals to share ideas and responsibilities, which helps reduce stress on everyone, allowing them to be meticulous and thorough when completing tasks.

Drives Business Growth

One of the reasons why many startup businesses fail to grow and realize their goals is because they lack the right people and a strong team to achieve this. Studies have shown that the success of a new business often depends on the ability of the entrepreneur to attract a great team. Although the skills of an entrepreneur are crucial when managing a business, what’s even more important is their ability to bring a more experienced team with them. Entrepreneurs should keep in mind that hiring the right startup specialist and having the right team in place is considered an asset for their business, and it is something that shouldn’t be overlooked at any time.

Increases Learning Opportunities

Building a strong team is necessary for the workplace as it brings people together from different backgrounds and levels of experience. Employees in the retail industry in Thailand may differ in terms of the level of work experience, expertise, and skills they possess. Moreover, they often have blind spots about their strengths and weaknesses. That means a strong and capable team is nothing more than a group of people who complements each different skill sets. While one member might be superior in creativity, the other might be excellent in goal setting. Working as a team allows employees to see the successes and failures of others in a supportive environment, providing insight into their behaviors and into how to get things done more effectively the first time around.

Helps Solve Problems

Problem-solving is an important part of business; working through difficulties, overcoming challenges, and finding solutions help businesses excel and advance forward. Thus, collaborative working is essential for businesses to thrive. When entrepreneurs, employees, and startup consultants work together, they can share and compare ideas and choose the one that best solves the problem. Moreover, brainstorming in an organization is a good opportunity for the team to exchange ideas and come up with creative ways of doing things.

Fosters Cooperation

The difference between an unsuccessful and successful startup business in Thailand depends on how their team members cooperate. Cooperation in the workplace can mean many things. It involves the level at which employees participate in decision-making, how management and employees work together to resolve problems, and how all levels of the organization work together to achieve common goals. When a team dedicates more time to their duties in a cooperative workplace, they are more productive and things get done more quickly and efficiently. The result of effective teamwork is a finished product that meets or exceeds expectations.

Creates Healthy Competition

Contrary to common belief, competition in the workplace is an advantage. It can be an excellent source of employee motivation – when done right. Healthy competition in the workplace is described as genuinely motivating employees to reach their goals through natural competition. With the right incentives and rewards, it encourages team members to engage in a healthy competition where they have to work harder because their colleagues and peers are inspiring them to innovate and improve. Employees are also more eager to come to work and show enthusiasm towards setting goals and eventually achieving them. 

Reduces Work-Life Stress

Stress is a normal part of work and life, but too much of it can have dire effects on not only will it affect employees’ productivity but also their physical health. Entrepreneurs should think about how they can de-stress their employees’ lives so they can perform at their very best. Many studies reveal that being a part of a team assists the team members to not only share their workload but also to inspire each other. Connecting with other team members can broadly impact the levels of stress. It is because employees work better by uniting with coworkers who can share their difficulties and offer solutions.

Takeaway:

There’s simply too much work for one person to do alone. Entrepreneurs need a team – a strong and reliable team. However, building a team for a startup requires a great level of commitment, honesty, and the formation of an intense relationship from both ends. Additionally, do bear in mind to find complementary teammates to balance out each other. Behind every successful startup business is a team of passionate individuals and startup consultants that works well together to succeed and produce great results.

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The post Why Startup Businesses Need a Strong Team appeared first on StartUp in Thailand.

Source: Asian Correspondent

6 Cost-Effective Ways to Market Small Businesses

The success of a startup business in Thailand has a lot to do with its marketing plan. Marketing strategies are crucial in attracting potential customers and are needed to keep a business viable and operational. Through a variety of marketing strategies, entrepreneurs work to attract the right customers to the company. However, the thought of marketing a startup business can be overwhelming, especially when entrepreneurs have a small business with an even smaller budget. Many of them look at their marketing budget as just conglomerations of expenses. But marketing a business is not simply an expense. Rather, it is an investment because a business will fail unless marketers get the word out to their customers. 

However, determining how to promote a business can also be a challenge. New entrepreneurs may not know how to advertise their business to get their name know. Keep in mind that the way customers shop for what they sell may have changed, their needs may be different, or they are mission younger, new customers with their outreach efforts. Whether entrepreneurs are just starting a company in Thailand or have already a well-established business, they need proven advertising and marketing tactics to find new customers without spending a fortune.

Apart from seeking professional help from a skilled and experienced startup consultant to help new entrepreneurs to work their way up in the local market, they can also use these cost-effective strategies listed below.

  1. Create a Website

    Having a professional-looking website is one of the most vital assets entrepreneurs can create for their small businesses since it is the foundation of a marketing plan. A website is the first thing potential customers see when they search for a company name; and the first chance a company to make an impression. Companies can use their website to show their target audience who they are, what they offer, where they are, and how a potential customer can get in touch with them. If a startup business does not have a website yet, it is easy enough to create one.

  2. Utilize Social Media

    Social media is a great way to connect more directly with potential and existing customers and show off the more playful side of the business. 
    Whether posting photos on Instagram, Snap-chatting specials or blogging on a Facebook page, startup businesses should utilize social media to promote and create a consumer buzz around their products or services. Social media give entrepreneurs a chance to respond to customer feedback in real-time and show how much they care about their experience with their business. Moreover, being active on the social platforms keeps entrepreneurs relevant and at the top of their audience’s minds. Even a small comment or update can refresh a businesses’ online presence, and it shows their commitment to communicating directly with their customers.

  3. Email Marketing

    Email marketing is also vital in promoting a business. However, many startup businesses aren’t aware of the benefits of email marketing and fail to leverage their website or blog to grow their mailing list. Creating a strong email marketing strategy helps entrepreneurs reach and connect with their target audience in a personalized way and increase sales at an affordable cost. Just like with the other platforms, email marketing tools give a business the ability to reach customers easier than ever. Entrepreneurs can use a newsletter to provide their customers with valuable and relevant information and keep them stay up-to-date. 

  4. Word of Mouth Marketing

    Before printing and broadcasting transformed communications, people relied on each other to spread news and information – a practice that became known as word-of-mouth communication. A word-of-mouth marketing is a free-of-cost marketing strategy where the users of a brand are encouraged to share their experiences with their friends, family, peers, etc., about a product/service or a brand. Today, many startup companies in Thailand employ word-of-mouth marketing tactics to build their customer base. The idea is to give the audience something to discuss that is relevant to the brand and helps in enhancing the brand image. It is the most credible and reliable form of marketing which is driven by the authentic experiences of the users. Moreover, tapping into the goodwill of happy, existing customers is one of the fastest, easiest, and most cost-effective ways to grow.

  5. Local Business Listings

    With a lot more people heading to the Internet for answers, ideas, and suggestions, it is no surprise that businesses with an online presence are the ones who seem to be performing so well currently. A proven way entrepreneurs are getting ahead with customers is by including their company details on the local business listing websites. Local listing services and business directories help startup businesses stay competitive and allow prospective customers and clients to find what they are looking for when these customers are in the market for a specific service or product. 

  6. Advertising

    Advertising a brand can be done offline and online, depending on how suitable they are for the business goals, the budget, the target audience, and the camping content. Apart from utilizing the internet, specifically, social media, entrepreneurs can also maximize their brand awareness by sending out press releases, advertising in local or national newspapers, magazines, and radio stations. Some local newspapers may have a section in the paper for businesses that are just starting out. Keep in mind that advertising campaigns should be aligned with the overall marketing goals for the business, demonstrating specific messages and encouraging specific actions for the targeted audience.

Takeaway

While more and more companies are spending more and more money on digital marketing, the free methods are still incredibly effective. Small businesses can take advantage of a ton of free tools to collaborate globally and compete against big businesses. Keep in mind that the use of cost-effective strategies and interacting with the potential customers consistently allows businesses to connect with new customers in a meaningful way.

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