Starting a new business in Thailand requires so much time and work, not to mention money. When entrepreneurs first start out, they do a lot of research and look for help from advisors, books, magazines, consultants, friends and others. You always want to make sure you have the best information out there. After putting in so much sweat equity for years, Thailand's business owners often get the idea to expand, especially if they've been really successful. This leads to more research since there are a number of ways to expand.
How to Take the Next Step
Choosing the right way to expand your business depends a great deal on what type of business it is. Other factors include how much money you have and how much time you're willing to invest. If you have people who can devote significant time to this expansion, then this is also a big plus. It's not a good idea to just abandon the old business in favor of the new one. Make sure that you have both covered with qualified staff members. Once you have everything in place, you can start thinking about the best ways to handle your expansion.
#1 Open a New Location
One of the most common ways to expand is simply to open a new location. Regardless of what type of business it is, a second location can mean new clients. Research the areas around Bangkok and try to get into a community where your business has a ready customer base. For instance, if your business is on the north side of Bangkok, look for space in the south part of the city. Around 14 million people currently live in the Bangkok area and these are all consumers who daily need products like food, health care, personal services, clothing, housing, transportation and many others.
#2 Offer a Franchise
If you've been really successful, then you may be ripe for offering franchises. This gives other entrepreneurs who are just starting out a great opportunity to build their own business. Do your research by looking at the trends for indications that your brand has staying power. You'll need to add some administrative and management teams to help build and maintain the franchise portion of your business. It will be run very differently than your main company. You may even need a unique office address for it. It can be helpful to lease a serviced office and run the franchise business from a totally different address.
#3 License Your Product
This works well when you have a service or product that is popular, clever or highly sought. It can be anything from a vegetable slicer to an all-natural brand of cleanser. Licensing your product or idea to a manufacturer who can quickly get it in the stores can often mean rapid growth. This will give you some venture capital to do other things.
#4 Add Complementary Products or Services
Let's say you are manufacturing area rugs for the home. You could add lamps, paintings or other items for home decorating. This can work with almost any product or service. You might operate a clothing store in Bangkok. Just clear out one corner of the store and add a line of personal care products. If you're currently providing hair salon services, add nail care as well. You can continue to add products and services as long as you have the ability to handle the additional work and business.
#5 Join Forces with Other Entrepreneurs
Many companies now outsource certain things, often because they just don't have the ability to do everything themselves. You'll easily find companies all over Thailand, especially in Bangkok who need your expertise. This can be a low-cost growth method. Attend local networking events and talk to other business owners about your ideas. You might run a small accounting firm. You could approach a larger firm about taking over their smaller clients or segments of their work, such as their payroll services.
Professional Office Space
Adding onto your business can be less expensive than you think if you lease a serviced office space from Servcorp Serviced Offices. This gives you a unique address in a highly sought location around Bangkok's business district. You can get many costly amenities at affordable prices, such as luxurious office space, email and phone forwarding, expert IT personnel, and a prestigious address in Bangkok. Servcorp Serviced Offices serve the world with top-notch office space in major cities. Call +66 2 231 8100 for more information.