Though there are no real “secrets” to running a successful business in Thailand, there are a few tips and tricks that can help an entrepreneur to get off on the right foot. There are also some important pitfalls to avoid in order to make any start-up an amazing success.
Create a Business Plan
One of the first things you'll want to do is create a concise business plan. It's important to have both long-term and short-term goals. Your business plan should include things like how and where to get start-up capital, an advertising strategy and who your target audience is. If you're new to Thailand, it will be necessary to get the proper permits. It can take an average of 30 days to start a new business there.
Decide on a Business Name
You should start by searching online for business names that are available in the Thai market. It can take some time to find a name that's right for your company and that's not being used by someone else. Once you settle on a name, reserve it. There's no charge for this service. You will also need to deposit a certain amount of money in a local bank depending upon the type and size of business. You'll need a corporate seal and the charge for this is approximately THB400 (around $12 USD). Next, you must register your company as a legal entity. While registration is fairly quick, it can take three weeks for approval. During your final registration process, you'll need to submit your company work regulations.
Register Your Business
There are other fees associated with starting a new business such as the registration of the memorandum of association. Fees are based on things like the initial capital required to start the specific type of business you're registering. In addition, it may be necessary to install a phone system, get electricity, get construction permits, and the other standard things necessary to open a new business.
Consider Cost-Cutting Ideas
Many new start-ups are utilizing the convenience of serviced offices and virtual offices in order to avoid all those high start-up costs. A serviced office can give you a prestigious address in the city's main business district, along with IT and HR services, a dedicated receptionist, boardrooms and meeting rooms and many other quality features. Though this is an economical route for a new business, you won't have to sacrifice the high-end furnishings and professional services you're looking for.
Build a Great Website
Building an attractive website is key to any business success these days. It may be tempting to try to do it yourself, but you'll get a better end result if you hire pros. Thailand has many website design firms that can create an exceptional website and even populate it with professionally written content. Advertising is also important and many businesses are taking advantage of low-cost Facebook and Adwords ads in the local market to promote their products and services.
Fill an Essential Need
Thailand is a major exporter of goods and services and an important business center in Asia. Large companies from Europe and the U.S. often move all or part of their facility to Thailand. Any type of business or service that these large companies could use or benefit from would be a great idea for a business start-up. Find a significant need that is not being met and fill it.
Develop an Upscale Presence
Servcorp Serviced Offices provides deluxe office space conveniently located in the Central Business District. Office suites are attractively furnished with high-end items and include receptionists, IT and HR personnel. Any new start-up can benefit by utilizing these beautiful, yet affordable virtual offices. Get high speed internet, exclusive meeting rooms, and a professional corporate image for a fraction of the cost. Servcorp Serviced Offices are conveniently located in major economic centers around the world. Please call to learn more.