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Important Aspects to Include on a Checklist for a New Business Venture in Thailand

January 19, 2015 | Sharon Cheong

Thailand is a great location for a new business venture. The country offers prospective businesses a number of significant advantages over other countries. Bangkok possesses some of the most skilled professionals in South East Asia. The improvement in the standard of universities in Thailand has improved dramatically which has resulted in a high number of skilled graduates. Bangkok and Chiang Mai are both home to successful universities whilst investment in other parts of the country means that others will follow. Bangkok is essentially the business hub of Thailand. The thriving and vibrant city is home to a multitude of major companies from throughout the world. Many businesses choose to relocate their operations to Thailand due to low overheads and a skilled workforce. White collar businesses can benefit greatly because of these two factors. This has seen business to business sectors flourish over the past decade.

If you are considering a new business venture in Thailand then there are a number of important aspects to consider.  Understanding the importance of careful planning prior to the opening of the business itself can save you a lot of time, money and effort in the long term. A great way of improving the efficiency of the start-up process and ensuring that important aspects are not overlooked is by creating a checklist. There are some common items that should be included in any business start-up checklist.

A business plan is key

Prior to even contemplating other aspects of your business, you should develop a business plan. The business plan must be an honest appraisal of your objectives and projected results. It must be divided into a number of sections and include detailed information such as financial projections, monthly expenditure, staff recruitment, technology, marketing and business location. Creating a business plan is a great way of ensuring that you undertake a thorough assessment of your business idea.

Is the business financially viable?

You must ensure that your business idea is realistic. It is imperative that you have a sound financial base from which to build from. You should consider worst case scenarios when evaluating finances. Invariably, there will be initial problems which may result in extra financial commitments. Your business should be able to withstand such emergencies. Ensure that your working capital is sufficient for the needs of your business.

Registering your business and other legal requirements

You must register your business with the relevant authorities. Depending on the industry and location, there may be a number of licenses that need to be acquired. It is advisable to seek guidance from a legal professional who will ensure that all of these requirements have been fulfilled. Failing to do so could result in fines and penalties in the future.

Selecting staff and location

Possessing a highly skilled team of staff is vital to the success of any new business.  It is important that you plan your recruitment process carefully. Identify key skills that are needed within the company and seek out suitable individuals. As a new business, it may be wise to secure the services of a recruitment company to help with this. Location can be an important factor, but not a huge priority. Offices that are situated away from the center of towns and cities will invariably demand lower rental rates. If your business is not dependent on high exposure, consider choosing a location that is cost-effective in terms of rent.

Essential equipment and service providers

Evaluate what equipment you require at an early stage of the planning process. This enables you to search for technology and equipment that benefit from reduced prices. Saving money is key for any new business. Ensure that you have the necessary service providers in place. You will almost certainly require an Internet provider. Other important providers include electric, water, delivery, air conditioning, insurance, banking and telephone companies.

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