Buying/starting A Business In Thailand.

[MartinBKK]

Im sure this has been asked numerous times before so appologies if thats the case. I've looked back a few pages but can't find a relevant thread.

I've been working online for the past 4 yrs with something unusual and my ability to make a reasonable income is decreasing for various reasons.

Apart from that i am also bored with my work and feel im at the stage in my life where im ready for a new challenge. I have built up a small nest egg and am quite keen to try running a small business. I have been in Bangkok for 2 years and am keen to remain here.

I have 3 friends in Bangkok who are all young business owners. Previously, two of them were in the same position as i am now (similar age and experience) and their businesses are currently doing reasonably well and have been for some time. The thing which continues to put me off is all the negative postings i read on here. When i discuss this with them they tell me that all the negative stuff comes from people who have never tried it for themselves.

I am therefore keen to listen to advice from people who have actually experienced buying/starting and running a business in Thailand. If you are such a person i would be very grateful if you could post your thoughts here.

Many thanks.

[sunshine13]

what did you do on the internet? What kind of bussiness you have in mind?

[jdinasia]

Take a look at the statistics of start up Biz's in your home country ... then add to it ... being here ...

Can it be done? Sure!

Should you spend your money doing it? Up to you!

[Tyree D.]

The thing which continues to put me off is all the negative postings i read on here.

you answered your own question. I'm glad I didn't know about this board before I got to LOS.

DON'T COME HERE FOR ADVICE OTHER THAN VISA INFO!!!

[MartinBKK]

Thanks for the responses. Have you experience running a business here JD?

[jdinasia]

Yes and No

[wineguy]

Im sure this has been asked numerous times before so appologies if thats the case. I've looked back a few pages but can't find a relevant thread.

I've been working online for the past 4 yrs with something unusual and my ability to make a reasonable income is decreasing for various reasons.

Apart from that i am also bored with my work and feel im at the stage in my life where im ready for a new challenge. I have built up a small nest egg and am quite keen to try running a small business. I have been in Bangkok for 2 years and am keen to remain here.

I have 3 friends in Bangkok who are all young business owners. Previously, two of them were in the same position as i am now (similar age and experience) and their businesses are currently doing reasonably well and have been for some time. The thing which continues to put me off is all the negative postings i read on here. When i discuss this with them they tell me that all the negative stuff comes from people who have never tried it for themselves.

I am therefore keen to listen to advice from people who have actually experienced buying/starting and running a business in Thailand. If you are such a person i would be very grateful if you could post your thoughts here.

Many thanks.

I've been doing a little research myself. Initially it looks like there are quite a few hoops to jump through but like anything good planning and research will paint the picture. I'm still trying to find more information mysekf. There are some good ideas and helpful people here. If I find anything in my search I'll pass it on.

[Sunbelt Asia]

The reality is a number of foreigners have not make money in business and others have done well. There are no guarantees you will make money or even lose money.

I have seen thousands in the past 5 years, and the one theme I have always seen in the successful entrepreneur. They enjoy what they were doing and had the passion. Work was really fun. Problems were faced with a smile. One other comment I heard over and over again from the "winners". Most felt the Thai staff was the main reason they were successful. They attracted a higher quality of “partners” they felt with profit sharing, bonuses, extra holidays.

The other reason most felt they did well, they gave the customer want they wanted. Putting themselves as the customer and what they would want.

www.sunbeltasiagroup.com

[Heng]

*insert Notre Dame fight song*

[soundman]

Ever heard of the 90/10 rule. It applies in every country with a free market economy on the face of the planet.

Loosely translated it means that 90% of the people on the planet earth are not cut out to be successful at business. 10% are. Of the original 90%, not being able to succeed in business does not mean you are not going to be successful. It only means that a carreer of some description is probably more appropriate.

Being successful at business means you have to be a master of many things....

Having a good idea is not enough.

Having the right product is not enough.

A good location is not enough.

Being intelligent is not enough.

Being street smart is not enough.

Being hard working is not enough.

Being very lucky is not enough.

Perserviring is not enough.

Being finacially adept is not enough.

Being educated is not enough,

Having bucketloads of cash is not enough.

Being hard headed, thick skinned & arrogant is not enough.

Having a "sixth" sense is not enough.

And many others...............

Even if a person has all the right stuff to be a business person, many items listed above, there are absolutley no guarantees, anywhere... & lots of luck, whether it be self induced, or from a higher power...

Sorry if this is pessamistic, but take it from someone, who has been semi successful doing small to medium sized business since his early twenties & managed to keep his head above water.

Cheers,

Soundman.

[A_Traveller]

... Sorry if this is pessamistic, but take it from someone, who has been semi successful doing small to medium sized business since his early twenties & managed to keep his head above water.

Cheers,

Soundman.

Though the rubber ring helps I suspect

Regards

[MartinBKK]

Thanks for all the responses which i have read with interest.

Anyone had experience buying an existing business? For example if i buy a business at asset value what is the risk to my initial investment? Am i right in thinking this is depreciation plus any losses the business generate whilst i am the owner?

Edited April 8, 2007 by MartinBKK

[Cyberstar]

... if i buy a business at asset value what is the risk to my initial investment? Am i right in thinking this is depreciation plus any losses the business generate whilst i am the owner?

No - your thinking is not quite right (diplomatic spoken). The risk to your initial investment is that you loose it all plus whatever business expenses you'll have while trying to save your loss generating business ... May I (for your own sake) suggest you wait a couple of years before trying to run any business?

[blizzard]

a wise old thai man once said if you have to ask the question the op asked then you basically should fougettabbouthit.

[Jimjim]

Starting a business is risky anywhere, it's really up to you. My question would be, are you prepared to lose money? How much? If you are, then go ahead and try it out. If not, then probably not.

[RAZZELL]

... Sorry if this is pessamistic, but take it from someone, who has been semi successful doing small to medium sized business since his early twenties & managed to keep his head above water.

Cheers,

Soundman.

Though the rubber ring helps I suspect

Regards

Maybe he owns the rubber ring shop on Sukhumvit?

RAZZ

[IMA_FARANG]

Ever heard of the 90/10 rule. It applies in every country with a free market economy on the face of the planet.

Loosely translated it means that 90% of the people on the planet earth are not cut out to be successful at business. 10% are. Of the original 90%, not being able to succeed in business does not mean you are not going to be successful. It only means that a carreer of some description is probably more appropriate.

Being successful at business means you have to be a master of many things....

Having a good idea is not enough.

Having the right product is not enough.

A good location is not enough.

Being intelligent is not enough.

Being street smart is not enough.

Being hard working is not enough.

Being very lucky is not enough.

Perserviring is not enough.

Being finacially adept is not enough.

Being educated is not enough,

Having bucketloads of cash is not enough.

Being hard headed, thick skinned & arrogant is not enough.

Having a "sixth" sense is not enough.

And many others...............

Even if a person has all the right stuff to be a business person, many items listed above, there are absolutley no guarantees, anywhere... & lots of luck, whether it be self induced, or from a higher power...

Sorry if this is pessamistic, but take it from someone, who has been semi successful doing small to medium sized business since his early twenties & managed to keep his head above water.

Cheers,

Soundman.

The reality is that even in the U.S. 4 out of 5 new business start-ups will fail in the first 5 years. There is no reason to suppose that is any different in Thailand. The problems with local customs/language/etc make it just that much harder.

Having said that you can succeed in Thailand if you have a good idea and are willing to work hard.

Most problems with new businesses are due to the fact that the owner doesn't put enough planning and enough time into it.

You will need to be there constantly and manage all the details. You will have to work HARDER and LONGER than your staff, especially at start-up.

Good luck.

[Heng]

The reality is that even in the U.S. 4 out of 5 new business start-ups will fail in the first 5 years. There is no reason to suppose that is any different in Thailand.

Considering that the laws are mostly set against you, I'd say that the failure rates for small to medium sized foreign businesses are higher. That said, there are still plenty of foreign type business niches out there as well.