What'S A Good Business To Start In Bangkok

[w11guy]

I need some help with brainstorming some ideas for good businesses to start in Bangkok/Thailand. I'm not interested in a bar/club/coffee shop/restaurant/massage. I don't want to invest more than 500K baht. Could possibly go to 1m baht for a great idea.

I don't need comments telling me not to invest in Thailand, that corruption is too bad, etc. I've heard all that and know all about it. What I'm after are some good business ideas that you think may work.

Also, please don't suggest I buy an apartment and rent it out. That's not a business.

Edited October 25, 2010 by w11guy

[beejoir]

In my personal experience it would be hard to start a legitimate business with around 500k.

If you had a few million on the other hand.....

[FritsSikkink]

In my personal experience it would be hard to start a legitimate business with around 500k.

If you had a few million on the other hand.....

I got a few million. What do you suggest?

[w11guy]

In my personal experience it would be hard to start a legitimate business with around 500k.

If you had a few million on the other hand.....

What do you think is a good business to start for a few million? And what constitutes a few?

One of the reasons I don't want to commit too much initially is that I'm new here and don't think the country is very stable. I don't want to have too much money tied up in a country that could go pear-shaped.

Edited October 25, 2010 by w11guy

[nong38]

Right now, sandbags and life jackets! You will need cash and something really imaginative and hope you dont get ripped of by local helpers, if I were you I would think of where can I put money and it be safe and get a return, ok maybe a bit of risk, better than losing the lot

[w11guy]

Right now, sandbags and life jackets! You will need cash and something really imaginative and hope you dont get ripped of by local helpers, if I were you I would think of where can I put money and it be safe and get a return, ok maybe a bit of risk, better than losing the lot

Many people run successful businesses in Thailand. Business is a risk, but the reward is worth the risk. I don't want safety and a small return. I want to set up a business and make a profit. I know that's not guaranteed. But I don't want toearn 2% interest just to keep my money safe. Money comes and goes. That's life.

[w11guy]

One idea I'm thinking of is an ecommerce website. But do Thai people buy things online? I've heard they don't but don't know for sure. Does anyone know if a Thai ecommerce site could be successful? If so, what sort of things do they buy online?

[danbradster]

One idea I'm thinking of is an ecommerce website. But do Thai people buy things online? I've heard they don't but don't know for sure. Does anyone know if a Thai ecommerce site could be successful? If so, what sort of things do they buy online?

If you can do ecommerce successfully you might as well do it globally and take advantage of the USD/Baht exchange rate - get paid in USD, not baht.

I earn money online from ads and from dividends (AUD and USD), and it ends up being quite a lot when you convert it to baht.

[surayu]

there are gazillions of things not yet available on the local markets, you could start just picking one of those, like selling self tanning lotions, home heaters, become a polar bears groomer, etc... you will be the FIRST and the ONLY ONE on the market and just after that you could sell shares to all millionares of TV making you even more rich

[wordchild]

focus entirely on the domestic Thai/other SE Asian market, forget about farangs, tourists or expats (they dont have any money anymore).Trouble is you need to know the market very well (hard if you are new) or you find people who you can back. IMO there are some very smart educated young Thais (guys and girls) with some great ideas but no cash, find one of them!

[onnut]

I dont want to be a party pooper, but surely if you are going to open a business with your money then dont you think it would be better to something that you know about well enough to be able to run yourself?

coming onto a forum to ask what to do with your money business wise is not wise! because no matter what we suggest, if you dont know anything about it how can you run a succesfull business?

so for me to suggest something I would like to know a little about you if you dont mind?? age, occupation, qualifications?

Then I might be able to answer your question

By the way, I do have my own business in Bangkok, and its bloody hard work. Its not paying off yet but I do hope it will over the next couple of years.

[w11guy]

I dont want to be a party pooper, but surely if you are going to open a business with your money then dont you think it would be better to something that you know about well enough to be able to run yourself?

coming onto a forum to ask what to do with your money business wise is not wise! because no matter what we suggest, if you dont know anything about it how can you run a succesfull business?

so for me to suggest something I would like to know a little about you if you dont mind?? age, occupation, qualifications?

Then I might be able to answer your question

By the way, I do have my own business in Bangkok, and its bloody hard work. Its not paying off yet but I do hope it will over the next couple of years.

I am not asking for business advice or asking for someone to tell me what business to start.This is just a brainstorming exercise. I know what my strengths and weaknesses are and I will start a business that's suitable for me. But brainstorming usually throws up some interesting ideas or interesting angles that you may not have thought of yourself. If you say open a pub, I'm not going to say thanks and then go and open a pub in the morning. I'm not that stupid.

If I get some suggestions I will know whether I am capable of making the business work.

I wouldn't want a business that took years to become profitable. I just don't have the patience. I am looking for something that makes money fairly quickly.

Edited October 25, 2010 by w11guy

[w11guy]

focus entirely on the domestic Thai/other SE Asian market, forget about farangs, tourists or expats (they dont have any money anymore).Trouble is you need to know the market very well (hard if you are new) or you find people who you can back. IMO there are some very smart educated young Thais (guys and girls) with some great ideas but no cash, find one of them!

Where would be a good place to find these people? Is it a case of just asking around via friends, etc?

[edwardandtubs]

There seems to be a big market for nutritional supplements and health care products (not pharmaceuticals but vitamins etc) among Thais but the products available are very limited. There are many business opportunities there.

[BigBikeBKK]

Perhaps I'll get in trouble for saying this, but porn and smut remains very profitable, low overhead and fast returns... Just pay off the right people and don't get caught with your pants down, so to speak...

[w11guy]

There seems to be a big market for nutritional supplements and health care products (not pharmaceuticals but vitamins etc) among Thais but the products available are very limited. There are many business opportunities there.

I did actually think of this, but whenever I walk past GNC it's always empty. I don't think I've ever seen a customer in the shop. They have a decent range of supplements in there as well. How do you know there is a big market for this, and if there is, why is GNC always empty?

[w11guy]

Perhaps I'll get in trouble for saying this, but porn and smut remains very profitable, low overhead and fast returns... Just pay off the right people and don't get caught with your pants down, so to speak...

I'll give that one a miss. Not sure it's very profitable these days though. The golden days of porn profits are in the past.

[givenall]

In my personal experience it would be hard to start a legitimate business with around 500k.

If you had a few million on the other hand.....

What do you think is a good business to start for a few million? And what constitutes a few?

One of the reasons I don't want to commit too much initially is that I'm new here and don't think the country is very stable. I don't want to have too much money tied up in a country that could go pear-shaped.

One thing for sure do not buy a business especially from a Thai. It is normally very inflated and you will not make money. Start your own if possible and make sure you find ways to own more than 50%, preferably 100% (there are ways to do this) even though the law says you have to have a Thai partner who owns 51% (including a Thai spouse)

[beejoir]

Open a fat camp.

[bobo42]

I'll admit, it can be a nasty business, but if you have money to risk and you're interested in turning big profits fast, you might take a look into direct response marketing. I think it probably flies pretty well in Thailand, though I have my doubts that you could successfully pull it off as a foreigner. Who knows, maybe you could discover a Thai version of Billy Mays? You have to find a product that would be appealing to a segment of the population (skin-lighteners, household cleaners/gadgets, etc) and make advertisements (TV spots, infomercials, radio, magazine, etc). And you've got to put in a lot or research and networking time - it takes a lot of contacts and negotiations to get these things off the ground, but the profit potential is huge for the right product/marketing combo. Lots and lots of possibilities, but lots and lots of work too - not a relaxing business by far.

[LindsayBKK]

One idea I'm thinking of is an ecommerce website. But do Thai people buy things online? I've heard they don't but don't know for sure. Does anyone know if a Thai ecommerce site could be successful? If so, what sort of things do they buy online?

Thais don't buy online, well no one I know. They find it risky.

Yes I am sure some do. Generally they transfer funds using an ATM.

They don't trust giving out c/card details. That's why there are so many ATM phone scams.

Sorry I have no suggestions for a business.

Edited October 25, 2010 by LindsayBKK

[UberBraun]

I have been here 10 years now.  Shortly after I first arrived, I looked into starting a business.  A businees I know well, as I have a successful business in the USA.  However, after looking into it and talking to many people, both Thai and farang, I concluded it would be a losing proposition, mainly due to the level of corruption here.  And that was 10 years ago.  Today, the level of corruption is much much worse.

The best business advice I can give you is look elsewhere.

[rakman]

I dont want to be a party pooper, but surely if you are going to open a business with your money then dont you think it would be better to something that you know about well enough to be able to run yourself?

coming onto a forum to ask what to do with your money business wise is not wise! because no matter what we suggest, if you dont know anything about it how can you run a succesfull business?

so for me to suggest something I would like to know a little about you if you dont mind?? age, occupation, qualifications?

Then I might be able to answer your question

By the way, I do have my own business in Bangkok, and its bloody hard work. Its not paying off yet but I do hope it will over the next couple of years.

I am not asking for business advice or asking for someone to tell me what business to start.This is just a brainstorming exercise. I know what my strengths and weaknesses are and I will start a business that's suitable for me. But brainstorming usually throws up some interesting ideas or interesting angles that you may not have thought of yourself. If you say open a pub, I'm not going to say thanks and then go and open a pub in the morning. I'm not that stupid.

If I get some suggestions I will know whether I am capable of making the business work.

I wouldn't want a business that took years to become profitable. I just don't have the patience. I am looking for something that makes money fairly quickly.

Well, the Krispy Kreme franchise opened in BKK... would return money real quick but that boat has sailed...

[Khun Jean]

Open a fat camp.

He! That is my idea! I have the land available only not the time, yet. I am planning to do another business first that will be more easy to setup.

I would start a business that would make use of the cheap workforce that is available. Manufacture something and target the Thai home market first. Export later.

Edited October 25, 2010 by Khun Jean

[Forkinhades]

How about starting a small factory that makes the white spray paint, the insurance/police guys use after an accident.

[edwardandtubs]

There seems to be a big market for nutritional supplements and health care products (not pharmaceuticals but vitamins etc) among Thais but the products available are very limited. There are many business opportunities there.

I did actually think of this, but whenever I walk past GNC it's always empty. I don't think I've ever seen a customer in the shop. They have a decent range of supplements in there as well. How do you know there is a big market for this, and if there is, why is GNC always empty?

GNC is overpriced and not marketed well. I know a lot of Thai women in particular who believe in things likes wheatgrass juice and fish oil supplements, not to mention the latest herbal fads. Why would anyone go to GNC when you can get the latest vitamin B, collagen and birds nest drink from 7-11? It needs to reasonably priced and marketed at what Thai women want (youth and beauty). You can clearly get away with marketing tactics here that would not be allowed in western countries.

[Naam]

Many people run successful businesses in Thailand. Business is a risk, but the reward is worth the risk. I don't want safety and a small return. I want to set up a business and make a profit. I know that's not guaranteed. But I don't want toearn 2% interest just to keep my money safe. Money comes and goes. That's life.

with THB 500k?

[craigt3365]

focus entirely on the domestic Thai/other SE Asian market, forget about farangs, tourists or expats (they dont have any money anymore).Trouble is you need to know the market very well (hard if you are new) or you find people who you can back. IMO there are some very smart educated young Thais (guys and girls) with some great ideas but no cash, find one of them!

Totally agree. The Thai market is booming...but you need to know the market well, and speak Thai, before you can tackle that one. Plenty of money to be made even in mundane things like making curtains, etc.

[givenall]

I dont want to be a party pooper, but surely if you are going to open a business with your money then dont you think it would be better to something that you know about well enough to be able to run yourself?

coming onto a forum to ask what to do with your money business wise is not wise! because no matter what we suggest, if you dont know anything about it how can you run a succesfull business?

so for me to suggest something I would like to know a little about you if you dont mind?? age, occupation, qualifications?

Then I might be able to answer your question

By the way, I do have my own business in Bangkok, and its bloody hard work. Its not paying off yet but I do hope it will over the next couple of years.

I am not asking for business advice or asking for someone to tell me what business to start.This is just a brainstorming exercise. I know what my strengths and weaknesses are and I will start a business that's suitable for me. But brainstorming usually throws up some interesting ideas or interesting angles that you may not have thought of yourself. If you say open a pub, I'm not going to say thanks and then go and open a pub in the morning. I'm not that stupid.

If I get some suggestions I will know whether I am capable of making the business work.

I wouldn't want a business that took years to become profitable. I just don't have the patience. I am looking for something that makes money fairly quickly.

Well, the Krispy Kreme franchise opened in BKK... would return money real quick but that boat has sailed...

Opening a kripsy Kream for a frang without connection would be impossible. I can grantee the owner of KK is one of the major player in Thailand already. So set sight for sometime much smaller

[RedNIvar]

Thai's are into the Fad. Krispy Kreme for one; open an outlet, and get your socialite buddies to show up randomly and the next thing you know there is a 5 hour wait to buy a box of mediocre donuts - all Thai's. Thai's die for the chance to do/go and rub shoulders with the Hi-so's. They are willing to wait and pay more just for the bragging rights of shopping in a certain area.

If you're opening a business doing retail sales, you're better off setting it up in the medium to high end shopping location. This will cost you, and I do not think B500K is sufficient. It also helps if you or your wife know of some Thai Hi-So's (Movie stars, Singers, etc). Have them make random shopping appearances in your store and it will be a big hit. This will help accelerate your customer flow, ala Krispe Kreme. For longevity, that would based on your product. Watch Krispy Kreme go out of business next year.

I always found Thai handycraft and Teak/Rose wood furniture to be really cheap. If you can get your way through the paperwork and taxes, you could easily make 5 to 6 times your investment (rough estimate based on selling price difference) by having an export business to Europe or the US.

I know of some people who make crazy money buying beaded costume jewelery in bulk for a low cost and selling them to retail outlets in the US. A nice beaded necklace for a B100 here can easily sell in the US for $30. You just need to work out how to get the stuff there, the taxes and distribution.

IMHO.