A Few Words Of Wisdom, Please

[PattayaPhom]

Well, sometimes key money has to be paid, but what has that to do with mafia or tea money?

I'm with KBB on this one, have been running a business here long time, and never paid anything to mafia or police.

And I also agree with that. The trick is top stay clear of people offering to help you out with 'high level influential' contacts. Just keep your head down, obey the laws, pay your taxes, and don't upset the status quo.

Well said, so many think they are gansters themselves by paying any Tom, Dick or Harry for nothing...but hey ho if it makes them feel good let them get on with it

[Shot]

Well, sometimes key money has to be paid, but what has that to do with mafia or tea money?

I'm with KBB on this one, have been running a business here long time, and never paid anything to mafia or police.

And I also agree with that. The trick is top stay clear of people offering to help you out with 'high level influential' contacts. Just keep your head down, obey the laws, pay your taxes, and don't upset the status quo.

I agree as well.

And, keep your eyes and ears open.

[madmitch]

Well, sometimes key money has to be paid, but what has that to do with mafia or tea money?

I'm with KBB on this one, have been running a business here long time, and never paid anything to mafia or police.

And I also agree with that. The trick is top stay clear of people offering to help you out with 'high level influential' contacts. Just keep your head down, obey the laws, pay your taxes, and don't upset the status quo.

I agree as well.

And, keep your eyes and ears open.

+1.

And not all businesses here, including guesthouses, lose money.....................but many do!

[BJK]

You guys are great!

Thank-you everyone! I especially like the suggestion to pick-up a hair dressers; I like the way you think sir!

What about a massage parlor? Good idea?

BJK

[phuketrichard]

Hello all,

I want to buy a business in Phuket and I'm seeking advice as I've never run a business before. I'm a Canadian whose been teaching English in Taiwan for 10 years. I don't mind working long hours but I really need to make some good decisions here so, if you'll forgive me for asking: What would you do if you were a single 35 year old Canadian with 10 years life/work experience in Taiwan who wants to buy his first business in the LOS within the next 6 to 12 months? I have $3m baht. I cannot lose it.

I was thinking about a guesthouse . . . good idea?

Thanks in advance,

BJK

Suggestion;

3 mil baht is chimp change for Phuket.

Take a trip over to Cambodia, ( shianoukville and Koh Rong Island ) an ur 3 mil will go much farther.

GH in Phuket u will make money 4 months of the year 4 months break even and 4 months lose ( if ur in Patong) rest of the island u will lose 6 months/year

[goober]

Buy and sell belongings of desperate westerners trying to get out asap.

Very lucrative if you have the gift of the gab and low ball them in their time of need.

Few are successful but I made over 2 million baht last year on the misery of jilted lovers and bad business decisions.

Kitchen equipment is best.

[BookMan]

You guys are great!

Thank-you everyone! I especially like the suggestion to pick-up a hair dressers; I like the way you think sir!

What about a massage parlor? Good idea?

BJK

and if there were any remaining doubts about if it were a troll...

[keestha]

Thank-you everyone,

I appreciate your insight and experience, this is exactly why I'm asking. If Phuket is too competitive to make a go of it, where would you recommend?

Thanks in advance,

BJK

I had a business in Hua Hin from 1994 till 2000 (guesthouse/bar/restaurant), In 2000 my lease ran out, and I decided to move out of Hua Hin altogether, because it had become too competitive. Too much competition, too many other places, the last 2 years my turnover went down.

So I started looking for another place in Thailand to start anew, and ended up in Khao Lak, where the conditions seemed to be perfect: tourism still in its beginning phase but obviously getting into gear, and land prices still low. So I bought a small plot of land, built a resort, and I am still there and doing OK.

OP, what would be a good alternative to Phuket for you, is for you to find out. Take your time, and have a look at many different places.

[snamos]

I would suggest getting a job first in Phuket, suss out what is lacking and what you can offer. Then if you do find something you want to do...start small. Ive had a few little sideline gigs with various things and still make some beer money out of them, but I have got steady employment and dont have to rely on the money coming from Phuket. Coming into my 7th year in Phuket I will obviously try a few bigger things, but I am biding my time. Dont go into partnerships with Falangs, do it yourself. A lot of Falangs will do anything to stay here, i got touched by one guy for a decent amount who was a friend to a lot of people and had been here many years. People are not always what they appear here.

[barka]

I have a great idea,you give me your 3milion bht and in 12 months time i will give you half back,and you will still be better off than buying a business here..

i was given some good advice many years ago,it was this..DO WHAT YOU KNOW ,AND DO IT WELL....I took this advice and i have never regreted it...

[McFarang]

Buy and sell belongings of desperate westerners trying to get out asap.

Very lucrative if you have the gift of the gab and low ball them in their time of need.

Few are successful but I made over 2 million baht last year on the misery of jilted lovers and bad business decisions.

Kitchen equipment is best.

If its so lucrative why would you tell the whole community about your profit making on the Misery of others??? If you are so good at it surely you would have kept that to yourself? Maybe you do have the gift of the Gab, I think Gift of the Gob myself.

[NamKangMan]

I have a great idea,you give me your 3milion bht and in 12 months time i will give you half back,and you will still be better off than buying a business here..

i was given some good advice many years ago,it was this..DO WHAT YOU KNOW ,AND DO IT WELL....I took this advice and i have never regreted it...

I agree with this post. "DO WHAT YOU KNOW" - I know never to buy or start a business here or to buy or build a property here and "DO IT WELL" - I must be doing it well because I have never lost a cent/baht in business or property here. :)

[geriatrickid]

as others have suggested, visit first and look around. I went in search of a watch battery today and walked down soi Patong. The queen Mary that had closed last year is now some Glade swedish or Danish bar with tattooed beer drinkers outside. I give it 6 months. The restaurant across the way is closed and for rent. This Islander is never full anymore and only has a few customers in the day when I go by. Lots of tourist traffic, but not much activity except for the Buffalo Steak house that is busy at night but now forced to offer 25% off on food when served before 6pm. Take the hint. Business is tough. Patong's rents are ridiculous. Many of the restaurants that line the sois off of beachroad are not packed at night and its high season.

[FritsSikkink]

as others have suggested, visit first and look around. I went in search of a watch battery today and walked down soi Patong. The queen Mary that had closed last year is now some Glade swedish or Danish bar with tattooed beer drinkers outside. I give it 6 months. The restaurant across the way is closed and for rent. This Islander is never full anymore and only has a few customers in the day when I go by. Lots of tourist traffic, but not much activity except for the Buffalo Steak house that is busy at night but now forced to offer 25% off on food when served before 6pm. Take the hint. Business is tough. Patong's rents are ridiculous. Many of the restaurants that line the sois off of beachroad are not packed at night and its high season.

The buffalo was closed for low season because the takings were very bad

[goober]

Buy and sell belongings of desperate westerners trying to get out asap.

Very lucrative if you have the gift of the gab and low ball them in their time of need.

Few are successful but I made over 2 million baht last year on the misery of jilted lovers and bad business decisions.

Kitchen equipment is best.

If its so lucrative why would you tell the whole community about your profit making on the Misery of others??? If you are so good at it surely you would have kept that to yourself? Maybe you do have the gift of the Gab, I think Gift of the Gob myself.

Give it a go for yourself if you think you have what it takes. I don't mind if others try it but you need to research the stuff your buying and have certain contacts in the related fields that use these items. Eg, restaurant industry.

Many new ads in the gazette classifieds with household items for sale or restaurants closing down and the equipment for sale.

Take a certain degree of tact but it can be quite lucrative.

Even if i can buy something for 5000 baht and sell it for 8000 baht, I consider that a decent days wage.

Bought a Honda click with 4500 KS for 30,000 baht last week and sold it for 36,000 2 days later and I bought a smeg industrial oven for 40,000 and sold it for 60,000 that same day.

I used to sell used cars so i have that certain something and it beats working a meager salary and I'm on my own watch.

[pomchop]

The old joke comes to mind: If you want to double your money fold it in half and put it back in your pocket.

[DLock]

A lot of "old economy" advice here.

Why not consider an online business. There have been a few threads on TV about online business with some useful advice and examples.

Establishing an online presence is not expensive but it does take time to rank well and attract clicks, and you will spend a lot of time online researching competitors and refining your ideas. You have plenty of money to enjoy life as your business builds.

Benefit is that most online businesses can be operated from anywhere, so you aren't stuck in one place. And if you are spending your days on the "Internet" no one knows what you are doing, so perhaps a WP is not necessary right away.

Of course, it will take a lot of thinking and research to find that right idea, and you may try a few ideas before one hits.

In my opinion, the chances of success online are greater than a Phuket real world business and the risk's are greatly diminished...but I don't expect that everyone will share that advice.

[FritsSikkink]

A lot of "old economy" advice here.

Why not consider an online business.

Online or offline you still need

a business plan

a product to sell

someone to buy the product from

a certain kind of customer

a company

a click doesn't sell your product.

Got nothing to do with "old economy"

Edited January 3, 2012 by FritsSikkink

[DLock]

A lot of "old economy" advice here.

Why not consider an online business.

Online or offline you still need

a business plan

a product to sell

someone to buy the product from

a certain kind of customer

a company

a click doesn't sell your product.

Got nothing to do with "old economy"

You miss the point.

"Old economy" refers to traditional "bricks and mortar" businesses - guesthouses, salons, bars, restaurants...things that require real money and real assets, staff, insurance etc, rather than ones and zero's.

It's axiomatic that any business needs a business plan.

Plenty of things to "sell" online without buying anything or having to put any money down. It just takes a little time and the right "products"....and a business plan.

...and actually...a click can sell you product...

[FritsSikkink]

A lot of "old economy" advice here.

Why not consider an online business.

Online or offline you still need

a business plan

a product to sell

someone to buy the product from

a certain kind of customer

a company

a click doesn't sell your product.

Got nothing to do with "old economy"

You miss the point.

"Old economy" refers to traditional "bricks and mortar" businesses - guesthouses, salons, bars, restaurants...things that require real money and real assets, staff, insurance etc, rather than ones and zero's.

It's axiomatic that any business needs a business plan.

Plenty of things to "sell" online without buying anything or having to put any money down. It just takes a little time and the right "products"....and a business plan.

...and actually...a click can sell you product...

I am not missing the point. Just stating that having a website with some products doesn't make it a succesfull business

[DLock]

A lot of "old economy" advice here.

Why not consider an online business.

Online or offline you still need

a business plan

a product to sell

someone to buy the product from

a certain kind of customer

a company

a click doesn't sell your product.

Got nothing to do with "old economy"

You miss the point.

"Old economy" refers to traditional "bricks and mortar" businesses - guesthouses, salons, bars, restaurants...things that require real money and real assets, staff, insurance etc, rather than ones and zero's.

It's axiomatic that any business needs a business plan.

Plenty of things to "sell" online without buying anything or having to put any money down. It just takes a little time and the right "products"....and a business plan.

...and actually...a click can sell you product...

I am not missing the point. Just stating that having a website with some products doesn't make it a succesfull business

This is tiring.

Of course just "having a website with some products doesn't make it a succesfull business".

I didn't say it did.

Initially you may have to spend money on Adwords while you do SEO to slowly improve your website to rank higher over time. You may have to to banner ads, link building, research your top ranking competitors, use Facebook, submit articles with links back to your site, Blogs...etc, etc.

I didn't say it was easy, or you would make money quickly. It takes time to build an Internet business, but when you start ranking well and you have a quality, relevant website, with competitive pricing, you are responsive and you are always improving, you will make money.

...and once you have done it once and it works, you won't have enough hours in the day to do sites for all your ideas.

You understand yet?

[barka]

I understand, but i have got better things to do with my time, and easier and quicker ways to make money..it may be ok if you have the time to wait,which could be forever..

[beachyman]

I second finding something in line with your former area of expertise... namely ESL teaching.

Phuket is notoriously difficult to “get started in” ... I used to work there and would never have invested anything if it was not for half a dozen trust worthy people there I could count on, including some family.

Prob best to start working there, like in some public school while you figure out if the place is even for you. Then maybe try to buy into a partnership with an establish Thai school-ESL school?