50,000 Usd, No Knowlege Or Expierence....

[happysanook]

I take it you have no degree Karen?

I've read some nonsense on this forum at times but your post is pushing hard for the biscuit....

I dont have a degree HD...I retired at 39.....can I have a biscuit ? I like anzacs to dip.

yeah, but the chances of someone able to make a decent living is far greater with a degree than without one. you could've easily still be flipping burgers.

Plenty of people with degrees flippin' burgers or worse.

[kblaze]

ok to settle the degree vs. non-degree;

YES you can be successful without a degree.

YES a degree can help your chance of being successful.

back to the OP;

It sounds like you are dating a girl from the upper-middle class of Thailand, perhaps just upper-class. What I have noticed is that a lot of wealthy families let their kids (meaning 20-40 years old kids) start up their own businesses as kind of like a project or hobby for the kid. These include boutique hotels, clothing shops, salons, etc.

The problem is that often because they have such a strong support base, financially, the business isn't developed with the same rigorous research, planning and execution. There often isn't much forethought into target clients/market, profit margins, practicality, etc. The parents are happy because they can tell people "Nong Ploy has her own brand of lotions, she is doing very well thank you" and of course no one is going to ask to see the financial statements to back this up. So the parents save face. Nong Ploy is happy just to be able to tell people "im a business owner". And the charade continues until somewhere down the road, Ploy abandons the sinking business and tries something else. Of course some are successful, but there is a very high failure rate, and even when success seems to be reached, it is actually just because the family has injected more funds to prop the business up to save face.

I guess what I'm trying to relate to you is if your GF's fam is fairly wealthy, take into account that the business ideas that she and they propose for you may not be as well thought out as you would hope.

Her dad has experience in running a construction business and she is a flight attendant, both admirable professions imo, but that means they have the same small-business acumen as you. They may not value the risk of losing the 50k as much as you.

I like that you have the balls to jump into the unknown, but I just wanted to pass on some friendly thoughts/advice from what ive noticed in my time here.

[maturebrit]

omg...... someones in the cross hairs.....I think he will hear som nam na quite a lot after arriving

Sent from my GT-N7000 using Thaivisa Connect Thailand mobile app

[TravelerEastWest]

You say that you quit school in your senior year and had a 3.9 GPA. I know what I would do. I would take $10K and enroll in a Thai University for a year and finish my degree if I were you. You would have a year's experience in Thailand, picked up some language skills and had time to look around for a business niche and most importantly gotten a degree. Contrary to what some will say there are some good universities in Thailand.

Great advice.

Be sure to learn Thai during that year.

[stiggy]

I take it you have no degree Karen?

I've read some nonsense on this forum at times but your post is pushing hard for the biscuit....

You need a degree to start a small business, total BS.

As for the OP put your 40k somewhere safe that offers a return. Play with the 10k over here, NEVER let on you have access to the other 40K to those you are starting your small business with.

Have fun and see how it goes.

[belg]

"$100,000+ dollars a year as a 24 year old... hince, no degree"

euh.. pimping some girls or selling drugs or stealing and robbing?

please enlighten us, what kind of job gives $100.000+ a year without a degree

[RaysFan]

To answer the question above... I was in the US military... I got out to use the GI bill, Went to school for about 3 years, then got a job contracting for the US military as a network engineer...

Anyways, quick update...

I am still not in Thailand unfortunately, I still have money to invest... Just been researching a lot and thinking a lot.... As Im becoming more and more dissatisfied with my "first world" job and life lol.

So, I came across an idea, which I think might be a good one, hear me out. A language school...... I know, way over-done in BKK, Pataya, Chiang Mai, Phuket...... But what about the other 100 cities with over a 50,000 population where the farangs are not taking over.... Ive talked to my GF and she has cousins all over Thailand and they told her that there isnt these farang owned language schools in their cities like Kanchanaburi... They have to make a trip to BKK on the weekends if they want to get english tutoring from a farang. I think there is a market for this, and I think the start up costs should be much less than my $50,000 budget... Im thinking $10,000 or even less. What do you guys think? Thanks again for all of your opinions.

[Mrjlh]

My advice for all it's worth....

OK...one minor thing every one overlooked. the VISA!.

On just what VISA are you planning on using? You can't do it on a Tourist Visa. You're to young for a Retirement Visa and can't work on that anyway. Maybe a Marriage Visa? At least long term. Better look into the possibilities first before you get to far into this. For any business Visa you need a lot more than 50K in the bank.

Secondly, get your 4 year degree in anything, just get it. At least then you could get a TFL Certificate and teach English as a fall back position. A degree is required.

Apply for a 3 month tourists Visa. Do border runs to renew it. Go and learn about the country first and "DO NOT" agree to start any business venture with any Thai. Do not trust any one even your GF! This is about you not her. Don't worry you'll gain respect before you lose it. It's called being "smart".

Keep your money at home safe and sound in your bank. Open a "joint account w/ATM card", with your GF at the "Bangkok Bank Branch in New York". She being Thai, she can open it whereas you can't but you can be on the account too. Then you can easily deposit money via electronic transfer from you bank to BB on the internet and use the BB ATM card in Thailand. Never deposit more than 100,000 baht at a time or it'll be gone before you know it. Eventually you'll figure out what is best for you. Look into Citi-Bank also. They have Citi-Bank in Thailand but they not really connected to each other. Look into it. Bangkok Bank best option.

Bangkok Air per recent newspaper ads were hiring at 8,000 BAHT a month not 60,000-100,000. Big difference.

Stay away from the cosmetics business. Too many. Too many cheaters, Too much competition. I know...been there done that. It is very difficult opening a business in Thailand unless you have what little money you have. Sounds like a lot but it isn't for what you are trying to do. Start small, very small, and build up. $3-4K US max! Lots pf pay-offs involved doing business there. (Corruption). Once you spend it you might not see it again.

And I haven't even begun to touch the tip of the Iceberg.

[RaysFan]

Yes, I forgot to post about the visa... But that is on my list too... I am hoping to get a business visa since I'm American... I need to do a lot of research on this though. Ive pretty much given up on all of my old business plans after much research and I think im set on the school idea... I am really just having a hard time finding sold information on 1. the business visa. 2. starting the business, getting it registered (specifically requirements for starting a school). and 3. finding out if I need to be MOE approved to operate, and how to become MOE approved. and 4. How long (and how much money) will this take? Thanks.

[RaysFan]

I posted this in the teaching forum but I feel it might be more fitting for this forum...

Anyways, I'm considering opening one outside of BKK or Chiang Mai... A place like Kanchanaburi, or Nakhorn Ratchasima, where there are less of these language school, and still plenty of students. I think there would be a good market for a language school here.

A few more questions and Im doing more research (the more research I seem to do the more questions I have...)

1. I am American, no Thai needed, correct?

2. I do not have a degree, do I need one to own/operate/teach at my language school?

3. Realistically, If I have $50,000 cash, move to Kanchanaburi tomorrow, have a place rented by next week, decorated and ready for students in about 2 weeks after that.... how long will it take for me to legally be able to operate? (As far as I know I need to (in order) 1. start the business, 2. register the business, 3. apply for business visa, 4. get approved by the MOE?)

4. kinda goes with 3... I will need a business license before I can open correct? How long does that take? (Im American).

5. Does this have to be MOE approved before I can open? (if so, how long does that take)

Thanks guys... Trying to hard to get out to Thailand!

[ricklev]

The short answer to all your questions is that you can't legally own and operate a licensed language school in Thailand without a qualified Thai teacher. There are ways around that as a tutoring center is different from a school. If I were you I would come to Thailand find a farang already doing it and ask for their advice.

[Stubkk]

He can open a bank account on a tourist visa in his own name with a ATM Card. I have 3 bank accounts here opened in Bangkok and Pattaya; Bangkok Bank, Kasikorn, and SCB. Being ex military I hope you are a USAA bank member, you can transfer funds for free to thailand via Bangkok Bank because of their New York branch.

[kblaze]

You need to research more the VIABILITY of the language school business before the red-tape stuff. As mentioned before, this is something you could do while you finish your degree here.

There is a reason there aren't many language schools taught by farangs in the smaller cities around Thailand. Money. Foreign teachers command higher pay and thus their courses must be more expensive. Smaller cities per capita income is much less than BKK, CM, Phuket, Pattaya..etc and thus the market for English instruction from foreigners is much smaller.

You are likely to be hard-pressed to find a sustainable profit when you take into account you would have to offer a pay package that would make a foreigner WANT to live in Nakhon Nowhere to work for you. At the same time you would have to price your classes/English instruction cheap enough that the locals can afford to sign up.

The English language school market, although growing, already has lots of players who have much more experience than you, so if you dare go down that route, you have to find a niche and research profit margins before looking at the red tape side.

[kurnell]

We came to Thailand more than 15 years ago with a great idea. Thais lined up (Roti Boy, Krispy Kreme style) for several hundred metres to get into the store, all investment was returned within 3 months, then 7 more stores opened, all making reasonable profit. Then the wealthy Thai partners pushed the farang owners out of the business and slowly mismanaged the business into the ground.

[kblaze]

@ kurnell

Cool story bro, but how did wealthy Thai partners "push" farang owners out of the business?

[kiwivn]

If you dont have any experience but want to run a business, why not research on some franchise? they will teach/ train you all you need to know to run the business. Just my 2 pennies. Best of luck to u.

[Tomtomtom69]

I was actually a very good student, held a 3.9 gpa... A job opportunity came up while I was a senior at a very good university in the US and I took it. I was making $100,000+ dollars a year as a 24 year old... hince, no degree. Would I like to finish, sure, but just never had the chance. Maybe I will finish in Thailand. This move is very real, I will probably be there in a month or 2 and I would like to stay forever. We have a lot of ideas, but I just wanted feedback from you guys, who have started businsees and have been successful or failed at them. Anyways, here are my ideas... Please give feedback.

1. manufacture beauty products, loations, soaps... sell them to local shops/parlors, sell online.

2. open a burger shop near a university or a business area, give it a funny american name, sell burgers for around 100 baht.

3. NY style pizza, same types of locations, also funny NY name, basically same idea...

4. Bar.... I hate this idea, but some people make it work...

5. internet cafe... Also hate....

6. Ebay/amazon store... buy products in markets, sell them on the internet to westerners...

I dont know, these are most of my ideas... Problem is that I have no expierence in any of them and I have no idea how to do any of it so it would be learning as I go. Feedback on the ideas?

You are thinking farang prices in a Thai market, won't work. Internet cafe out here in the sticks about 20 Baht an hour. You need a lot of computers and hours to make any money. All food ideas will make Thai returns and you can only charge Thai prices.

Why would anyone want to buy your lotions and soaps, they can buy brand names cheap in a supermarket.

On line sales, that's a maybe if you are good and know your market, but most I have heard try ,fail.

You really need to think out side the square, making money is not easy anywhere. Jim

100 Baht for a good burger is definately doable in THailand. In fact, most good burger places here charge a lot more. Where have you been hanging around Jim, where everything is so cheap, somewhere like Bang Moon Nak in Phichit province perhaps? Even Oishi express charges around 109 Baht minimum for their cheapest ramen dishes and once you add a drink you're looking at around 150 minimum.

Another example is Paragon where it's difficult to have a sandwich and drink for less than about 150 Baht or about $5 and most other restaurants/cafes there will see you spending around 300 Baht a person (US$10). "Farang prices" or not, the reality is that food prices at many chain restaurants and independent restaurants in Thailand are actually approaching price levels in the west, no exaggeration. Not everyone in Thailand is so poor that they can only afford a 30 Baht Phat Thai on the streets. I think the OP could make a burger place work. Especially if he tries to sell authentic US style burgers in a way that has not been done before in Thailand. Obviously he wouldn't want to charge 400 Baht, but 100 as he has suggested is very reasonable and depending on their size, whether you get a drink and fries with that or not students would flock to such a place especially on week night evenings and weekends but personally I wouldn't be targeting students for something like this. Young 20 to 30s officer workers have the money and desire to purchase such products, some students might but most probably won't have the money.

[Skint]

You would be best contracting in Asia but based in Thailand, plenty work in networking and more than what you get now. Btw distance yourself from the girls family otherwise your 50k will last less than your visa.