2.5 million baht to invest while living in Chiang Mai. Ideas?

[2020]

I have given sound business advice in the past on TV and since you asked, I am happy to help out again.

The plan would involve opening a bar and after a year or two, guarantee a return of around one million baht. I'll happily give a rough guide here, after that I will have to charge for my services.

1) Start with two million or as you say, two and a half million.

2) Open up.

3) Work like a ba$7ard for a year or so.

4) Sell up to someone new to Thailand.

5) With any luck, you may have a million left.

What could possibly go wrong!

[richard10365]

I'm assuming you're an American. With the Treaty of Amity between the United States and Thailand you can own a business 100%. It is advisable to have 3 million baht registered capital when starting the business.More information can be found here. http://export.gov/thailand/treatyofamity/index.asp

[beau thai]

I have given sound business advice in the past on TV and since you asked, I am happy to help out again.

The plan would involve opening a bar and after a year or two, guarantee a return of around one million baht. I'll happily give a rough guide here, after that I will have to charge for my services.

1) Start with two million or as you say, two and a half million.

2) Open up.

3) Work like a ba$7ard for a year or so.

4) Sell up to someone new to Thailand.

5) With any luck, you may have a million left.

What could possibly go wrong!

'What could possibly go wrong!' -err, music scam??!!

[northernjohn]

There are some niches in cycling sales and service that are sparse and/or poor in Thailand.

Chinese carbon frames are dirt cheap on ebay/Alibaba etc but not being sold in CM.

Fork/shock service and parts. TCA does Fox and Jacky does RS? Neither are very good IMO about keeping parts in stock or detail . As far as I can tell if your on a magura, Marz or DT then your on your own.

Good quality cycling shorts and shoes hard to find.

A service shop cooperative where people can come in and rent the shop for a time period and perform some service. There would be an attendant to make sure the tools don't disappear or get damaged.

Good quality fit kit or performance tuning. Custom foot beds. A number of interesting systems out there.

Not a lot of money to be made but kind of like being a drug dealer or strip club manager. Would have its perks.

Just don't bring in money to Thailand that your not prepared to lose.

Not really a cyclist myself but what you say sounds good.

I was wondering if he would need the money to live on or has he a source of income.

That would make a world of difference in his business. If he enjoyed it and didn't need the money to live on he could do well.

[umbanda]

I have a friend in Lampang owning a well located pizza restaurant. I met him after living in Chiang Mai for a while, and thinking in opening a small Italian bistro there. I am French/Italian and love to cook. He is a teacher, married with a Thai and living here for many years. When I told him about my business idea and Chiang Mai, he said that Chiang Mai already is "saturated" like most of the busy tourist spot, and commercial rents on good locations are an absurd. I believe that he was right. I saw many small business in Chiang Mai, started by Thai people, paying 15000 thb rent for a small spot, opening and closing very fast.. I think that 2.5 K it is not enough money to install any business in already too expensive locations....but it is good money for other locations. I really think that Thailand is a very good country for business...living here by Thai standards.

Edited December 29, 2013 by umbanda

[bristolgeoff]

a nice thai lady if found out you had cash,would take it off you in a heart beat with her good ideas in a business.keep it yourself and live off the interest in a bank

[Thighlander]

I have a friend in Lampang owning a well located pizza restaurant. I met him after living in Chiang Mai for a while, and thinking in opening a small Italian bistro there. I am French/Italian and love to cook. He is a teacher, married with a Thai and living here for many years. When I told him about my business idea and Chiang Mai, he said that Chiang Mai already is "saturated" like most of the busy tourist spot, and commercial rents on good locations are an absurd. I believe that he was right. I saw many small business in Chiang Mai, started by Thai people, paying 15000 thb rent for a small spot, opening and closing very fast.. I think that 2.5 K it is not enough money to install any business in already too expensive locations....but it is good money for other locations. I really think that Thailand is a very good country for business...living here by Thai standards.

I think your best point here is rent at prime locations is absurdly high, and another thing is great chefs fail all the time....a restaurant is a cash flow/management business. During the GFC, I witnessed the same thing with the house flippers/remodelers/tradesmen. Many had much more experience than I did, but they spent there money recklessly during good times, and went belly up during the downturn. I had more than one ask me for an advance to pay their mobile phone bills. They were shown the exit, as I don't hire financial morons, even if it is a demolition project.

[umbanda]

I have a friend in Lampang owning a well located pizza restaurant. I met him after living in Chiang Mai for a while, and thinking in opening a small Italian bistro there. I am French/Italian and love to cook. He is a teacher, married with a Thai and living here for many years. When I told him about my business idea and Chiang Mai, he said that Chiang Mai already is "saturated" like most of the busy tourist spot, and commercial rents on good locations are an absurd. I believe that he was right. I saw many small business in Chiang Mai, started by Thai people, paying 15000 thb rent for a small spot, opening and closing very fast.. I think that 2.5 K it is not enough money to install any business in already too expensive locations....but it is good money for other locations. I really think that Thailand is a very good country for business...living here by Thai standards.

I think your best point here is rent at prime locations is absurdly high, and another thing is great chefs fail all the time....a restaurant is a cash flow/management business. During the GFC, I witnessed the same thing with the house flippers/remodelers/tradesmen. Many had much more experience than I did, but they spent there money recklessly during good times, and went belly up during the downturn. I had more than one ask me for an advance to pay their mobile phone bills. They were shown the exit, as I don't hire financial morons, even if it is a demolition project.

You are right about the remodeling projects. Here is very risky because Thai people doesn't like to buy used houses and you can see many seating in the market for year before selling...You also are right about restaurants, but may be not about small places with a fix small menu and take outs close to universities and targeting young people. After few years paying attention and around schools I can tell you...that may be a good idea. When I moved to California from my country in 1993, a very young Mexican guy living next door owned a shop from a new chain called SUBWAY...Sound familiar? I was working in my profession at that time, construction. He was making money seated in his house, checking the shop a couple hours a day. He insisted many times for me to buy one, in that time a $50,000 investment. I never did, but I cannot forget the offer. In my 20 years living in America I had hundred if not thousand of SUBWAY sandwiches...I still missing it...

[2020]

I have given sound business advice in the past on TV and since you asked, I am happy to help out again.

The plan would involve opening a bar and after a year or two, guarantee a return of around one million baht. I'll happily give a rough guide here, after that I will have to charge for my services.

1) Start with two million or as you say, two and a half million.

2) Open up.

3) Work like a ba$7ard for a year or so.

4) Sell up to someone new to Thailand.

5) With any luck, you may have a million left.

What could possibly go wrong!

'What could possibly go wrong!' -err, music scam??!!

Hmmmm yes, that and tea money will dent possible returns. Downgrade that figure, maybe half a million possible in return from the initial investment.

[slipperylobster]

Gold... I think this there will be a slump in the economy here for quite a while.

[slipperylobster]

Don't do it.

~o:37;

You will either be glad you listened,

or you will be wishing you had...

If I could, I would keep it all in dollars right now...for a few months.

possibly gold.

Rent a house, buy a scooter, lay back as I do, and watch your value grow.

[Naam]

Here are my ideas.

- Do not advertise on TV or anywhere else that you have 2.5 M THB. Don't let anybody know your financial situation.

- Keep all your money outside of Thailand.

- Somehow, make your money to spend, outside of Thailand, like an internet-based business located in the US.

- Consider asking the mods to totally delete this thread so no one knows you have 2.5M THB.

-don't forget to buy a wig and sunglasses,

-grow a beard,

-dye your hair blond,

-always wear a hoodie when leaving the house,

-ask the mods to change 2.5m Baht to 25,000 Baht,

-when asked any question pretend not to speak English!

[Naam]

a nice thai lady if found out you had cash,would take it off you in a heart beat with her good ideas in a business.keep it yourself and live off the interest in a bank

to live off the interest put 2.5m Baht in a long term fixed deposit @ 3.5% p.a.

with a monthly income of ~7,300 Baht you can live in Chiang Mai like a prince.

[khwaibah]

a nice thai lady if found out you had cash,would take it off you in a heart beat with her good ideas in a business.keep it yourself and live off the interest in a bankto live off the interest put 2.5m Baht in a long term fixed deposit @ 3.5% p.a.

with a monthly income of ~7,300 Baht you can live in Chiang Mai like a prince.

Prince of Thieves..

[DLock]

Develop an Internet business around your interests.

Do not invest in "bricks and mortar" and avoid hiring Thais staff. Work from home.

Spend a few hours a day on your site, hire good web developer, SEO experts and invest in Adwords. Slowly build your site on Google until it starts ranking well and generates "hits" and customers. Look to China for what you want to sell worldwide. Be ahead of the curve. Ebay can be a useful supplemental income.

Sell the website some time in the future.

...go riding everyday.

[FiftyTwo]

how are you going to make money when you have to employ two thai people?

you love to cook, but if you do you are breaking the law.

Edited December 29, 2013 by FiftyTwo

[donniereadit]

how are you going to make money when you have to employ two thai people?

you love to cook, but if you do you are breaking the law.

It's not even paying them that's the real danger.

By bringing in locals that you don't really know that are poor to begin with and don't earn much compared to you, you are opening a whole can of worms with possible blackmail scenarios, payoffs, legal issues etc. You could find real honest gems but they will likely be held on tight by other employers and therefore demand higher pay.

[Mapguy]

The basics are, OP, that you haven't got much more than enough to invest in anything other than a survival account for staying legitimately in this country.

[scottishjohn]

Keep enough for your return ticket home.

Cheaper still! As a well known Brit Politician said. "Get on your bike" (and go.......)

[puukao]

OK, the thread continues. Yes, I think the problem is that 2.5 million just isn't enough. This is money that can be lost, put in separate business account, but i have just collected interest in the last few months. rent in america is crazy, even now; 1800 USD a month for a small brick and mortor. plus, i am lazy, and working 12 hours a day/7 days a week seems ridiculous. a friend owns a bike shop, makes 3%. but making money is better than losing.

possibly i develop a few bike ideas but i'm not shimano with billions for R&D (research and development), so would have to be simple.

or the bamboo shoes that also act like a water bottle. LOL. then use crowdfunding to get rich.

or just write a book. nah, i'm horrible at writing. how about a movie? write a screenplay? sell a show to the cable networks? i'll call it, "CM snake man; half-man, half-cat" but friends call him snake. hmmmm

[Genericnic]

When I first saw the title of this post, the quote that came to mind was “A yacht, they say, is a hole in the water surrounded by wood into which money is poured” Do they sell yachts on the Ping?

David

[jackr]

Hi op, going by your last post I conclude you're away with the fairies a bit (sort of like the dude who wants a big bike) and should perhaps sit on your cash for a few months before making any rash decisions.

[eyecatcher]

how are you going to make money when you have to employ two thai people?

you love to cook, but if you do you are breaking the law.

Well you know for a fact that I do.

And I employ 35+...sorry not employ....give work to.

[FiftyTwo]

how are you going to make money when you have to employ two thai people?

you love to cook, but if you do you are breaking the law.

Well you know for a fact that I do.

And I employ 35+...sorry not employ....give work to.

Running a business by proxy, has many associated risks.

The most obvious risk being "miss proxy" claiming the business as her own at the end game.

Edited December 30, 2013 by FiftyTwo