Bangkok is a thriving hub of excitement that is a key spot on any tourist’s radar. It’s also one of the biggest and most happening business locations in south-east Asia! As a result, there have a been a huge number of expats who have launched their business in Bangkok, and we wanted to give you short guide on how to make sure that your business launches with a bang in Bangkok. These tips have been brought to you by Servcorp Bangkok virtual office solutions and are aimed to make your life easier, just like a virtual office does.
Have a strong idea and business plan
This is a vital part of your success no matter what kind of business you’re trying to start, no matter where you are in the world. Having a strong idea for your business and a strong business plan is going to be a key part of the way in which your business will grow and evolve. Make sure that you take the time to sit down and figure out what the goals are for your business and how you intend to progress. When you know what is coming up on the horizon you are more equipped to see it coming, and so won’t have a tough time managing challenges. And in Bangkok, one of the key things you need to be is flexible.
Have plenty of money accessible to start your business
Once again, cashflow is king as far as starting a new business is concerned, and you need to make sure you have access to plenty of ready cash. Part of your business plan should be concerned with allocating your finances and budgeting for potential problems.
Have a willingness and desire to understand Thai culture
It’s vital that you are willing and able to work within the Thai culture, and a key part of this is having patience and time to learn Thai language and to work within the Thai framework. Think about how much you would trust someone who was living and working in your native country but unable to speak the native language. It wouldn’t make any sense to you – so why assume that you can go to Thailand and speak your native tongue? Make sure you take the time to get accustomed to Thai culture.
Get trusted associates
If it’s not really viable for you to spend the time necessary to learn the Thai language or to immerse yourself in Thailand (or indeed, Bangkok) then you need to ensure that the people you are working with a trusted and can help you out when working with Thai people.
Make the final arrangements and then target the right market
When you are finalising your business plan, be sure to consider whether or not you are going to be getting a serviced office or spending the money on setting up a fully established long-term rental. This is something that will have a key impact on your cashflow as the business progresses. Also be sure that you are going about targeting the right kind of market. While many foreigners target other foreigners, be aware that this is flawed logic. While the foreigners come and go, Thais are loyal to their favourite stores and can be a big part of your success.
Setting up a business in Bangkok is a truly exciting endeavour and one that should be approached with excitement, enthusiasm and just a healthy dose of respect for the way in which business is done in Thailand. Provided that you follow the steps above and then get a bit more experience on the ground you will be fine. Now go forth and prosper!