Top Ventures to Think About When Setting Up a Business in Thailand
There are so many things going well for Thailand that makes it an ideal destination for entrepreneurs keen on starting businesses abroad. Thailand’s location is right at the heart of Asia. The stable economy and the cheap cost of labour are few factors people look at when considering setting up a business in Thailand.
The number of business opportunities available in Thailand is humongous, but as an investor, you don’t just want to be doing anything. Your focus should be on a profitable venture that will keep your business up and running. The good news is there are so many such businesses in Thailand. All you need is due diligence to know what it will take you to become successful in whatever venture you will try. With that said, here is a look at some of the top businesses worth setting up in Thailand:
The Thai population is too busy with work. So they don’t have time to cook and eat at home. It is what has made the first food and snack industry to thrive so well in the country. It is also important to note that the culinary diversity in the region is represented well in Thailand. The population is not afraid to try out new dishes and recipes. There is always high demands for international specialities. Thailand is a multicultural society and expats will forever cherish to find their home recipes in a foreign land. Do your research so that you will know how you get profit in the lucrative Thai food industry.
Jewellery is a hot commodity in Thailand and East Asia in general. Hence, it is a worthy consideration when thinking about setting up a business in Thailand. Though the cost of setting up a company for manufacturing jewellery may be expensive, you still can start slowly as an importer and get going in no time. Some of them are earrings, wristwatches, rings, and bracelets. Quality is of paramount importance for success in this industry. You have to ensure that you source your jewellery from reputable manufacturers. Starting a business is depending on the capital you have and the business model you desire. You can start as a retailer whereby you deal with consumers directly, or you can be a wholesaler where you will be dealing with the retailers.
Web Design Company
Just like other countries in South East Asia, Thailand is increasingly becoming aware of the benefits of having their businesses online. It is only through a website that one can take their business offline and create an online presence to get more leads and sales. It is also to increase its brand awareness beyond the borders. There is a shortage of web designers, developers and digital advertisers in Thailand, making it a very potent ground to establish a thriving web design company. A company can also engage in digital marketing services since the businesses who come for web design will desire to sell internationally. Therefore, they will need services such as search engine optimisation, PPC, social media marketing and other digital marketing strategies. It is to give them the power to compete internationally.
With the vast number of foreigners and international traders operating in Thailand, there is always a need for translation services. Individuals and companies constantly need their essential documents such as contracts and other legal documents translated from their respective language to the Thai language and vice versa.
The level of English comprehension amongst the Thai is deficient. Therefore, most companies rely on the services of an in-house translator, or they will outsource their translation works to translation agencies. It is what you need to start to take advantage to make with a service that is always on demand.
Real Estate Company
Opportunities in the real estate industry in Thailand are immense. It is always an industry on toes. Also, it is one of the best sectors worth considering if you think of setting up a business in Thailand. Both foreigners and locals are always looking to buy or sell land in the uprising markets. The robust tourism industry has also created a constant demand for hotels, apartments, and resorts where visiting tourists can find accommodation. Opportunities are endless whether you decide to invest directly into the sector or you choose to be a real estate agent. There is a lot of money to be made in the real estate sector.
You can never go wrong with the resort business in Thailand. Thailand is the home to some of the most popular tourist destinations, and millions of people troop into the country every year for a holiday. Over the past years, the numbers of tourists have kept going up. It has led to an increase in demand for resorts to taking care of the large numbers. Gone are the days when the country considers as a haven for backpackers since more and more affluent travellers are visiting the country for luxury holidays. With a reasonable budget and strategic marketing, investing in resorts will be a worthy consideration for anyone looking forward to setting up a business in Thailand.
Travel and Tours Company
Still in the spirit of tourism, one will never go wrong with a tour and travel company in Thailand. The diversity of the tourism industry implies the fact that there will always be demand for a variety of tours and travel services. With the right research, one can establish a thriving business in this sector. It is a fact that there is a vast number of companies offering tour and travel services in Thailand. The beauty of starting an international company is that you will have the ability to cater to the unique and specific needs of international travellers. They are growing in number with every passing day. It is why setting up a business in Thailand to deal with international travellers is a great idea.