In this day and age, many entrepreneurs are motivated to start their businesses and take advantage of budding possibilities for innovation. While the competition is steep, the potential for success is immense. So, why not try your hand in business in Thailand?
Although the country offers a promising landscape for companies to thrive, there are many obstacles that startups may face along the way that can hinder their growth. Most of which are caused by internal shortcomings. These include:
Insufficient Market Research
Market research is the foundation of every product development. If you fail to collect sufficient data to support your product, you increase the risk of failing your business. As such, it's important to research your ideal market and identify their pain points to develop something useful yet unique.
But with competition on the rise, it might be challenging to set yourself apart. That's why it's crucial to find a niche where you can deliver more value with your product than your competitors. Then, develop a strong marketing strategy to engage with potential customers. In this step, you will need to be creative to successfully persuade your target market to convert to your product.
Lack of Funds
To develop your product and ensure smooth operations, you will require sufficient funds to support your business. However, the lack of financial resources is one of the biggest problems startups face.
While income increases over time, so do corporate expenditure. When this happens, maintaining a positive cash flow becomes even more challenging. Startups, therefore, have to depend on government incentives and investor support to keep their business running.
Absence of Diversity
Often, business owners will hire employees who have similar mindsets and skillsets in the hopes of getting along better. But in doing so, they lose the opportunity to diversify their business. Instead, they need to find individuals with different mindsets and skillsets to balance and complement each other. Variety is essential to survive and adapt in business.
Inadequate English Skills
As a hot tourist spot, Thailand is home to many foreign visitors and residents. In addition, many foreign investors also seize the global market by setting up their own companies in the country. So, to communicate with international customers and build a more globally dynamic network, you need to be proficient in the English language.
Although many schools in the country include English in their curriculum, many locals still rely on their native language to get by in the business world. But that’s not conducive at all.
By not enhancing your English skills, you limit your company's growth. Without English proficiency, it will be difficult for you to engage with the global market.
Misunderstanding the Process of Company Incorporation
One factor that makes setting up a company in Thailand so attractive for local and foreign entrepreneurs is its ease of company incorporation. In fact, a 100% Thai-owned company can set up their business in a day. But, when you include foreigners, the process can take longer and be more complicated than normal.
Foreign entrepreneurs have more requirements than their local counterparts. For example, the government mandates that every foreign-owned business must acquire a business license before operation. Likewise, foreign employees need a legal work permit to work. Without these additional documents, setting up a business will almost certainly be unsuccessful. The important thing is to recognize the complexities involved in setting up a company and overcome them with the help of professional business services.
Corporate Business services can help you acquire the necessary documents to successfully set up your company. Moreover, they take away all the hassle involved in Thailand company registration so you can focus on growing your business.
Conclusion
For your company to thrive, you need to prepare well. This means doing ample market research, planning out finances, and hiring competent employees. If you stumble along the way and encounter any of the obstacles above, be sure to seek professional business services so they can guide you in the right direction that leads to your success.