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Building a Business in Thailand?

Discussion in 'General Entrepreneur Discussion' started by BigPower, Nov 13, 2017 at 2:40 AM.

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  1. BigPower
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    BigPower PARKED

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    In short:
    -I made a good investment as a teenager and earned a couple million $ by now, (in my early 20s)
    -Can finance a comfortable life , food ,accommodation,...
    -travelling around the world for years already
    -I have free-time 24/7, most of the time I watch youtube or ride around in nature with my scooter,
    walk at the beach,...

    you say 'oh that sounds wonderful' but I feel like
    - I could lose all my money at any moment
    -its never enough money
    -no purpose in life, got money but nothing useful to do
    -the magic gets lost if you just relax every day


    I want to start a small real business first that earns a couple thousand $$$$ a month
    and expand once its running smoothly.

    anyone would recommend to start a business in thailand?
    I do not have any idea what would be a solid business to run here...
    (thailand has barely any taxes)
     
  2. Water
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    Water Contributor Read Millionaire Fastlane

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    Let's assume what you told us is true.

    With that much money to flaunt around, here's what you should do first:
    Read The Millionaire Fastlane and Unscripted - both by MJ DeMarco. There are parts in both of those books(especially Unscripted) where he teaches you how to sustain your wealth via passive-income investments. You'll also learn the principles of finding and running a successful business anywhere in the world - including Thailand.

    To answer your question initially, hell yes. Being Thai myself, I know there are lots of opportunities in industries like fintech, tourism, and real-estate. But it's not easy. You need to dig deep into our cultures and find our pain-points. You'll need to know our needs and our wants and be able to distinguish between the two. You'll also need to have a keen sense of human nature.

    I recommend you to attend networking events in Thailand and talk to as many locals as you can. It should give you some ideas(if you're still interested).

    Edit: You can get away with most of the legal barriers if you build good connections with the right people. Money does the job too but you need to be ethical or it's going to really backfire.
     
    Last edited: Nov 14, 2017 at 1:29 AM
  3. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Thailand got me very interested also, i don't know if you've seen how many people from different part of the world are working in Thailand but it's huge.

    You should look at how the Real Estate work there but with some money, you could definitly build Mid-Budget houses (modern look) or high-end/luxury houses.

    That's what i would do if i had your money OR..invest your money in the R.Estate where you are, it's all passive after that and you could work on something you love.

    You should look for Bali too, even Jon Olsson (youtuber and professionnal skier) got a huge project with an investor and are asking for other investor to build a neighborhood up in the hill! (if ever you want to invest there).

    MP me if you want more information
     
  4. Beijing
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    Beijing Contributor

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    Here's the deal with Thailand. Non-Thai citizens are not permitted to own more than 49% of a business. And even if you work in a grey area, they've really been cracking down on people existing purely on tourist visas for some time now, so it's going to be a massive hassle to live in the country long-term if you are not working for a legit company that can issue you a legit visa.

    Also, Non-Thai citizens are not permitted to do any work that a local could do. Therefore, there are very few jobs that a non-Thai citizen can legally do. If you own a bar, you cannot work behind the counter yourself. There's a lot of expat guys who own a place with their Thai-wives, but they have to hangout at one of the tables all day like a customer, because they can't be seen doing any actual labour themselves or they could get arrested and deported for working in their own bar.

    Long story short, I wouldn't seriously consider trying to start and run a business in Thailand. Unless you are married to a trustworthy local, you'll have to have one or more local business partners who control 51% of the business and there's a very good chance that after you've served your purpose (cash investment), you'll be pushed out of the business.
     
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  5. 404profound
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    404profound Bronze Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I'm not even close to a millionaire, and this is gonna sound like lame advice, BUT, as someone who has studied psychology for a number of years, I recommend getting better acquainted with your values. You have the luxury of designing your life how you'd like. In order to do so in a manner that leads you to fulfillment, you'll want to build it around who you are (your values). That's when purpose kicks in. An example, my values are autonomy, adventure, curiosity, and ideation. In other words, I like coming up with new ideas, and doing so in isolation. Once I recognized that and started acting on it, it improved my well-being. Furthermore, once I started doing that it led me to a real business idea that didn't conflict with my values, and now I'm starting to build momentum.

    Hope this helps.

    - Cheers
     
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  6. MattR82
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    MattR82 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Yep sounds like good advice to me.

    Also, as @Beijing mentioned, they are cracking down. Expat friends of mine who live there are having some slight visa problems now and they don't even have a biz there.

    If you really have millions you can pretty much go on a GTA spree in Thailand and get away with it though....
     
    Last edited: Nov 14, 2017 at 4:48 AM
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  7. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    So if Thailand is not the wise choice, try something/somewhere else.
    Great advice @404profound
     
  8. Vanderbilt
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    Vanderbilt Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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