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If there is one place where you can meet all your desired audience/consumer type, then it would be in a top tourist destination like Thailand. The number of visitors it attracts every year is nothing to scoff at but more importantly is the many different business opportunities that you can take advantage of. Examples are the manufacturing industries; since Thailand is known to have a very good labor union and a skilled workforce, tourism and hospitality industry: of course, real estate and construction: where you can buy real estate in Thailand for investments. All these and more are very good businesses to venture in Thailand, but Thailand is like a locked level in a game, you need to at least fulfill some small conditions to unlock the full potential of any business you do.
For entrepreneurs looking to make a big break in the Thailand's business scene, establishing strong relationships and networks within the local community is important because according their business culture, value is placed on personal connections and trust. You need to work on your relationship with local partners, stakeholders, and government officials. Then you need a very good understanding of Thai cultural norms and customs, they are a country that takes pride in their culture and heritage, so respecting it will help in building trust and credibility in. Lastly, get familiar with their excessive bureaucratic and regulatory processes and learn to exercise patience in any situation.
Thailand's supportive government, created a thriving system that is good for startups and multinational corporations, which are some of the reasons why it has been able to remain as one of the best places to set up a business.
Recommended Cities for Business Startups in Thailand
Thailand's startup system is growing, and with several key locations emerging as hubs for innovation, entrepreneurship, and technological advancement. Some of the top locations for startups in Thailand include:
1. Bangkok: This is easily the most popular and most populated city in Thailand. It is also the center of commerce and economy, as it is where all the businesses like to converge because of how many more potential clients they can meet.
2. Chiang Mai: May not be popular but you shouldn't look down on Chiang Mai. The high quality of life at a low cost of living it provides makes it good entrepreneurs who are just starting. It offers a more quiet and laid-back lifestyle compared to the hustling and bustling of other cities while having its own charm. People in the IT industries would usually thrive here.
3. Phuket: The beaches of Phuket attract some of the highest numbers. So right now, it is not only a hotspot for tourists alone, it is also growing to be a hotspot for startups in the tourism and hospitality industries. It has an international airport, a standard hospital, ports, shopping malls, and transportation systems.
4. Pattaya: Pattaya is becoming more and more suitable for businesses, more so for startups who would want to get in before this place blows up and becomes even more popular. Pattaya has a focus in real estate, hospitality, and entertainment industries. Making it a good place to buy real estate for investments. If you are considering other cities in Thailand however, you should visit Thailand-Real.Estate, they are a real estate aggregator with listings on available properties in all cities and provinces in Thailand.
5. Samui: Ko Samui is another place that people in the tourism and hospitality industry will do well in. Like Chiang Mai, the change in the atmosphere of the environment will help a lot of businesses. All these makes it an ideal location for entrepreneurs looking to make something in the tourism, hospitality and entertainment industries.
Lucrative Industries to Consider Getting Into
A little research into the market trend is necessary when trying to venture into business in any country, and this is even more important in a foreign country.
- Manufacturing Industry
Every country has their own strength when it comes to the manufacturing industry. For Thailand they are more proficient in sectors like automobile, textiles, food processing, electronics, plastic, renewable energy etc. in the manufacturing industry.
- Tourism and Hospitality Industry
Tourism has always been the strong suit of Thailand. Then you at least know that if you go into sectors like accommodations, tourism support services, food and beverages, entertainment, event planning etc. you will do well and earn your own buck in the Tourism and Hospitality Industry.
- Agriculture Industry
As a country that has such fine landscape and fertile land, Thailand takes optimal use of this in their agriculture industry. Sectors like Rice production, rubber, fruits, vegetables, poultry and livestock, fishery and seafood particularly thrive in Thailand. You can also consider coffee and tea planting, sugar cane, herbal and medicinal plants, tobacco planting etc. as a way to innovate the industry.
- Information and Technology
What is our current world without information and technology? Sectors like Fintech, IT education and training, software development, cyber security, data analytics, e-commerce, gaming and animations are some businesses you can venture into in the IT industry.
- Real Estates
Investment options like residential properties, commercial properties and industrial properties can be considered. Since the demand for properties and real estate keeps rising in the country, this might be the best time to invest in property in Thailand.
A Promise of Opportunities
Thailand is a place of diversity. Not only in their ethnicities, culture, and religion, but also in something like the economy. This means that everybody basically has a chance to make something for themselves, especially in any of the industries that are thriving currently. This article has mentioned some of these industries as well as some sub-sectors that you can go into. Although it is said the Thailand government supports foreign investment and such, it still puts some policies and restrictions in place for foreigners. It is assumed that this is meant to protect the livelihood of their own citizens too. Nonetheless, Thailand still promises a lot of opportunities, but only for those who are willing to take the chance.