Here are some of the best small business concepts you can launch now if you’re trying to establish a firm in Thailand. Anyway, even if you just have a tiny sum of money to invest, here are some novel company ideas and prospects to think about:
The Southeast Asian nation of Thailand is beautiful and highly known for its tourism industry. The majority of Thailand’s economy is based on tourism, which also provides many small business and investment opportunities for both Thais and foreigners.
At the moment, tourism to Thailand is at an all-time high. Tourism already helped Thailand’s economy increase by 2.4% post Covid.
Thailand received 11.15 million foreign visitors in 2022, a surge from just about 428,000 the previous year when broad travel curbs were in place, tourism ministry data showed recently. Along with greater economic activity, more employment will be generated. These factors will probably lead to more new small businesses starting up now. So Tourism related business is welcomed in Thailand.
Establish a tourist information service:
You can launch a tourist-guiding business that serves both locals and foreign tourists. People typically engage tour guides whenever they travel for tourism-related reasons in order to avoid any unforeseen circumstances. Tourists can benefit from your outstanding advice services.
In order for visitors to find you by email and phone, you must first develop a website and optimize it for SEO. Additionally, you’ll need to register your business and find an appropriate place to conduct business with customers.
A tourism license is not usually required to open a business that is related to tourism, but it is required if the business offers services like sightseeing tours and tourist guide services. It is important to understand that activities like renting cars, transporting people, booking hotels or restaurants, and planning field excursions don’t call for a tourism license.
There are numerous prerequisites to fulfill in order to obtain a tourism license from the Tourism Business and Guide Register Office (TBGR):
According to Thai law, the business must be registered.
Thailand must be the location of the company’s office.
Thai nationality is required for at least half of the directors.
Thai natural people must hold a minimum of 51% of the company’s shares.
The Managing Director is required to be at least 21 years old, to live in Thailand, and to have never been incarcerated.
The company’s tourism license must not have been put on hold.
The company’s tourism license must not have been suspended.
The company must have tourist and guide insurance, and the director must have a police check or the approval of two licensed tourism business operators, as well as documentation showing that they either rent or own a place of business.
Businesses that run tours must have a license, which can take many months to get. In certain occasions, operators have been detained and penalized for operating without a license.
2. Start a Travel Agency
In this profession, you can select particular tourist sites and then create group tourism plans. After you’ve finished your plan, you’ll need to find additional people who want to go to those places.
3. Open a Restaurant
It goes without saying that tourists who travel to other Thai cities will eat in restaurants. Aside from visitors, fast food culture is becoming more and more popular in Thailand.
People are too busy at work and in their offices to prepare meals in the kitchen. For this reason, they decide to order fast food or junk food as it is widely accessible in marketplaces.
Additionally, a restaurant can be started on a tight budget. For this, you could require a food license from the neighborhood food authority. In order to expand your small business, you’ll need to offer discounts and boost sales.
4. Provide lodging to visitors
Foreigners usually stay in Thailand for several days, therefore they need affordable hotel accommodations. If you have a small to big investment, you can also start your own tourist hotel. Opening a hotel in Thailand for their stay is undoubtedly a terrific business idea in 2023 with the impending spike in visitor arrivals.
In addition, you can make rental income by leasing out the extra rooms in your home to visitors. To draw travelers looking for high-quality, affordable housing, you can advertise your hotels and rooms on sites like Airbnb and Couch Surfing.
5. Launch a Photography Company
In Thailand, this is not a brand-new business idea, but it is a lucrative one. Starting a photography business is simple. To get started, you’ll require a top-notch DSLR camera, a blog or website, an official email address and phone number, and a suitable office space.
You’ll need to invest some money in these ideas if you want to start a business that is tied to tourism. However, there are still other business ventures in Thailand that you can launch without any capital.
6. Freelance
The practice of freelancing is growing in popularity. People want to be their own bosses rather working at traditional jobs with fixed hours of 9 to 5.
Do some self-reflection and think about the internet freelance services you can offer. Go on to the following step once you’ve determined the service you excel at. Just go to websites for freelancers, sign up, and start offering your skills. You might not first get a positive response. On the other side, your efforts will definitely be rewarded.
7. Establish an IT/software company
Top-tier nations routinely outsource IT-related activities to developing nations due to the lower cost of labor there. If you are an authority on the issue and fully comprehend it, you can establish an IT firm or software house in Thailand.
When you first start your company, you can offer your clients a range of services, such as SEO, digital marketing, web development, and designing and creating Android apps. You can accept orders from both domestic and foreign clients to increase your sales.
8. Launch an online store
The vast majority of Thai people now choose to shop online. Online shopping is becoming increasingly popular these days. In 2023, starting an e-commerce firm in Thailand will be your best bet if you’re trying to launch a company with little capital.
If you wish to launch a small business in Thailand, take into account this suggestion. With a small investment, you may create your own e-Commerce website where you can sell your own goods or facilitate online transactions between buyers and sellers.
Again like anything please seek advice from a reputable accountant in Thailand for advice on tax and work permits.
9. Purchase a Franchise
Starting a company from scratch is laborious. It requires a significant deal of knowledge, skill, and commitment. You must work very hard to expand your company and build a solid reputation for yourself in the marketplace. You can avoid this if you buy a franchise in Thailand.
You must first determine how much you have already invested. The next step is to research Thailand’s franchise business opportunities. Once you’ve located a reliable company that provides a franchise at a competitive price, make some investments and launch your business.
10. Real estate advisory services
Land acquisition for commercial use in Thailand is exceedingly challenging for foreigners. If you are a native and are well-versed in the real estate industry, handling these kinds of problems will be easy for you.
Simply establish a real estate consultancy company and provide your services to clients locally and abroad to help them acquire land for their enterprises.
The Final Verdict
There are other small business possibilities and concepts in Thailand than these. There are many opportunities and business ideas available. Before putting your strategy into action, you must perform careful research and planning in order to develop a profitable business. There are many kinds of work you can and cannot do in Thailand and you need the correct certifications.
Once your plan is complete, you must seek local legal assistance for company incorporation and to make sure you are all legal and what to expect from running a business in Thailand.
Contact us at Supreme Life Accounting for qualified legal assistance with any kind of Thai business registration.
