Well, when you have sufficient capital, a proper business plan, and most importantly when you are completely ready to put in all your efforts and time on the venture.
The wisest of the thing would be not rushing into any business without necessary research. Fine, you can take suggestions from people, but in the end, it’s going to be your own business and therefore you need to have sufficient knowledge about it. You may be ready to begin your business when you have these in place;
- A good relationship with Thai;
- A well-researched business plan;
- Basic knowledge of the Thai language;
- Sufficient liquid funds available to turn the plan into reality;
- Good knowledge of the legal system in Thailand, and how it has an impact on the foreigners doing business;
- A detailed understanding of the industry you are going to invest in;
- A well-defined business plan;
However, it is the best to start any tourism-related business during the low season; somewhere between May and October, so that you are able to take full advantage of a potential business during the peak tourist season. Also, these months are equally suitable for any kind of property development.
Although you may not be able to plan the timing of opportunities, you may be able to negotiate a future date of business transfer. If you are buying an existing business, then let me tell you there will be some who want to sell after the closure of the peak season. But ultimately, your timing for the start-up will be influenced by your cash flow situation.
Disclaimer: Do not pay money for any type of business unless you have secured a lease with the landlord. When you are ready completely, then register the business and start trading.
