There’s a long list of reasons why many people are motivated to pursue their dreams of setting up a business. Apart from the country’s booming economy, it boils down from relatable reasons such as wanting to earn some extra income on the side to reasons like wanting to be the first company to come up with new products or services that customers will soon love. All in all, people start their business for different reasons.
Starting a company in Thailand is one of the most rewarding and challenging things a person can do. Sometimes it’s fun and other times, it is emotionally, physically, mentally, and financially draining. It can also seem like a scary one if you’ve never done it before. Starting a business requires you to leave your comfort zone, try something new, and hire startup specialists to succeed. Sure, there might be one or two good reasons why you shouldn’t start a business right now. But there’s something about entrepreneurship that makes it worth considering.
While there is no exact formula to succeed in the business industry, you can make a few steps to improve the odds of your business survival by determining and understanding the factors of whether or not you are ready to start a business. Is starting a business the right choice for you? Here are some important questions to ask yourself before launching one.
Do I fully understand my reason why I want to start a business?
Although entrepreneurs have different reasons why they want to start a company or take advantage of various business opportunities, oftentimes, most of them cannot justify their reasons and don’t understand the depth as to why they want to do such a thing. Determining the reasons why you want to start a business is not enough. Evaluate yourself. What’s the reason behind your WHY? You have to be rational. You have to be clear about your intentions and motivations to back your reasons up. Moreover, by doing this, you are protecting yourself and your business from unnecessary risks.
Can I see myself doing this business for years?
Starting a business requires a lot of your time, effort, and money. Apart from considering hiring a skilled and experienced startup specialist, you also have to think about making your business known to the public. How willing are you to take on the road bumps ahead of you? Do you have enough courage to face problems and inevitable challenges in your business that will shake your resolve? If you see yourself doing business in the coming years overcoming these hurdles in the industry, then it shows how committed and determined you are in pursuing your goals.
What is my long-term plan?
After evaluating whether you’re up for the journey, it’s now time to think about whether or not you’re up for a long-term haul. If you’re planning to start a company such as a consulting firm, having a long-term plan for your business shows that you are in for a serious business matter. A long-term plan gives you something to aim for in the coming years. This includes goals such as five-year income projections, expansion plans, or hiring goals. The plans should be reviewed regularly so you can track their process and do some adjustments when necessary.
Does my business idea meet a need?
The next question you need to ask yourself is whether your business idea is helping or serving a need. Is there an unmet need or an unsolved problem in the retail industry in Thailand that you want to fill? Why should your target market care about your product or service? What makes your brand advantageous? If you can’t provide a need or a reason for a customer to engage with, then there might be a problem with your business idea. Keep in mind that at the end of the day, if no audience would engage in your products or services, you’re not going to generate income. However, once you can honestly answer these questions, you can look more seriously at taking your idea and turning it into a viable business.
Is my business idea feasible?
Oftentimes, entrepreneurs have a brilliant business idea but lack feasibility. Many entrepreneurs think they can just figure it out as they go. In reality, they need to know in advance. By evaluating and asking this question to yourself, it can give you an overview of whether or not your business idea could turn into a reality. You need to know if you can afford to start a business, if your family or friends can handle the change, and whether you have the motivation and determination to go the distance. Also, making a list of everything; such as the people you want to work with, finances, skills, and anything else, can help you in reaching your goals. You’ll be surprised how resourceful you can be even when you feel limited.
Do I have the budget to fund my business?
Every business startup needs funding since it gets a business up and running. Having sufficient business capital is key to a company’s financial health. However, not having enough funding can have a serious impact on the future of your business. If you’re not already well funded, you’ll have to figure out how you’re going to fund your business. There are many ways to raise funds. You can get a bank loan, crowdfunding, factoring, borrowing money from family or friends, etc. In the long run, the company has to turn profitable and cannot depend on raised funds to manage itself. And once there’s an increase in sales, some of that revenue can be reinvested in the business industry to attract more potential customers.
How will I market my business?
Marketing is one of the most vital things an entrepreneur can do – it determines if your business startup will be successful or not. Not only does marketing boost brand identify but it can also attract potential customers which leads to conversion and increase of sales. As an entrepreneur, you have to determine who your target audience is, who are your competitors, and what online platforms should you utilize to manage your business. Without a proper marketing strategy, your business is likely to close down due to a lack of sales.