If you are planning to start a business, then you might be wondering which location would give you the best possible odds of success. When your goal is to run a startup, consider the cost of living, average income and culture of any city or country before you decide to call it home.
Although making the wrong choice will likely result in failure, choosing the right spot to grow your business will enhance your odds of success. For many entrepreneurs, Bangkok is the perfect city in which to launch their startup. We are going to take a look at some of the reasons that Bangkok is an attractive option, but we will also review some of Thailand's most successful startups.
Cost of Living
When moving to a new location, many people only consider the average income level, which is a mistake. If you want to thrive, then you must also discover the cost of living before you move to a new city to start a business. Although a city or state might have a high average income, it could also have a high cost of living.
Bangkok, though, has an almost perfect balance of income and living expenses, so it's a great place for new entrepreneurs who have a tight budget. Mercular is a company that was able to thrive as a result of Bangkok's income balance, and they sell a wide range of audio gear.
When searching their product line, you will find headphones, radios and portable music players, but it was not always like that. Many of Thailand's startups had only a few products in the beginning, but smart entrepreneurs keep reinvesting in their businesses, allowing them to grow and expand.
Learning about their target consumer is vital for any aspiring entrepreneur, and choosing a location that has a lot of potential customers will play a major role in your success. The good news is that people from all backgrounds and walks of life are happy to call Bangkok home, so you are likely to find prospects no matter your industry.
A lot of Bangkok startups are involved in the creation or distribution of mobile technology, and the market is expected to expand. Its diverse culture also makes Bangkok an ideal location for digital entrepreneurs, and they work almost exclusively from laptops and other portable devices.
LOCO lifestyle, a mobile application, is the perfect example of a product that was created by one of the many digital startups in Asia. Because it has been overwhelmingly successful, you can look at Loco Lifestyle to discover what works well. People can use the app to find restaurants, stores and attractions that interest them, making it perfect for both residents and tourists. The app will even allow its users to find special offers and to book reservations with ease.
Escape Break is another recent startup that is taking advantage of Bangkok's diverse culture, and its main attraction is a game in which participants get locked in a room with up to seven of their friends. The group will then have 60 minutes to solve the puzzle and escape. The game requires teamwork, so it's also appealing to business owners who are looking for fun team building exercises. Because Escape Break has designed its games to appeal to people from a range of backgrounds, it quickly flourished.
Bootleggers Trading produces and imports a variety of alcoholic beverages, and it offers consulting services for bars and other establishments. It can assist those who are organizing special events too.
If you want to get the most from your business, then it's vital to get your message in front of as many people as you can. A startup that failed in a small town might have been successful if it had been located in a major city. With over 6 million people, Bangkok has the perfect population density for those who want to create startups.
A booming population, however, does not come without challenges. Some business owners find it difficult to keep up with the growing demand, but where some people see problems, others see an opportunity. Image Transform is an Asian startup that produces and sells 3-D printers to businesses and hobbyists. With a 3-D printer, any company can quickly design and create parts and small products to keep up with the increasing demand of a growing population.
Bangkok is regarded by many as one of the best cities in the world for startups, but those in the technology industry seem to experience the most success. Many people work regular jobs full time while crafting their businesses in their spare time, which is made possible by Bangkok's healthy economy.
However, running startups in Thailand does not mean that you can take shortcuts. Like always, you must do your homework, learn about your target customer and offer something of value. But for those who have the determination, passion and drive to succeed, Bangkok presents many valuable opportunities.