Local Knowledge | The Key To Successful Business
When branching out overseas, many make the mistake of trying to do everything alone. This can work well in your own country, but when you are entering a new culture and completely different approach to business, it rarely works out as well as one would anticipate.
This has nothing to do with the managers or the owners understanding of business practices, but more to do with how different countries operate. These differences can affect how such areas as laws, unspoken practices, pricing and even the populations response to marketing will affect your company. These elements all come together to produce a challenging business environment for anyone fresh off the plane wanting to do business.
How Does Hiring a Thai Startup Professional Help?
Well, although this varies from startup to startup, when starting a business abroad there are some common factors that help it to succeed.
The Right Connections
To begin with, using a startup professional in Thailand will not only mean that they will be in country already, but have an established network of contacts. This means that they can set everything up for you, so that you can get straight into making money when you arrive. Having the right connections always makes work and life easier, but these take a lot of time to build when you are new to an area.
Local Knowledge and Cultural Understandings
Local knowledge means savings on your part. Not only do you save money in many business areas, but also a lot of time and legwork by allowing your specialist to get everything ready for you. A good specialist in business startups actually saves you money. After all, they not only know what is a good local price, but they also know the culture and how best to get what you need and prices that will make your accountant smile.
This local knowledge also expands to the legal aspects of doing business and setting up a limited company. Although we will be covered in more detail soon, having someone that knows the local laws and how to legally and securely register a company is absolutely vital to getting established and avoiding future problems.
What can a startup specialist do that I can’t?
An honest answer to this is that they can see the big picture and relate it to the local market. When a project is you passion, sometimes that passion blinds you to reality. These blind spots in your plan can cost you time, money, or in some extreme cases … your business. Having someone examine your plan with an unbiased and experienced view is a wise move. They can help to advise of the strengths and weaknesses, but can also explain how this plan will fair in the target market and country.
Doing business in Thailand, or Asia in general, is very different to doing business in the West. Local culture, approaches, and customs are extremely important when starting up a company. Fail to acknowledge and follow these unspoken rules, and your business can die before it even gets started. Get an expert in the field to set things up before you even arrive, and you could find yourself off to a flying start, or even making profits before you arrive in Thailand.
If you are considering to startup your business in Thailand/Asia , please check out this FREE online Business consultation . As Startup Specialists we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand.
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