“The opposite of success is not failure, but mediocrity.
Failures are part of the success process as you learn and grow.”
This is a famous quote for entrepreneurs and startups who understand that overcoming failure requires dedication, wisdom, and profound experience. Today, OneStockHome, a team from DVAb0, who was recently awarded Gold Prize from the recent DVAb0 Demo Day, will share 5 tips and tricks for startups who are looking to launch their business in Thailand. These are viewpoints from an experienced team of foreigners who are currently operation their business in the kingdom.
Adapt to the environment – Startups stem from cool, interesting ideas. However, despite how great those ideas are, an important aspect is proving that the idea works before actually launching it. You need to know whether the market is ready for the idea and this is where market research takes the role.
Understand the laws – Make sure you don’t waste precious time and allow your valuable imported products to be quarantined at the port for years. You need to know the laws and regulations in Thailand. This includes documentations in every procedure as well as the tax system etc.
Know the Thai bureaucratic procedures – In certain countries such as Singapore or Korea, setting up a company can only take hours. However, in Thailand, it can take days, this is due to the lengthy procedures and the limited technological resources. Some departments have strict procedures and, without the proper knowledge, you may risk wasting time and money. Thus, prepare in advance and seek expert assistance.
Always remember that your team needs a break – Startups begin with only a few members who take on several roles. The “lean startup” concept requires high productivity in the quickest time, yet, entrepreneurs shall always remember to care for their employees and let them get enough rest. In such cases, a Human Resources team is a good option and this is one important aspect for businesses in Thailand.
Make good use of CSR (Corporate Social Responsibility) – CSR is an investment, not a cost. Startups should have CSR programs related to their product so they can profit whilst benefiting the society. An example of such scheme is through pricing where buyers can give back to the society when purchasing your products.
OneStockHome is a platform that provides a convenient, simple, and safe space for purchasing building materials.