Wanderlust: Expat Life & Style in Thailand June / July 2017: The Business Issue | Page 39

GPS Legal and Consulting
Being passionate about your business will help you see
hard times as just bumps in the road, rather than the end
of a journey.
2 Using Common Sense
In these early stages, it’s equally important to be
practical. Think about what you can achieve within your
budget and timeline, and make sure you’ve gathered the
information you’ll need to make smart decisions.
For example, have you completed background research
on competitors offering similar products or services in the
country? Do you have extensive evidence to suggest this
sort of business model will work in Thai culture?
If you can answer yes to both questions — and you’re
confident you can see your business through good times
and bad — then you’re good to go. The next step is to
start working on your business plan.
DID YOU KNOW?
There is a range of sectors for which foreign
involvement is restricted or prohibited. Some
of these include, agriculture, construction,
professional services (accountants, architects,
lawyers) and brokerages. For help confirming
whether your business will be prohibited or
restricted, or if there is a way to make your plans
work in Thailand, contact GPS Legal & Consulting.
3
MAPPING OUT YOUR
ROUTE
For many, the task of writing a business plan sounds
complicated and intimidating. While some plans can
indeed be very extensive, often a business plan is
nothing more than a clear overview of what you want
to accomplish and which steps you’ll need to take to
reach your goals. Here are some questions to consider
when drafting your road map to success:
¬ ¬ Your company description
What do you do — and why? What makes your busi-
ness stand out from others? Which markets does
your business serve? These basic questions will help
you clarify your business idea as well as its viability.
¬ ¬ Your service or product line
What do you sell? How does it benefit your custom-
ers? What is the lifecycle of your product?
¬ ¬ Market analysis
Make note of your industry knowledge and the re-
sults of your market research and conclusions. This
step will help you understand your competitors and
how big the market for your products or services is.
¬ ¬ Company organization and management
structure
Having a clear structure makes it easy to work
with multiple stakeholders. It also keeps everyone
aligned and ensures each person knows his or her
role and responsibilities. Information on company
ownership; the profiles and job descriptions of your
employees; and a company hierarchy are some of
the pieces of information you’ll want to include.
¬ ¬ Marketing and sales
How do you plan to market your business? What is
your sales strategy? It is important to consider both
the money needed to market your offering as well
as the time you expect it will take before you start
making sales.
¬ ¬ Financial projections
What do you expect your company to be able to
achieve within the next five years? Try to answer
this question by forecasting the company’s cash-
flow. By being realistic about the financial future of
your fledgling business, you can make wiser choices
in the present. You’ll also be able to see how much
funding is likely to be required, which can help
you decide how much capital, if any, to seek from
third-party investors.
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