Thailand is one of the most beautiful countries in the world. You have probably been to Thailand several times as a tourist. But have you considered mixing business with pleasure, starting an import / export business focused on Thailand?
The idea is to operate from Thailand and import goods into your home country. This way you will get to live in Thailand, experience its natural beauty and make money at the same time. In fact, many expats have started import/export businesses in Thailand to great success. You can do it too, provided you get the basics right. Let’s find out how it is done.
According to the Economic Complexity Index (ECI), Thailand is the 22nd biggest export economy in the world and the 36th most complex economy. With the late monetary downturn, Thailand’s administration holds a genuinely liberal state of mind toward universal business and exchange. The model for financial development as of now being sought after by the Thai government is especially profitable to the nation’s exporters and to foreign investors.
Sooner or later in time, the prospect of shipping holders in export business of garments, textiles or crafted works to shops to back home or on online sites, crosses the psyche of each expat and occasion producer as an enticing business for expats considering the low costs at which you can purchase merchandise directly from the manufacturing plants and because it is not restricted by the Foreign Business Act of 1999.
Find a niche of your own
There are several profitable opportunities in Thailand that it is easy to get confused. In fact, you will be hit with so many choices on our visit to the Chatuchak market in Bangkok that you will find yourself saddled with more ideas that you can make sense of, just like finding a needle in the haystack. So the best way to proceed is to select the niche you want to operate in and find products only in this niche and ignore the rest. Indeed, once you decide on a niche, finding the right products will be easy. You should select a niche with a fairly high markup on each piece sold.
Go Directly to the Manufacturer
Now that you’ve identified a niche, it’s time to find business partners in Thailand. To find business partnerships in Thailand for your import/export business, go straight to the source – the manufacturer. You want to source directly from the manufacturer and not involve a middleman between yourself and the source of the products. Having a middle layer between yourself and a product would mean wasting money unnecessarily. You should be spending any extra money on shipping or marketing, not on hiring middlemen.
Apply Some Good, Solid Business Sense
The next step involves developing a business sense, especially when it comes to identifying the right business partnerships with distributors. And when you try selling the products in your home country either directly to the end customer using an online store such as Amazon or eBay or by selling it to the right distributors, here’s what you should never do – never ever compete with Chinese sellers on price. This is just plain common sense. When you compete with the Chinese on price, you’re certain to lose. Instead, work hard on your marketing and salesmanship and create a small but profitable niche for yourself which is safe from any competition from China.
Have a Business Plan
You should have a business plan or a strategy for a export business in place, if you’re to do well as an exporter/importer based out of Thailand. You should have a good idea of what to export from Thailand, where to buy it from and where to sell it to. You should be well versed with the costs related to shipping and put in a lot of effort into identifying the best business opportunities through solid research.
There are a lot of expats who make a killing as exporters/importers based out of Thailand. They don’t reveal all their secrets, but they don’t do anything radically different from the ideas given in this article. There is no reason why you cannot have a successful export/import business based out of Thailand as well, as long as you follow the tips given here.