Growth and expansion is the primary goal of every small business or startup. Limiting your access to a specific market reduces your chances of achieving global success and becoming a leading brand. Additionally, the recent economic upsets have forced many businesses to try out new markets that are cheaper for business operations and have higher chances of growth. We have noticed that many businesses have shifted their focus to Southeast Asian countries due to a diverse consumer base and suitable buying preferences. Among these countries, Thailand, Vietnam, and Singapore are the most viable destinations.
Expanding into Thailand
Thailand offers several advantages to businesses and multinational companies looking for an affordable Asian base.
A Consistent Economic Plan
The advancement and growth that Thailand has garnered in its economic development is admirable. Thailand has a robust economic structure, enabling it to rank across major Asian leaders. Moreover, its strategic location makes Thailand a gateway to other Asian countries. Located at the heart of Southeast Asia, Thailand is also a bridge for regional operations and business activities. Among its leading industries, SMEs play a pivotal role in driving its economy forward and providing an edge over other countries. However, your business will have to localize its offering to reach the end user. This is where Thai translation services come into the picture. These services ensure your access to major Thai companies and allow you to interact with customers on a personal level.
State-of-the-art Infrastructure
As the country has to host global tourists and visitors, Thailand has heavily invested in upgrading its infrastructure. It has a state-of-the-art transportation system, world-class airports, and highways to ensure seamless local business operations. By expanding into Thailand, you can avail cheaper transportation to ship your goods to local and regional markets.
Ease of Doing Business in Thailand
Although business expansion has several reasons, sometimes businesses are looking for affordable avenues to establish their production plant or outsource their business. Thailand is often chosen due to its ease of doing business and comparatively fewer operational charges. Several countries and officials demand hefty charges to register your business and operate. Thailand is more preferred when choosing an affordable destination. Furthermore, Thailand is also famous because the country secured sixth rank in the World Bank’s ease of doing business rankings. Also, Thailand actively seeks foreign businesses and investors by offering them tax incentives and other economic benefits. Your expansion to the Thai market can reduce your operational costs and provide you access to a diverse audience.
Thailand Promotes Innovation and Collaboration
As many countries are focusing on the tech sector, Thailand has also followed the same footprints by maximizing its tech export operations. The country is constantly adopting innovation and business collaboration opportunities. Thailand’s growth in the tech and innovation sector hinges on several factors the tech-savvy population and the growing startup culture. Similarly, Thailand has promoted collaboration with neighboring and international countries to stay competitive and capture a significant market share. In addition to Thai, Vietnamese translation services enable global tech companies to outsource their business needs and create a collaborative ecosystem with talented Thai and Vietnamese people.
Skilled and Affordable Workforce
Another decisive factor that encourages businesses to expand to new locations is the availability of skilled workforce and labor at an affordable price. Asian countries are famous for a talented and skilled workforce that is relatively cheaper compared to European lower wages. A business that can find relevant workers in a different region will consider expanding into it. This approach minimizes their labor cost, and enables them to cut down on major expenses. By establishing your office in Thailand, you can hire tech-savvy and professional workers to work for your international venture at local prices. Still, you will have to rely on Thai translation services to interact with these workers and analyze their skills to onboard them.
Final Thoughts
Business expansion appears to be an emerging trend as international businesses are struggling to stay afloat due to the economic crisis. While choosing your next destination, you will have to analyze different key factors. They will enable you to find the right market that has the most relevant resources and a diverse consumer base. These factors enable you to thrive in new markets and seamlessly expand to more lucrative markets.
Awais Shamsi