Biz Chat: Tips for establishing a start-up

PHUKET: The island is filled with business people who invest millions on large business prospects, but no one ever talks about the little guy. What if you have 100,000 baht and want to play around with it? Here’s a guide to investing in a small business, just to see if it works. Let’s take it step by step – the basics first.

Plan: At times, a business idea seems untouchable when you first come up with it. However, when it’s put on paper, it can morph into the worst idea in the world. If the planning is taken seriously, it involves financial figures and asset requirements that are just, well, realistic. The trick is to be honest with yourself and back off when the facts are staring you right in the face, without blinking.

Get help: Seek professional assistance no matter how much you think you know about running a business. If you can’t find an official organization that helps build businesses from scratch for a small fee, it’s a good idea to simply contact people who are running successful businesses in a field similar to yours. People love talking about their successes and how far they’ve come, so make sure you keep essential questions ready. Remember, no one will be willing to hand over their financial statements to a potential future competitor, so be wary of the direction your questions can steer the conversation in. Keep it light and simple, and refrain from pressing them too hard.

Locate: If it’s a bricks and mortar setup, location is essential to how you want to conduct business in the future. For example, it would be better to open up a cafe on a busy street if walk-in traffic is what you need, and are willing to pay the extra price for it. However, if you want to manage clients online and have no need for walk-ins, it would be better to pick a location away from the hustle and bustle of a market, which may be cheaper and definitely quieter. Understand each and every requirement of your business and of yourself, and make your decision.

— Zohaib Sikander