Business
The financial and legal steps involved in starting a small business
PHUKET: To pick up from where I left off last time, let’s discuss the financial and legal steps
involved in starting a small business.
Plan your financials: Whether you are putting in a couple of months’ salary, or your entire life savings, finances need to be properly laid out. Many of us make the mistake of putting in too much or too little at the start, and fail miserably in generating returns.
It is also vital to plan cash flows, that is, the daily running costs of your business. When starting out, costs of fixed assets, current assets and operations need to be calculated before and after expenses, so that you can foresee your requirements at least a year into the future.
I have seen several cases where people have put in all the hard work needed to succeed, but failed only because of poor planning.
Legal formalities: When registering your company, you will need to mention whether you want to work alone or in a partnership. When working alone, you won’t be answerable to anyone and you get to keep what you earn. However you will be responsible for every loss your business might incur.
A partnership can be good for those who want to be more careful with their money as well as their ideas. The ‘two heads are better than one’ theory is applied in this one.
Zohaib Sikander is the Business Editor at the Phuket Gazette. He has a degree in entrepreneurship and operations management. Drop him a line at zo@phuketgazette.net.
— Zohaib Sikander
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When the airlines, in particular, were asking the government to put their hands in their pockets for some relief funding in August last year, it was genuinely thought that international tourists would be coming back for the high season in December and January. At the very least local tourists and expats would head back to the skies over the traditional holiday break. And surely the Chinese would be back for Chinese New Year?
As we know now, none of that happened. A resurge in cases started just south of Bangkok on December 20 last year, just before Christmas, kicking off another round of restrictions, pretty much killing off any possibility of a high season ‘bump’ for the tourist industry. Airlines slashed flights from their schedule, and hotels, which had dusted off their reception desks for the surge of tourists, shut their doors again.
Domestically, the hotel business saw 6 million room nights in the government’s latest stimulus campaign fully redeemed. But the air ticket quota of 2 million seats still has over 1.3 million seats unused. Local tourists mostly skipped flights and opted for destinations within driving distance of their homes.
As for international tourism… well that still seems months or years away, even now.
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Passenger numbers on domestic flights within Thailand have doubled within a month, rising from 4,000 in January to over 10,000 this month. Having nearly recovered to pre-pandemic levels, domestic travel plummeted once more when Covid-19 resurfaced late last year.
Apirat Chaiwongnoi from the Department of Airports says 15 of Thailand’s 29 airports are now operating domestic flights, with more expected to follow. He believes the aviation sector will continue to recover further in the coming 6 months, bolstered by the national vaccine rollout.
Around 120 domestic flights a day are now operating, which is twice the number that were operating at the lowest point in the crisis. Prior to the resurgence of the virus in December, domestic passenger numbers had recovered to 30,000 – 40,000 a day, around 80% of pre-pandemic numbers.
The DoA says airports must continue to adhere to the Covid-19 hygiene measures put in place by the Health Ministry and the Civil Aviation Authority of Thailand.
SOURCE: Bangkok Post
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Samut Sakhon’s Central Shrimp Market, the epicentre of Thailand’s recent wave of Covid-19, will remain closed until February 15. The market can reopen once the overall hygiene situation at the market and surrounding area has improved, according to the province’s disease control committee.
Local officials say the shrimp market needs to remain closed until the market structure and nearby residential facilities are inspected. People who violate the order face up to a year in prison and a fine up to 100,000 baht.
More than 12,000 people in the province have tested positive for Covid-19. The increasing number of infections is a result from the active case finding to contain the spread of the virus.
SOURCE: Thai PBS World | Thairath Online
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