There are more opportunities for a commercial building next to main road than secondary streets where there are fewer pedestrians. Location is very important for a business that relies on foot traffic. There must be close proximity to the customer base as well as suppliers. However, it is also important whether there is available space for future expansion.
At least 80 countries were surveyed by US News and World Report and Thailand was voted the Number One ranking in the list of Best Countries for starting a business. This is the second year in a row that Thailand achieved the first rank. The US media company also placed Thailand in 8th ranking from the list of 25 countries that are best to invest in.
According to Commerce Minister Sontirat Sontijirawong, the improvement in ranking in the two categories can be attributed to the cut back in red tape for the registration of new businesses in Thailand. Expenses for the registration of businesses have also been reduced.
According to the World Bank, starting a business in Thailand will take about 5 days. Since density for new business is the lowest in the region, there is enough room for hopeful entrepreneurs. However, in spite of being an affordable place to start a business, if the company is not majority-owned by Thais it will be subjected to the Foreign Business Act that restricts rice manufacturing and tourism. These are the endeavours that will likely attract business investors but not allowed for foreign-owned businesses.
Because of the high rankings gained by Thailand as the best country to invest in and start a business, it proves that the perception of foreign businessmen has improved. The business environment for foreigners has become significantly favourable for starting a business or investing in one.
However, starting a business needs careful consideration of location in relation to the nature of the business. If the business will gain more exposure to passing traffic, then the best option is commercial building next to main road where there is foot traffic. However, is there convenient space for parking or are there businesses that offer the same products or services in the vicinity?