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How to Run a Successful Business in Thailand

February 3, 2015 | Sharon Cheong

The beauty of the rainforest and tropical climate are just two of the many reasons why people visit the Philippines each year. The geology of the country makes it a prime place for unique energy sources such as solar energy, geothermal energy and natural gas, which was recently discovered on Palawan. The nation is currently working toward developing these energy sources more fully and many investors have taken an interest in involvement.

Businesses that could help develop these energy sources, either directly or indirectly, could be stepping into a prosperous new future. For instance, in order to utilize geothermal energy, it's necessary to build pipelines to carry the boiling water to a power plant. In just this one area, there are numerous business services needed. Clean, sustainable energy solutions are sought by every country today as the world tries to move away from oil dependency.

Tourism is another highly profitable business and visitors come from all over the globe for a relaxing vacation. The warm, coral waters are great for scuba diving, fishing and all recreational activities. There are hundreds of unique species of birds, fish, animals and turtles on the islands. Businesses that cater to tourists always do well in the Philippines. The smaller, quainter areas lend themselves well to neighborhood markets, fishing boat charters, hotels, bars and resorts.

Outsourcing has become the way of the world and the Philippines offers cheap, but reliable labor. That's why many larger countries are setting up offices there. Once you decide on a specific business type, do some research to make sure that there's a need for the product or service in the area where you'll be setting up your offices.  Luzon, Quezon City and Manila are larger cities with ample space for industrial, retail or property investments.  Businesses near the airport are always busy.

Setting up a new business takes time, money and work, but try to do enough research so that you are prepared for the process. As you register your company and begin to look for office space, keep in mind your finances and stay on your budget. Certain business types require a different permit to do business and the categories of business are regulated by the government. Be sure to check if your business type is allowed and what type of permit you'll need.

It's important to get things set up as quickly as possible so that you can begin earning some money. Good cash flow is vital for any business. Advertise your business as much as you can afford to let locals know who and where you are. Once you're fully operational, run specials and sales to attract new business. Get out and about and meet your neighbors. Make connections in your new community. The locals are very friendly in the Philippine Islands and you'll enjoy your experience much more as you become acquainted with day-to-day life there.

Manila is a major center for the banking industry and insurance, as well as retail, transportation, advertising and real estate. There's a huge demand for upscale fashion boutiques, theater and the arts. The Port of Manila is a busy, international shipping gateway. There are plenty of opportunities for new business owners; it's a great place to live and raise a family. Even if you are limited on finances, you can still make the dream of business ownership in the Philippines a reality.

Servcorp Services Offices provides beautiful, luxurious office space in the busiest areas, all fully equipped with receptionists, internet, phones, and everything you'll need. We specialize in making it easy and affordable for entrepreneurs to set up a business and get to work. We even offer advanced communication technology services that can give you a clear advantage over other companies.  Our meeting rooms and boardrooms are fully furnished with upscale, comfortable furnishings. We take pride in helping entrepreneurs get a business established and running successfully in the Philippines.