Entrepreneurs in Thailand : how does the crisis impact your work

What is your industry and the size of your company located in Thailand? answer = Thai888 Law Company and Abroad Funerals Company, we have 12 staff and operate mainly in Pattaya but can service all of Thailand

How does the crisis impact you, financially, economically and personally? Answer = fortunately we own all our offices and our overheads are staff related with health/insurance/salaries. My staff were more worried about losing their jobs however I agreed to pay them until CV19 was under control.

On the other hand, have you seen new business opportunities emerge? Thai888/Abroad always had an approach to make our services a one stop office or one phone call to arrange all things for the client. KISS and this has worked well for us.

Have you managed to set up a teleworking approach? If so, how was the transition? Yes I set up a small office at home and can do most things via LINE, Email, SKYPE, Messenger, Whatsapp. All staff have different apps and groups and so being in / out or on the road doesnt matter as all syncs up and is instant. We save a lot on calls as everyone is on DATA plans

Have you had to take difficult measures? I regularly do public speaking on Funeral and Probate issues at various clubs in and around town. But now we cannot. Funny enough a lot of my businesses came from regulars in the local pub Frasers. However we cannot act like we used to now that social distancing measures are in place. Do you mind sharing them with us and tell us what you learnt from them?  Some of my talks have been on Murphy's Law and basically something can or may go wrong when you think you are on a sure winner. This has proved right once again as many people and businesses have made good plans to gradually build their companies, grow their families and enjoy the life of an Expat in Thailand. What i see now is very sad indeed and many businesses shutting down and never to reopen. Everything lost. I see Thai people in food and water lines to get small handouts for them or their families. Land of Smiles (LOS) has become Land of Sadness, unfortunately and after reading a lot on the subject this may take some time to turnaround. I think our strategy of owning and not renting has paid off as many landlords are not lowering the rent to help renters, and so they walk away.

Do you have any advice to give or practices that you have put in place that you would like to keep at the end of the crisis? Answer = without tourists there has to be another income, so plan for the worst case scenario and as I tell a lot of clients, if you cant stay open for a year to build your business without any income, dont start. You need to have money to ride the storms, particularly in another country. Whoever would have thought that countries would close down because of a virus? Again this is Murphys Law.

As business is concerned in Thailand everyone is ruined in such short time. My business of restaurant and rooms is closed since long due to Covid 19.
Next 3 months don't see any change.
Hope for best let us wait couple of months for the outcome.
Mark

I was in the process of trying to raise several million dollars for a venture. This required flying around regionally to conferences to raise awareness for the project and build a community.

This is now completely dead. There is a lot of talk about the tourism sector being decimated, but little consideration is given to how much of the emerging technology economy has also been killed. This closure of international borders and of stopping conferences is going to bankrupt millions.

September is going to be a very interesting month. For the last 6 months the bank has suspended mortgage payments. Next month, this program ends.  I have no income right now, and there is no way I can pay my mortgage. I am sure hundreds of thousands of others are also in my position.

I have really have no hope of finding a suitable job inside of Thailand, and if I were to leave Thailand for another country I will be unable to return. So 3 months from now month my mortgage is going to officially become an NPL.  How the banks are going to deal with this I can't even imagine,  but telecommuting is a nonstarter. It doesn't work in the vast majority of cases for entrepeneurs trying to raise money and build awareness.

It might be OK for established businesses, but there aren't many of those.