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The GReat Thailand Dream...?


junglesoup

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what sort of money would it cost to set up or take over a bar?

 

Quite a bit.

 

I know a beer bar (in a beer bar complex, not stand alone), in Pattaya at the moment that is selling for 3,000,000 baht.

 

That's almost $100,000 USD for a few planks of wood nailed together with some bottles on top of it, and a few chicks inside it. (Not trying to denegrate the bar, just trying to make a point).

 

Then, on top of that, you have monthly rent (not sure what this is... maybe 50,000), then you have your key money on top of that too.

 

It's not cheap.

 

Have a look how many bars are for sale in the Pattaya Mail every week... a lot. Some a *VERY* successful, most are not.

 

Interestingly, someone told me that the current owners of Peppermint in Pattaya (farangs) bought the place a few years ago for a tiny 4,000,000 baht as apparently it had a demolition order on it. (Which somehow the new buyers knew was never going to be carried out).

 

Not sure if this is true or not, but if it is, then *THAT* was a *VERY* good deal!

 

(CT probably knows about the truth of that story and maybe can verify it).

 

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I think you are one of the few. Course it also depends on what OP means by wealthy.

 

Let's define it everybody

 

For me wealthy means when you are able to put at least 2/3 of your income on a savings account.

 

 

For me, there's wealthy. And then there's living very comfortably. For me, chances are that I will never become wealthy, but at the moment I live comfortably, and in the future, would like to live very comfortably.

 

"Wealthy" people on the board might gag at this figure, but if I could make 150,000 baht a month in Thailand, that would give me a very comfortable existence, and let me do what I want to do every month. That's 5000 baht a day. Not a lot if you're in the west, but that amount would do nicely for me here. I don't need a lot! I'm quite content! :grin:

 

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If you could live on 1 cent for the entire month, you would have secured your living costs after 6 months and would be able to safe up your entire income for the next 6 months which secures your living costs for the first 6 month of the following year... etc. That is a good feeling to know you have a large buffer if something unexpected happens to you!

 

Beeing wealthy is defined by the point of view.

 

One needs 2,000 USD to cover his monthly expenses another one needs 50,000 USD (You do the math) everyone is an individual and is living by his own "lifestyle".

 

When you are able to cover your expenses for the rest of the year (after taxes) in the first 6 months you are able to live very comfortable or you re-invest the money in something that boosts you income...etc

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I know a beer bar (in a beer bar complex, not stand alone), in Pattaya at the moment that is selling for 3,000,000 baht. That's almost $100,000 USD for a few planks of wood nailed together with some bottles on top of it, and a few chicks inside it.

 

That is 105k actually. That is pricey. The pussy bar (beer bar) at Soi 2 was sold for 10,000 EUR hence this bar you are talking about must be on a very crowded location, if not then it is simply too much or you have a guranteed lease for mayn years. I assume it is either underneath the pier, or across the street from Toneys or Atlantic Bar or Cherry Bar on Soi Sam. Maybe it has short time rooms connected somewhere else? It is a lot of money for a beer bar. The rent is compared to the west pretty cheap, that's what it makes so interesting in the first place for many. Like I said the key is the location, you are on a hot spot and you do a good job then you are a happy camper. Most people just don't do a good job.

 

I bought a bar before (no names) loction is very good on WS. I made a contract, made a downpayment and when the day was due that these guys had to hand me over the keys, they didn't. I took 2 other well known bar owners with me and hired 2 "security people" It turned out the guy was cheating me, he was using my money to invest in his bar. Now I got 50% back and the other money is due on January 1st with a 30% interest, otherwise he is in deep shit!

 

The new place i bought is actually 2 sperated bar which where planned as one bar. I will merge them again. The owners are very desperate to sell because they have a short breath, they have a very strong and trendy competition and had to fire girls to keep the costs low, no girls no money. Nowadays you can't just open a regular a gogo bar, you need a few outstanding girls and most important is that you need some really cool gimmicks (more when I open) One probably very interesting thing for my advertising is that the first month we won't charge for barfines. I am sure it gets the people inside to have a look, when they see our gimmicks they will spread the word. I am very confident and some other bar owners told me that if I pull the customers out of their bars they will come and borrow money from me :) RIght now it is just a pain in the ass because the furniture is already overdue for 2 weeks! I am paying the cuformer owners to keep the places running by paying the salaries of their girls and the rent. I they really have some good girls!

 

Interestingly, someone told me that the current owners of Peppermint in Pattaya (farangs) bought the place a few years ago for a tiny 4,000,000 baht as apparently it had a demolition order on it. (Which somehow the new buyers knew was never going to be carried out).

(CT probably knows about the truth of that story and maybe can verify it).

 

I can't verify that, I heard something else. Why would someone sell a bar when it was about to be destroyed? People have a lease for x-amount of years, the owner of the building can't just tear it down! Story doesn't make sense when you think twice but maybe they agreed to sell this version of the truth that the former owner doesn't get the reputation of a broke person or that he was in trouble with the wrong people :grin:

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To establish a successful business has nothing to do with location but with personality . Maybe it is a bit easier here and a bit more difficult there , all that it needs is dedication .

 

Says BuBi

 

If you have a "walk in" business the location is essential. It needs more than dedication Khun Bubi, if someone has a stupid idea and he is comitted 110% he wont mke a stupid idea work. It takes a lot of sacrifices and comitment on top of a good business plan to make things go your way. It also needs a long breath and a decent base of money that you are never forced to make decissions that hurt your business!

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CT, i hope your not doing the books for your new business? 3000000 baht is not 105k US but anyway splitting hairs.

Secondly, if you have connections, or money or both, u can doing anything in thailand(thai people that is)dont think because you have a lease or anything that the owner cant do what he wants(just ask some of the former owners in bangkok,phuket, and the like)

 

Anyway good luck with your new aquisition, hope it all goes well.

I think all first timers to your bar should get first drink on the house

:cool:

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hehe, thank god I have someone for doing the books :)

i converted from USD in Baht and saw the 105 in the bginning, lol!!!

 

Yeah of course there is always a chance to tear down the place IME that happens when the ownership has changed, a guy hwo guaranteed you a 5 years lease and you payed for it will have to compensate you! There IS usually a solution for that. The problem is your investment plan, if they tear down the place before you reached break even your are fucked!

 

How I determine the guy is here for the first time? I rather give them a free beer voucher to make sure they come back!

 

Cent once had the idea to have membership cards for discounted drinks. I might take over this idea. It is gonna be something like collecting miles. A guy spends more than 1000 baht, he gets some 100 for that, he barfines a girl he gets 50 bonus points.

 

When he reached 1000 points he gets the silver frequent drinkers card :) 2000 points = gold frequent drinkers card, residents, expats will get silver from the start because they keep your bar alive off season. Have to think that through, but I am sure I will do something similar like that!

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