New Business for TGF

[camerashy]

I need some advise urgently! My TGF has just recently sold a small business she had in Bangkok selling clothes, fashion accessories etc for women. She just found the ever increasing rental demands of the shopping centre where the store was situated, as well as the huge competition for womens clothes in Bangkok, made the business far less viable. So armed with a sizeable bankroll for a single Thai lady, she started looking around for an alternative business venture.

Somehow she has been convinced by a wholesaler at Chatuchak markets that selling aquarium fish in a store in central Bangkok would be a real goer. Stories of fish doubling their value in a few months due to increase in size have her convinced.

She put the idea to me recently while I was in LOS, but I am far from convinced. I mean, what sort of a market is there for this in Bkk? And of course, these things have a habit of dieing, which severely reduces their resale value!!

So my question is - what sort of business would you suggest I try to steer her towards? Is there anything comparatively safe that could be started up with a minimum of capital? I suggested some work in a hotel to make use of her excellent English language skills, but she won't hear of it.

All ideas greatly appreciated. Thanks.

[Guest]

This is a very tricky area.... Personally, I would avoid any business where the inventory dies!

 

You didn't mention if you were going to be staking or maintaining the business if it doesn't go well. I'm assuming you will be.

 

My suggestion would be to look at some more service-oriented business, even if it means sending her for some training or education. This way she's not tying up a lot of money in inventory and it gives her some additional skills.

 

My experience with many Thai small business people, including several ex-girlfriends, is that they don't have much concept of business planning (budgeting, choosing locations, forecasting, etc.) and that's probably the area where you can help her the most.

[rovineye]

Lots of aquarium fish sellers at the weekend market. The stalls don't seem to be selling briskly.

[Flashermac]

A friend used to have sort of a freelance maid -- she worked for a number of Farangs. But she quit to sell T-shirts upcountry. She would buy them in Bangkok and then sell them in Isaan for a fair profit. Said she made much more money than cleaning houses and doing laundry, plus the work was a lot easier.

 

 

 

 

[Flashermac]

p.s. There are several shops in my neighbourhood that sell aquarium fish. I suppose they must be surviving, though I have no idea how much money they are making.

 

 

[rickfarang]

Basically, any business in which you GF has no experience has a high likelihood of failure. Even business run by experienced entrepreneurs have a high likelihood of failure.

 

It would be best to have her learn or apprentice at a business that she is interested in before letting her plunge in with both feet.

 

If she is looking to you to bankroll it, she may be a lot more bullish about the business than she would be if she was only investing her own hard-earned dollars (easy come, easy go).

 

Minimize up-front investment, start small, and know when to throw in the towel. This way, she will be able to experiment with new ideas while constraining risk.

 

Good luck.

 

 

RickF

 

 

[Guest]

Te audire no possum. Musa sapientum fixa est in aure.

 

So take the banana out and Listen UP !

[Guest]

One of the dumbest things I have seen people do is change horses in the middle of the stream, especially if the horse they are riding is a good horse.

 

It appears she was making money and enjoyed her work. So, continue the same type of product line but at a different location. If she knows English, have the store located near a tourist area. Rent maybe higher, but tourist are willing to pay more. To some, rent is a major pointer in making a location selection, but what should be more important is location with reasonable prices. She did sell accessories, so I would increase the accessory line, especially jewelry that is attractive to foreigners. Also, make sure the clothing is styles and sizes that foreigners are attracted to.

 

It appears she is not doing anything right now, so I would use this time wisely to find better places to buy things. Buy from a dealer and then try finding out where they buy from. In some cases, the mark up from wholesaler to dealer is 300%. The markup from dealer to store owner maybe only 50% which leaves only a small profit margin for the store owner. Increase the profit margin by eliminating the middle men.

[Guest]

Tend to agree with you. Stick with what you know best. OK find another location, a different supplier, take a trip to CM or the provinces as the big guys do and bring back stuff not everyone has. Especially if targeting tourists. Hemp clothing from CM, Hand woven Silk and Cotton, Khon Masks.....whatever. As long as you have an interest in it.

[whosyourdaddy]

As a fish keeper I will add my experience to this thread. In Central Bangkok there are a few places to buy fish. Emporium, a few sois etc. But the prices seem to be a bit more expensive so I just take a day and head out to JJ or phra kongong and buy them there. It is not like you buy fish every day and need them exactly when you are walking back to the car park at emporium. I think with the rent prices in central Bangkok it would not make it viable.

 

Fish are ment to die. Fish lay 10,000s of eggs - most die. When I did research on them , even with aqua techs, grad students and PHD in marine Biology with a huge budget we would lose the majority of them.

 

One thing you could think of is exporting them. But many countries require the fish to be aquarium breed not wild fish so it would take some set up.

 

If she is not a fish expert is going to be a uphill battle with a lot of trial and error. If she goes ahead with it PM and I may be able to lend a hand.