Thailand is home to one of the most robust economies in the world. One of the reasons why the economy has been able to grow this much is because of the numerous startups that have taken off in the country. If you have a product or a clear idea about what you want to create, you can actually start your own business with relative ease. There are numerous business parks, venture capitalists, and mentors who can help you on your way. However, one of the biggest challenges that you are going to face during your entrepreneurial career is securing startup funding. Here are some tips to help you with that.
Pitch to a Venture Capitalist
One of the most common choices available to entrepreneurs is to pitch their idea with a venture capitalist. A venture capitalist is someone who invests in your business, and assumes both the risks and the rewards accordingly. In return for the risk, they require a percentage of the company. Essentially, you will be bringing someone else on the team with you. If you want startup funding quickly, and need someone with experience in launching and establishing businesses, this is an excellent idea.
Take a Loan
A number of Thailand startup funding companies offer loans at reduced interest rates to their clients. Simply put, you will get the money you want to launch your company, but you will need to pay it back over time. However, thanks to the nature of such loans, you don’t have to pay it back right away. There are a number of stipulations, such as paying the money back over a certain period of time, or when your business starts turning up a profit. It’s easy to manage, and millions of business owners opt for them.
Talk to Family Members
Another very common choice available to startup owners is to get in touch with their friends or family members and see who is willing to help them. While the amount you raise might not be enough, it may show you who believes in your idea the most, and who is willing to go along with you on this journey. If you have someone in the family with considerable experience for launching businesses, you might want to get in touch with them, as they will be able to guide you in a better way about what you need to do.