Starting a new business could be the best way to start your life in Koh Chang. But it can be also very tough : to go from zero to hero can take many years and you could consider buying an already existing business. We at Dee One tried both ways, and here are some of the pros and cons.

 Advantage to start a new business :
  • The price : it will always be less expensive to start a new business in Koh Chang, rather than buying one.
  • The knowledge : you will build your business from A to Z and thus you will know everything about it. The market you are evolving in will have no secret for you.
  • You will have to fight for every customer, and every customer will be a reward for you.
  • It’s the only way to bring something new in Koh Chang : if nobody did it before you, then there’s no way you can buy an existing business 🙂
  • Be ready to be copied. If you start something new, and it turns to be a profitable business : you will be copied. It’s a rule of thumb in Thailand.
However it can be a very good idea to buy an existing business. For exemple one of the Dee One team member bought an existing small laundry shop some years ago and it turned to be a profitable good small business : perfect for a start your life on Koh Chang ! (Today the laundry is still running good, thank’s for asking :p)
Some of the advantages of buying an existing business are :
  • You buy it : you run it the same day. Business is ready to run, you already have customers and stocks and you can start immediately after signing papers.
  • As you already have customers / stock : you can quickly focus on growing, and think about new market / new products. You already have a solid base.
  • You will already have staff. And it’s a very difficult task to find good staff in Thailand. If you buy a business, you will probably keep the prior staff members and you will work with people who knows the business.

Buying an existing business can be a very good idea on Koh Chang. You will have to be careful with some details though :

  • The company could have some debts.(suppliers, banks, taxes…)
  • Carefully examine the financial book. If the owner doesn’t want to show you the entire books, it’s probably a bad sign. Remember that Koh Chang is highly polarized between high season and low season. Ask to see a whole year of account book at least if possible. How well your business run during the low season is an important part.
  • Don’t be too quick. Think carefully before signing any paper. Ask the neighborhood, ask others people living in Koh Chang, try to find the true reason of the sale.
Hint : Obtain the assistance of a Real Estate Agent or/and a Lawyer/Accountant in order to check everything before the final signature.