THAILAND Why Do So Many Business Startups FAIL ? 🇹🇭

[@boahl-o6e]

If you never had a business in your home country forget about it in Thailand!!!

[@sayyanhmuong737]

Fscts

[@chris-st6sm]

under-rated comment. am familiar with the years of observation to see the wisdom

[@chrisg2759]

Work in the west-Live in Thai...3 months on 3 months off is a routine I try 2 stick to...not easy if you have relationships etc. But if your free & single its definately the best/safest way financially.

[@Emyointheworld]

How can u have off such a long time!

[@marcosteffano]

There’s a saying if you want to make a small fortune in Thailand bring a big one.

[@user-sick-kid-8841sss]

😂😂😂

[@KrungThepKen]

Hey dude, good positive and professional attitude video this one. We’ve followed you since the early days of MCG and met a couple of years ago, just wanted to say, you should be very proud of yourself. Create several businesses, a lovely family and spreading lots of positivity. Be proud and keep it up brother.

[@thomasjutteau]

I am a French entrepreneur based in Phuket and I completely agree with you. There are a few other points to add, but this already helps. Good luck to you Richie 😊

[@johngagne986]

I am always very impressed with your honesty and good outlook on life and the ups and downs we all go through. Thanks for another fine VLOG and my best to Maybelle and Masse.

[@westmaui]

Gotta remember you are competing with people that are willing to work 7 days a week, 12 hours a day for $20 a day… There is no meat on the bone in Thailand

[@MrORANGEMAN1966]

Perfect explanation

[@CheapCharlieChonburi]

Great video and honest information Richie …all the best to you and your family moving forward 🙏

[@jackflowers999]

You are a great Dad with a good family in Thailand 🇹🇭 ! Congratulations, Stay Strong! Cheers 🎉❤

[@commanderbishop]

I personally would rather spend 20 years working my butt off saving and building wealth BEFORE moving to Thailand. Making money in Thailand with no money to invest, good luck - you will barely survive. Been there, done that, well actually only took me 10 years - now sitting in Thailand with not a worry in the world, 100% debt free and cashed up for life.

[@medjal95]

that sound like a good life

[@johnjames5666]

This is the correct way to do it, but for many bums they would rather bum in Phuket than there failed life in uk. No excuse uk best could of bought houses for 100k just outside London in year 2000 now there all half million £ no excuse if worked hard could of bought at least 2 so there is your 1 million £ if you was to safely invest that you would make 60k per year over 1 k per week. Or even better rent the 2 house out . Simple so simple but people ain’t got the brains to be strict enough to do this at a young age or any age

[@darrenbadger6814]

G'day Ritchie, my thai wife and I have had a thai restaurant on the Goldcoast Australia for 17 years, and staff are our biggest headache. I can't wait for the tesla robots 😂😂

[@vincecorleone]

An old Chinese saying: I wish you many employees.

[@pjab1133]

Sound advice - people should believe in what you say ! We have a saying: No matter the country but the the stones are equally hard everywhere... meaning to say that starting out with business or job.. the hardships and difficulties will show up sooner or later.

[@ThailandThomas]

Perfect video Richie! Great advice! Location Location, Location, Be the best at what you do! Always be the leader! I see people fail even after they have succeed because they think they can step back and let managers run there business. Learn from your failures. I have failed many times. I have hit a few home runs. Think outside the box.

[@jb_buri]

I ran a bakery here for over 14 years and just retired at 68yo, fairly successful considering most Thais do not eat bread, though they do like cakes and biscuits. The business was all in my Thai wife's and family name, which made the whole thing work.....

[@Nick-ux1jk]

what was the secret to making it successful all those years? I’m planning to do something similar but not a bakery, where was the business located? please share any advice 🙏

[@putrisekar1969]

I am a +30yrs expat in Bali. No different here. Have seen many coming and going within 2 to 5 yrs. I would say 99prct. Only a hand full succeeded long term.

[@Xavier19676]

As a visitor over the last 30 years I can agree that Mother Nature can be also a big factor on businesses failing

[@crbbaldwin]

Me and My Thai partner of 14 years just purchased a small Resort Hotel and business is picking up so I think I'll be within one of the 10% who make it the resort is in my thias Partners small rural area so hopefully we can just do business with the thais that want to stay here and skip the troublemaking foreigners. You asked for any advice on businesses be like me have a Thai partner that you can trust that you've been involved with for a long time and knows a little bit about the business that you're getting into and have a lot of money

[@omod2793]

He has his wife. Doesn’t she count as a partner? But you’re right, I think Richie would have an even more difficult time if he were just doing the business by himself.

[@uptoyouThailand]

Get out of debt. Stay out of debt. Start small and don’t be too attached to your venture.

[@wontbelongnow5567]

My advice is dont bother with a business in thailand. If you carnt make money in your own country your not going to make it in thailand. If you have a lump of money go and live there but don't go to party or it will end in tears.

[@keangwooichoo6138]

Yep. If gordon Ramsey do it , it can work.

[@keangwooichoo6138]

The issue is many men who failed back home think they are smart entrepreneurs in asia. Fact: they cannot even get a wife in UK or Europe.

[@eamonkelly36]

Only way to double youre money in thailand is fold in 2 and put back inyoure pocket thats a fact😅😅

[@keangwooichoo6138]

@eamonkelly36 lol good one. Marrying a local to do business may backfire coz like Philippines, you support entire family of locals.

[@brianbarbarich1401]

Staying in debt and continuing to pay the high interest rates is a downhill spiral for failure.

[@frompowerlinestopowernaps7225]

All your comments are bang on mate. It's very difficult out here at times but we have to be strong, get the rite mindset as well as business. Most try to do it and still live the tourist's life. That will never work. Great advise mate. Dig in , be strong and you will survive and succeed 🙏

[@thejelico]

As long as the high-season is only 5-6 months, Phuket will never be the right spot for a touristic business only. You always need a second or third foothold outside those typical businesses there.

[@samalzid1560]

phuket is horrible for new businesses especially restaurants , bars

[@michaelc1624]

As you rightfully said, always start with a thorough business plan, including a start date and/or even an exit strategy. In today's environment, sole proprietorships must have product or service differentiation (vs market saturation), price sensitivity, experience and location to survive versus a business that offers all that and is scalable. With only one coffee shop, you are working day and night for the survival of the coffee shop with a steady stream of repeat, loyal customers instead of the coffee shop with a broader appeal working for you. For some businesses, that means you either go big or you go home. LoL!!!

[@88jerryw88]

Restaurants are hard work. Hats off to you Richie. Something like selling toilet paper or razor blades are not glamorous but recession proof businesses that will always be in demand.

[@waynehorrocks5310]

Well known fact bar restaurants fail rate over 90% I stuck it out for 10 years in spain 120 covers per night in summer 31st October 20 a night if lucky in the 10 years watched many bar restaurant fail one rule for expat one rule for spainish but managed to sell it happy days been coming over to thiland ever since just watching listened to your video my biggest issue was always staff Followed by town hall

[@asiatravels007]

Another great video Richie but what camera are you using for these videos cause the picture and audio are fantastic? 😯👍

[@dallasstorey]

I believe it's just a newish iPhone

[@CasaMaryParadise]

I love your direct approach and I'm Dutch.

[@liverpoollogos5714]

Good Luck with 2.0 my mate. Hope the weather passes soon, Hopefully see you in January, Take care lar.

[@krismars2170]

If you love stress in life ,than start business in Thailand,good luck

[@trevor5526]

I couldn't do it. All hard work and no play in the high season so you don't get to enjoy the beautiful weather. Then you get to sit indoors and watch the rain during the low season.

[@sebbster8703]

Your research or comments are only focused at the hospitality industry. What about import/export trade business's, what about agriculture and aquaculture expertise, what about the IT industry, what about foreign consulting business's to attract investment, what about foreign expertise in the manufacturing industry and its products and development, what about oil and gas, your targeting a very narrow feild and probably one of the most dangerous business ventures to try in Thailand, bars, restaraunts and cafes!

[@kitkanok]

He has an hospitality business you want him to talk about IT or agriculture. This video is not a college university course sorry. For agriculture consult my girlfriend who's a farmer lol! That was some honest and great video. Sorry you were on the wrong channel lol!

[@Thailand-Wanderer]

@@kitkanokwhat’s your girlfriend’s channel name?

[@brianbarbarich1401]

​@kitkanok person was simply mentioning other business ventures which are better than hospitality. Something to put a seed into Richies head to think about. Richies current businesses are maybe the most popular and cut throat in Thailand, especially for an expat to try make money. I personally do not think Richie has made any money from the coffee garden shop.

[@CasaMaryParadise]

@@brianbarbarich1401he's not an expat.

[@brianbarbarich1401]

@CasaMaryParadise what is he? He certainly is not a Thai staying in Thailand. He does not have Thai citizenship. He does not have a Thai passport. Look up Wikipedia for the definition of an expatriate.

[@mariettathornton5924]

You’re awesome Richie!! You keep it real 😉You totally have a good head on your shoulders! Hope all is well with you, Maybelle & Macie😊 Take care and be well:)

[@mrdan7740]

Hey Richie……..give us an update on the 2 guys who came out to Thailand ………one was the Aussie guy who set up his own business, and other guy was the train driver from UK ……….are they both still in Thailand or what’s going on with them?

[@brianbarbarich1401]

Not sitting in your business all day could be good or not good. Lots of businesses fail because the owner is not at the business most of the time and as a result plenty things could go wrong at the business. If you have a very , very good manager and team then maybe owner not necessarily be at the business.

[@jadsonoliveira4534]

Hey Richie, great video. Very helpful. Enjoy your business

[@FredStoneII]

Just an observation from watching many KZbin videos from various (foreign to Thailand) people who wish to start a business in Thailand, is they appear to limit themselves to service industries that cater to the tourist trade so are already behind the 8 ball on cash flow sustainability (seasonality). My guess would be that the 10% success stories are businesses that are capable of attracting and or scaling their services or products to Thai locals. Easy to say but far more difficult to achieve. Good luck Richie!!

[@teddysthaiadventure2534]

Good video Ritchie, nice and balanced A big one not on your list is most new and small business owners have no understanding of how the financial side of the business works so have no idea how to make adjustments to make a profitable business. This leads to the trap of thinking I just need ore revenue which rarely works

[@Pierreland-sz4un]

I been to your lovely restaurant and as a person who has in business all his , nothing is different where ever you are , it's the same in the uk most people fail In business, so you can't make it in the uk your most likely fail also in Thailand , I see lots of people who buy a car 🚗 whilst their business is still growing etc this type of thinking stop people getting success because they don't get it !!

[@PeterC245]

How do you make one million dollars in Thailand, Start with 2 million dollars , and buy a business

[@Adie-x9f]

Good luck Ritchie with Maybelles 2.0 Back in Thailand next month - see you soon

[@absoluttchamp]

I started small myself, and left with no financial wounds but many good lessons. Can you give an example of how you would start small and then scale up?

[@PaulBrighton]

Richie, you have done great in Thailand. Inspirational.

[@travelingman3129]

Its pissing down with rain again.

[@coryjackson3131]

Most entrepreneurs fail more than they succeed. You have to be of a certain mindset to be successful in business and have the drive and be willing to work hard long hours to be successful.

[@paulbrend6541]

To many restrictions for the type of work a foreigner can do in Thailand ,also low income compared with most western countries.

[@roccohoon2628]

Your videos where the best in the beginning when you got fimiliar to Phuket just got on a moto taxi drove around to random places and tipped the guy some of your donations , also the videos where you and Maybelle went to restaurants . I understand that is back in the day and times change nothing new for you anymore there.

[@X_Marks-u7r]

I would rather throw away money in the chao prau river than do business in Thailand.

[@FransBlaas1]

You were so positive in the beginning.. what happened? 😅

[@roccoburns8886]

The second you stop having the mindset that you are a ten percenter you are beaten.It’s called survival of the strongest and the longer you are there the stronger your resolve and in a few years YOU will without knowing it become an “ old hat” and someone to come to for advice on starting up.Followed you since day one and although we’ve been in SE Asia travelling more than we’ve been in he U.K. ( looking for a retirement location) we havnt had a chance to pop in and say hi although we are in Thailand from end of November so maybe we will get a chance.

[@memyselfandtravel3804]

Slow and steady wins the race in Thailand. Seasons and things come up and u need to start small and be smart

[@coryjackson3131]

These fail rates are not much different in the US more than half of new businesses fail in the first year due to lack of funding and the rate for failing within 5 years is still risky. You need a large financial cushion to weather the slow times and to establish your business in the community.

[@justFreddieThailand]

A lot of these people have never been in business or just they just try us best thing is good plan and plenty of experience in business to start with not putting your head in the gas oven

[@CasaMaryParadise]

Would be beneficial if you note your source of data or mention it while presentíng.

[@mariettathornton5924]

Cannot wait to see little Macie😊

[@RobertSmith-rj9md]

Love your honesty… but I kind of thought thet anyway, for various reasons,, best of luck xx

[@waynedrummond6583]

The real truth is that most businesses will fail within the FIRST year, but the owners cannot accept the fact so they keep investing more time and money in a forlorn belief that did not do enough research before starting. Sure drag it out to 5 years and you can invent more reasons, but the main reason is poor research initially.

[@NativeFarang]

Nice one mate, gotta keep on going. If something doesn't work, try something else. As they say in the UK... Can't win the lottery if you don't buy a ticket 😜

[@c.k.2]

17:27 You nailed it! Best business, unfortunately farangs are not allowed to do it. 😊

[@eamonkelly36]

Dont be so hard on youreself mate youre still living the dream u still have youre health and life there great vlog as always pissing down in emerald isle😅😅

[@Chris-hd6lk]

I started with nothing and have half of it left

[@justFreddieThailand]

A lot of these people have never been in business or just they just try us best thing is good plan and plenty of experience in business to start with not putting your head in the gas oven look at yourself you’ve never had a business or any experience so the odds are he won’t win unless you’ve had experience

[@greengrass3835]

daily wage is $10 and your surprised you cant make 20 x times this........

[@mohammedabunayyan2940]

Thais are geniuses in protecting their country and their privacy. Do whatever you want, but do not forget that your neck is under the blade

[@priortokaraew7569]

Have you paid off your huge credit card borrowing without a plan? And the brand new car?

[@dawsonmp123]

Jealous

[@georgejobe961]

@@dawsonmp123 no curious!

[@YingManbogae-i3k]

why is this any of your business?

[@priortokaraew7569]

@@YingManbogae-i3k can average women come up with anything more incisive to say? how is it your business to view this comment?

[@YingManbogae-i3k]

When you are located in a tourist area and cater to foreigners, you are severely victimized by the low season. Any thoughts of a 2.0 should include how you can attract locals during the low season? Perhaps a 2 tier menu, where you can cater the prices that locals can afford all year round. Every local would like to go to a nice restaurant/good atmosphere and have a good experience at a price THEY can afford. The problem is there are no such places. You already have the high end customers during the high season, turn the other 8 months into profitability/sustainability but catering to local Thai's for 8 months. Cheap Thai food, fruit drinks, iced coffees, beer. With a nice environment/atmosphere and prices locals can afford, you will be full all the time. Have members cards, buy 9 get the 10th free. 2.0 should focus on the low season and local customers. Sustaining through the low season should be the goal, not getting rich during the low season.

[@Danny310563]

There are heaps of expats and well off Thais living here, A good business can attract these people as regulars. My cafe is still busy in low season because we have a regular crowd. My tip is cater for people living here dont rely on tourists.

[@frompowerlinestopowernaps7225]

I'm sure you guys are in the 10%mate🙏

[@user-wysud22]

Just because you failed in your business doesn't mean you know why startups fail. If you really knew you wouldn't have failed. Another YT "expert."

[@dallasstorey]

look out for those Thai Sadistics!! 🙂

[@russellblake659]

But you knew all that before you started. Didn't you?

[@philm7213]

Caribbean place in Hua Hin now I think

[@BinhNguyen-tw8zo]

UUUUHHHHH...thought you worked hard in your country and come to Asia to retire, duh. I guarantee you the Asian come to the USA to make money not retire so there you have it, the Ying and the Yang.

[@Ghekko-kw3zz]

100 hour weeks for negative returns for 2 years with a cushion still there- yay 🎉🎉🎉🎉 nah ... Passive income enough to survive plus micro business as a hobby ok.

[@brihanwoolman2217]

At the end of the business day, you’ll realize profit margins are small in Thailand. I would rather invest my money in mutual funds, or bank CD and your return will be much better off. Only invest in your home country NOT in overseas because you have no right in Thailand.

[@robertdz2381]

JEPQ and IBM are good, EFC and ET.

[@soidog154]

Wow so many adverts on this vlog, many you tubers making a fortune very little money involved no staff no renting buisness, paddy eas a teacher left become a you tuber now with 250k subs making a fortune, nick dean 4 bars a hotel an indian restaurant only had 1 bar a few years ago many ferang making lots of money

[@regoreweswirl]

Buppa-lo milk gelato business...🤔

[@_Alfa.Bravo_]

Superb !!! Thx !!!

[@jon-ie4li]

Whats happened to your channel? As they say in Wales , I won't lie but its not what people watch your channel for.

[@boxxay11]

Im loving the content

[@asiatravels007]

How do you know what potentially 8 billion people want to watch? Do you speak for all humans on earth? 🤦🤦 This video was superb, just like all of the rest on this channel 🥳

[@YingManbogae-i3k]

Richie does not sugarcoat reality. Living in Thailand fulltime has it's challenges and it is not easy like a 2 week holiday.

[@donedwards7035]

Richie fab video you connt please everyone // that's me too. Father / mother always knows best for there child 🙃 Mr Don Australia 🦘

[@johnjames5666]

Make a success and passive income in London then if you really want live Phuket you can do , but I promise u not all but many will be bord of such an island like that . Was possible 20myears back but the place is a pit now