When you dream of owning and running an oceanfront bar on Samui, it is something you do not want to rush into doing, and it will require plenty of research before committing yourself. You must be aware of the restrictions on owning businesses and property in Thailand for foreigners, and you will need to seek legal advice from a reputable firm before proceeding. You can find some of the factors you must consider below to help you make the best decision and turn your dreams into reality by owning a beautiful bar on the beach.
Put Together A Business Plan
Before you do anything else, you will want to secure your finances for your business and ensure you put together a business plan for your venture. You need to know the costs of your outgoings each month, so you can work out how much you need to take weekly to make a decent profit. You will also need to remember that the rainy season in Thailand will see fewer tourists, which means you will make less money than you do during the peak tourist season, which runs from November to February.
The Perfect Location
You will want to find the ideal location for your bar, and oceanfront property is the most expensive, so you must keep this in mind when looking at places. You will want to find a suitable location with stunning views but is also easily accessible, with plenty of foot traffic you can entice into your bar. Take your time looking at sites and ensure you select the best one, which can help ensure that your business will succeed, and there are many beaches on Koh Samui that may be suitable.
Fitting Out Your Bar
You will also need to work out the costs of fitting out your bar and include this in our business plan, so you know how much money you need to get our venture started. You will want to make your bar look fantastic and ensure it is comfortable for your customers, which will help it become a resounding success.
Additional Revenue Streams
You may also want to find other ways to help increase your business’s profits, and there are various ways you can do this. You can consider having food in your bar, which can be an excellent way to increase revenue, and you can also consider taking tour bookings to earn a commission. Have as many feathers to your bow as possible, which can help ensure the success of your business and ensure it is there for the foreseeable future.