Small and medium-sized enterprises (SMEs) should expand into neighbouring countries to mitigate effects from the domestic slowdown, says Bangkok Now (BNow), a social enterprise that supports start-ups.
Chairwoman Pacharee Pantoomano said the country being a member of the newly formed Asean Economic Community was very beneficial to Thai SMEs.
The AEC offers low export tariffs to member states and fosters labour mobility throughout the region, she said.
"I encourage SMEs to look outside the Thai market since there are other markets where the economy continues to grow rapidly such as Singapore and Indonesia," Mrs Pacharee said.
She said most Thai companies preferred selling products or services in the domestic market.
Singapore may be small, but it has a fast-growing economy, while Indonesia has a large population that can consume a high volume of products, Mrs Pacharee said. But to invest in other countries, the Thai business community must be able to use English, which is the language of global business, she said.
Mrs Pacharee also recommends SMEs focus more on niche markets for their potential purchasing power.
"If your sales are low, see how your products and services can adapt to a new, smaller market segment," she said.
Mrs Pacharee listed three crucial factors new entrepreneurs should consider before starting their business -- the business model, the problem-solution fit and the targeted market.
The business model is the most important part of starting a new business, while determining the problem-solution fit could help business growth, she said.
"Many new businesses that succeed such as GrabTaxi and LalaMove focus on solving everyday problems," she said.
Mrs Pacharee said many Thais would like to sell something and be their own boss, but the most important consideration is how to help small entrepreneurs scale up their businesses. She said the business environment here is friendly to new entrants, but access to funding could be improved.