Really want to make the break!!!

[PARA]

Hi chapps, I really hope some of you can help me out with any sort of info. I was due in LOS on holiday a couple of days ago but due to serious personal problems I had to cancel at the last minute.
Anyway, the result of this is that I'm really thinking of making a life changing decision and upping and leaving the UK to try my hand in Thailand.
I've always been quite self proficient and was saving some funds to start up or buy an existing cafe type business in the UK. I've raised about 40k.
My question is, what avenues would this amount of cash open up for me in the Patong area? I'm going to look into a small bar/cafe/restaurant.
I'm not naive and will thoroughly research this, but it would really help if anybody who is living and owning a business in Patong could give me some real life experiences.
What are the prices of decent cafe/bars etc to buy/lease and any hidden extras costs? Any legal problems you encountered? Ownership rights spring to mind. I know that there is no fortune to be made but is there scope to make a living out of it? What's the current market like for buying/leasing?
I know these questions have probably been covered before, but it always helps when answered on a personal level. Any help/opinions gratefully appreciated.

[stevem]

Have a look at the gazette classified and go back awhile, there are always cafes and restaurants listed, should give you some idea of whats going and prices.

You will need licenses for all sorts of things, and these licenses need to be either in a Thai name or a company name. Now talking companies that raises lots of other issues.

As I always say to people talking about coming here and buying a business, if it is going to be your only source of income, realistically the chances of you failing and have to resort back to other forms of work back home, are extremely high.

There are very few money making businesses in Patong at the moment, and most people are working on the borderline every month.

I've even got the opportunity to go and work in IT again, something which I dont want to do, but realistically in the current environment here in Phuket, I would be silly to knock back the work.

Sorry if I sound so negative about it, but you need to know how things really are here before making your decision to up and move. By all means ask more questions, and there is no such thing as a stupid question.

[Sirgezza]

A few weeks ago there was a thread regarding takeaways. One gap in the food market was your traditional fish and chip shop. Maybe a cafe type service during the daytime and a takeaway at night-time could be a good business to have. Location of course is important.

[PARA]

Thanks stevem. Appreciate your honesty. Food for thought I guess. I'm actually earning very good money for the first time since leaving the forces, and progressing well in my career etc...but I hate the rat race if you know what I mean. I'd far rather just make a living in some place where im happy than make a lot where im not happy.
I've thought about buying somewhere and looking into the possibility of employing a Thai person to manage it, and then make the move if things go well. Anybody had any good/bad experiences of this kind of set up? Kind of makes sense to me...surely prices/profits of businesses are down at the moment, and then as tourism increases again the profits and prices will go up again.

[stevem]

Originally Posted by PARA

Thanks stevem. Appreciate your honesty. Food for thought I guess. I'm actually earning very good money for the first time since leaving the forces, and progressing well in my career etc...but I hate the rat race if you know what I mean. I'd far rather just make a living in some place where im happy than make a lot where im not happy.
I've thought about buying somewhere and looking into the possibility of employing a Thai person to manage it, and then make the move if things go well. Anybody had any good/bad experiences of this kind of set up? Kind of makes sense to me...surely prices/profits of businesses are down at the moment, and then as tourism increases again the profits and prices will go up again.

I think you've answered one of your own questions, you are now making good money, so stick it out for awhile and put that money away, as honestly even though businesses can be brought cheaply at the moment, ~B3m still doesnt go very far in Patong. I couldnt wait to get out of the rat race either, but you have to make sure the time is right to walk away from a good paying job.

Buying a business and leaving to be run by someone else, is basically asking for trouble, unless of course you know them very well and even then problems will be experienced.