Pattaya, like so many other cities around the world, has experienced its toughest year on record. Many businesses were forced to close because of government restrictions, but sadly there were too many that never reopened. Everyone has needed to tighten their belts and get used to the “new normal” with some questioning whether they still want to live and work in the city. We have said to several of our clients that if you can, try and ride out the storm as it will be worth it in the end. Here are our reasons why:
1. The infrastructure is already in place
Although the infrastructure in Pattaya often gets criticised, one of the biggest reasons for its failure is because of the sheer volume of people here; far more than the original infrastructure was designed for. However, now is the time to improve what is in place and accept that when borders do reopen, it will be quieter anyway. The road links, hotels, and restaurants are all of an excellent standard, so the city is all geared up ready. In addition, dare we say it “casinos”, should the laws change make Pattaya the ideal location.
2. The strongest will survive which will benefit everyone
In recent years, we have witnessed the oversupply of almost everything in Pattaya; much have which has been mediocre at best. The coronavirus will see only the strongest of businesses survive, sadly some excellent ones will also fall by the wayside, but what will be left will be the cream. In the long-term, this will benefit everyone, the tourists will get a better end product, and the surviving businesses will get more customers due to less competition – the challenge will be retaining the high standards.
3. There are bargains out there
For those look to purchase a new condo, for example, there are some bargains to be had with fire sales not surprisingly being rife. Even with the strong baht, now is the ideal time to buy with their being a temporary oversupply of properties. Obviously, this is a situation which won’t last forever, and by 2021 we can assume that some normality will have returned. Indeed, if you buy now, you could be setting yourself up for a bumper 2021.
4. Now is the chance to build something new
If you have been considering starting a new company and accept that building it up will take time, then now is a perfect time. You could almost go through an extended soft opening process, making sure that everything is correct for when the tourists do return. Although, you may make a small loss or break-even, if you could sustain that, you are likely to have perfected everything by the start of the New Year.
5. Learn from mistakes of the past
Most of us in business have made mistakes in the past and now is the time to learn from them and ensure that your business is back on track. Most of the time it is almost impossible to make wholesale changes to how you run your company, but make the most of the current environment and implement the changes which you have been thinking about for years.