It can be done, while there is red tape involved, I think many people tend to overstate the difficulties, after all there are plenty of businesses that are at least partially expat run and managed all across the country. My advice would be to seek out advice from folks who have been down this path. Generally the advice on this page is great in terms visas in general, but as for the ins and outs of starting a business, I would recommend asking and consulting an expert..
we shall see, its very possible that COVID and the worldwide economic situation will make it so that the numbers of tourists Thailand is used to will be but a shadow of its former self....