Spanish businesses offer a great opportunity in the right hands. Spain provides plenty of the right kind of businesses for a successful life. With the right amount of research, proper financial and business model planning, plus plenty of initial hard work, most can develop a business into a profitable and sustainable operation. You should consider the following positive points to owning a business in Spain.
Businesses in Spain enjoy all year profitable trading especially in the tourist hot spots in the south with the Costa Blanca being the most popular destination for foreigners setting up business.
Bars, Restaurants and Cafés offer the best rate of success as these can be marketed toward the tourist sector where it is possible to operate with only a little conversational Spanish.
Life in Spain is very safe and less stressful for business owners, with less paperwork once set up, than in the UK and other European countries.
There are less creditors and debtors in Spain as the economy is still very much cash driven, making most businesses cash rich to operate.
Operating costs are much less in Spain for fixed costs such as business rates and refuse collection.
With so many lifestyle opportunities the country offers something for every type and style of entrepreneur.
Setting up a business outside the “box” is possible as there are so many niche markets which are as yet untapped. This is especially true when considering offering services to the many hundreds of thousands of ex-pats living in Spain.
If you are looking to find somewhere to live a great life and work hard, you would be hard pressed to find a better place than Spain. The country has grown rapidly since the introduction of the euro into a very successful destination for businesses. It is an excellent place to put down financial roots by owning a property or business. With, the massive tourist sector
there is a continuing and ever changing need for tourist related businesses, feeding the service industries which in turn feed the continued growth of the economy along the Spanish coasts.
An example of this success is Benidorm on the Costa Blanca where 12% of the countries gross national product is earned from one small town.
This amounts to over 702,000€ being spent every single hour of every day*.
The most important considerations which should not be taken lightly are:
Location location location - Without it you may not succeed
Make sure you see the premises opening
licence - no excuses
Make sure you see all other official local licences - live music etc
Make sure your new business is free of debts - you are liable
Make sure the services are all in working order
Employ a good independent local lawyer
Employ the services of an English speaking Gestoria
Know what is included in the sale
Know what goodwill you are getting
Know what you are paying for the "trespasso" (ingoing)
Know how long the contract is for and can you legally renew it
Talk to other business owners find out if they are trading well
Meet the landlord of your premises (essential)
Agree written terms of your contract before paying a deposit
Not buying too cheap - Cheap does not always make a bargain
Checking out the area do you really want to live here?
Consider the long hours - is this lifestyle for you?
Have enough operating cash for the first 6 months
Understand the market - do you have the experience
Operating cost analysis - know what you weekly costs are
Correct pricing not too high or low - 60% gross profit minimum
Employ the right English speaking professionals
Marketing the right way to attract your niche customers
Employ an interpreter and translator - you will need one
Follow these guidelines and you will be able to make a nice living in Spain. Remember business is a serious commitment never take it lightly and only consider it if you really do have the skills and experience required.
*source national statistics 2005
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