Many people travel to Mallorca with the idea of starting their own business, but there are some important aspects that must be taken into account before venturing into the rewarding and risky idea of making a living with your own company on this island.
Join a business club
One of the best ways to find partners or grow your company in Palma de Mallorca is through networking. There are several centers and hotels with meeting and event rooms, such as the Meliá Palma Bay, where you can enjoy adapted spaces with facilities that play a fundamental role in talking with other colleagues in the sector in which you are going to develop your business.
For example, this Meliá building is designed for innovation in business and events and has an ideal location and outstanding facilities and location to get the best out of each meeting or business meeting. This hotel in the congress palace of Palma has a set of multipurpose rooms perfectly equipped to take celebrations and creative coffee breaks to another level. Without a doubt, the best social and work environment to do business in Palma de Mallorca.
Tips to help you make the best decisions
Don’t rush into a quick commitment. There are many business opportunities in Palma de Mallorca, so search among the best options and be creative. There are many businesses that are for sale and it is not published, but, due to confidentiality, not all of them are visible. Find and contact commercial agents and tell them about the business model you plan to create.
Research and read information
Many people have the ideal of converting an old store or building into a small hotel or opening a restaurant. Think carefully before you start: the competition is very high on the island and there are many more people who fail than those who succeed.
Read the laws that govern the business model you want to buy or create, opening hours, personnel aspects, tax issues, etc. Create a list and keep researching until you fully understand the topics essential to building your business. It is up to you to know and understand the business you want to create.
Contact with professional advisers
Get the recommendation of your network of contacts in Palma de Mallorca. Also, look for references from agents, clients and advisors you want to hire. If you are looking for expert help in this sector, you can contact a law firm specialized in guiding foreign entrepreneurs to turn their business idea into a success.
Moving to a foreign country and creating a business in Palma de Mallorca without understanding Spanish is like working with your hands tied. It takes tenacity to learn a new language, and it will really take at least three months if you study hard. Speaking Spanish is a great competitive advantage and will be one of the main reasons for achieving success.
Research, research and research again
Do not rush to sign a commitment. If you have a partner, you can move for several weeks or months, before making a decision. If you want to buy a restaurant or bar and you have no experience in this sector, you can try to work in the sector for a while. There are many opportunities to do profitable business in Palma de Mallorca, so browse through different options and get creative. Setting up a restaurant or bar means you have to work long hours, and if you have young children, this could affect your quality of life instead of improving it. Another option is that you opt for businesses that are in transfer, so you will save much of the work.
Plan your business plan
It is important that you create a business plan that highlights the weaknesses, threats, opportunities and strengths of the business for the six to twelve months. When you develop a business from an existing one, try to get this information from the clientele, the workers and the manager. If you are starting from the bottom, do a feasibility study before starting your business.
Budgets and financing
When starting a business, it is important to have enough money to develop it. Anticipate delays and additional costs. As a piece of advice, you should bear in mind that in Spain the self-employed and entrepreneurs pay VAT every three months, but when there is a credit you can wait up to a year and a half until the refund.
Not everything is perfect
When you hear other stories of business gone wrong, think that it can happen to you too. Do not be fooled by those experiences of successful entrepreneurs who did not suffer on the way to success to escape your current circumstances.
Mallorca is one of the best place in Spain to enjoy life if you have enough money and don’t have to work. Earning income without working is quite difficult, as wages tend to be considerably lower than in Northern Europe, so many choose to set up their own business by becoming self-employed. This process is much easier if you follow the recommendations that we have explained to you and you are mentally prepared. With good planning as the pillar of your new business, you will be closer to growing economically and socially in Mallorca.