So you want to start a business in Tenerife? I don't blame you! There are many profitable
businesses in Tenerife from Bars, Restaurants, Printing Companies, Estate Agents
and many many more.
Most people come to Tenerife to start a business with little or no experience in
what they are hoping to do.
A coach driver and his wife was a nurse came out to
start a bar and now run one of the busiest bars in Las Americas - so it just goes
to prove that you don't necessarily need to have experience to run a successful
business.
Hard work, detemination, endless rows with your spouse and good legal advice to
start with are a few of the main ingredients you'll need
Other useful points that can work in your favour are:
- Most of the Tenerife Businesses - Bars - restaurants etc enjoy a good 12 months
trading per year.
- There are good Tax and other incentive benefits for business gowth.
- There is flexibity and choice of Module Tax for Bars & Restaurants.
- Accountancy charges are reasonable compared to the UK.
- The lifestyle - (isn't that what you came here for?) - is safe and secure for business
people.
- Good effective policing ensures the crime rate stays low in Tenerife.
- Predominantly a cash driven society therefore there is little credit expected or
given and therefore fewer credit liabilities.
Tenerife has grown rapidly over the past 20 years into a first class international
destination catering for all nationalities and has created in its path a wealth
of business opportunities.
The excellent climate and relaxed and safe pace of life here ensures that running
any kind of business can be both rewarding and satisfying - if you get it right
from the start.
Seven Deadly Sins - and how to avoid them.
- Read on - There will be failures, but read on to ensure you aren't one of
them.
- Don't be naive - Do Not commit to anything before thoroughly researching
your venture.
- Budget and Planning -make a business plan you'd have to do one in the UK
so why not here - try to work out your total costs to run your business and then
find what your sales 'break-even' point is to survive - is it reachable - is it
surpassable?
- Legal - It is not worth skimping or trying to save a few pounds by not getting
everything you need legally including opening licenses etc - its not worth it, you'll
pay heavily in the end if you don't.
- Professionals - Use a qualified Gestor/Accountant and let them guide you
through the ins and outs of buiness law in Tenerife.
- Don't Run Out - Ensure that you have enough working capital to both run the
business and survive personally until the business is self supporting- if you haven't
don't chance it on increasing sales.
- Service with a Smile - it will take time to build up a reputation
but remember the public are your bread and butter and service with a smile will
ensure repeat business through word of mouth.
Contact us in the first instance for a full guide to
Buying a Business in Tenerife if you are thinking of setting up a business
on the island.
Visit our Property Search to see a selection of the businesses
that we can offer for sale both freehold and leasehold.