For both UK and residents elsewhere in the EU, establishing your own business or working remotely from home are unrestricted practices in Spain, provided that you comply with both local and national business operating standards and you pay your taxes due when necessary. One of the most common business practices in Spain is to simply rent out your property for holiday purposes when you’re not spending time there. Another popular choice is to convert your new home abroad into a bed and breakfast, which can reap handsome financial rewards. Once you get to know the area very well you could consider a property finding service – but you really do need to have integrated well into the tow to make a success of this.
If managing a rental or owning your own bed and breakfast doesn’t float your boat, it doesn’t mean you’re options for
operating your own business are exhausted. Purchasing a franchise or an existing company or small local enterprise is a viable option in addition to creating your own start-up business. However, these business options can be a bit of a gamble; but if you’re experienced with running a particular type of business, this could be a viable method of maintaining a fruitful lifestyle in Spain.
It’s important to remember that aside from economic conditions, it can be difficult to establish a business in Spain when you’re not originally a native to the country, as language barriers, along with employment and tax regulations may not be in your best financial interest. It’s also important to consider the logistics related to launching your dream job to earn your living. Running a restaurant or a bar is a highly sought after option among Spanish expats. However, approaching this business option will require savvy research and dedication to establishing a desirable establishment that’s sure to be a success.
Considerations when choosing a business
Some important considerations to make are: Who are your competitors? To whom does your business cater? Will business be seasonal? How will you manage suppliers and staffing? If you have a business partner, how will this venture affect your relationship? Realistically, how many hours can you dedicate to working each day? Are you willing to give up your weekends to work? Once you’ve honestly answered these types of questions, you’ll have an improved idea of whether running a Spanish pub or restaurant is the appropriate choice for you.
An ideal option for stay-at-home parents is to launch an online business. If you can successfully sell a service or a product online or if you have a special skill that would be useful when applied online, allowing you to work on these projects remotely from home, this option can be both convenient and profitable for you! Writers, editors, computer programmers, project managers, graphic designers, accountants, or those who conduct telesales can successfully run a business from home. These flexible employment choices allow you to select the workloads you can successfully accommodate, according to your own personal needs.
It’s important to make sure that your local market competition isn’t too steep, because your goal is obviously to turn a profit that allows you to support your lifestyle financially. It’s imperative that you conduct extensive research with regard to the need for employees with regard to your choice of employment. Keep in mind that Spain exhibits unemployment rates at the current time that are significantly higher than the unemployment rates in the UK. Therefore, the job market is presently quite saturated.
Whatever your employment choice might be in Spain if you choose one at all, be sure you know exactly how you’re going to support yourself with a steady income and how you’re going to pay your taxes prior to departing from the UK to Spain. The smartest way to achieve this task is to consult a reputable financial advisor or other expats in your chosen area who are maintaining a reasonable lifestyle while working in Spain.