Many people have the dream of moving to Lanzarote, and that dream often includes the prospect of working for yourself in a new business. There are many business opportunities on the island which have yet to be exploited, but there are also traps for the unwary. Here are 6 questions which, as an absolute minimum, you must know the answer before you commit to anything.
Can I get the necessary licences to start my business?
To run a business in Spain, you need a licence to trade, and that must specifically state what activities your business can carry out. Whatever you do, don’t invest in product, marketing or anything else until you’ve established that it is possible to trade doing what you plan to do. How easy it can be varies massively according to what you plan to do.
Who is my target market?
You need to be pretty clear about who is going to buy your product or service. Is it island residents? That’s an audience of about 145,000. Is it English speaking residents? We’re down to about 10,000. Is it visitors? A big market – 1.8 million, read more »