Starting your own business is a dream for many people – it opens up the possibility of higher earnings, it brings freedom from a regular employment, and doesn’t involve many of the work-related restrictions that go with a regular job. But of course it also comes with a few potential downsides. For one, there isn’t a guaranteed income and you have to begin from scratch. Starting a business in a foreign country poses a few additional challenges.
Before you start your business in Spain, it is a good idea to ask yourself how your business is going to be different from existing business in Spain. Also, is there a market for your business? This initial research will help you start out on the right foot.
Once you’re ready to begin turning your dream into reality, give some thought to the following considerations. These are some important things to know for anyone who is looking to start a business in Spain.
Choosing your business structure
You may consider buying an existing business if you have the capital and want to get started quickly. An existing business that is already profitable will enable you to start earning right away, while avoiding the initial obstacles that go with setting up a new business. It is of course essential that you have your accountant check the details of the existing company first. An alternative business opportunity is starting a franchise. There are many such options in Spain...