Buy a Bar in Spain | What you Need to Know
Buy a Bar in Spain | What you Need to Know
Buy a Bar in Spain: I’m sure at some point we have all sat in a bar, sun beaming down, glass in hand, thinking ‘this is the life’.
As you watch the world go by, relaxing, worlds away from home and work, then that thought pops inside head, i’d love to own a bar in Spain.
Many resorts in Spain are well catered for the British, you are never far from hearing an accent you would expect to find back home.
Could you give up the 9 to 5 job back home, relocate with the family?
I mean it is only a short flight and it’s not like the other side of the world is it?
Is the grass greener on the other side? I mean how hard is it actually to buy a bar in Spain and run one?
Well, the buying part is pretty straight forward if you go through the proper channels, running one and making a profit is a completely different story!
How to Buy a Bar in Spain
Research! That is the first and foremost thing you should be doing before handing any money over towards buying a bar in Spain.
Remember it’s not just a case of going on the internet and picking out the cheapest, there are so many other factors you need to take in consideration.
First thing you need is a budget, one that you are prepared to lose, as harsh as that sounds, not every business will be successful.
Along with a budget for the bar in Spain, you need to factor in legal costs, payments due to the local authorities, stock, wages, marketing and insurance payments.
As well as a budget for the bar, you will need one for relocating, rent/mortgage payments, transport, living costs.
A third budget is also advised for viewing bars in Spain, flights, accommodation and general costs to cover food and drink.
Key Points to Buying a Bar in Spain
Location, this is a huge factor when you are looking to buy or rent a bar in Spain, even as little as two streets apart can see a huge difference in profit.
If we use Benidorm for example, bars on the main strip and square have been there for years and are well established.
Just a few streets away you see bars changing names and owners every few years, this has nothing to do with the owners, just the location and foot traffic.
Start up costs are very expensive to get a bar up and running, this could lead to doing most of the work yourself, long hours and no days off to save on wages.
For those thinking of buying or renting a bar with a young family, schools and colleges will need to be found.
Again with the research of a bar, you will need to remember that this takes time and money too.
You have to make a profit!
As daft as that sounds you are worlds away from the dream of owning a bar in Spain and it being sangria on the terrace everyday.
Save these ideas for a well earned day off, no profit means no long term security and this could wipe out your budget and having to return back to the UK.
It’s not all doom and gloom, it would be wrong to say it was as easy as 123 but if you are sensible with a budget, RESEARCH everything then it will pay off.
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