Citizens from all corners of the globe are embracing the entrepreneurial spirit. And the reality is that establishing a business and be your own boss has never been easier. In that sense, Spain is an ideal location to start your own project. As a result, many foreigners begin their new lives in the nation in order to pursue their new business objectives. However, vast majority have no idea where to begin. The most difficult question is: What type of business should I start? What are the most promising business and investment prospects?
Before starting with the business, or any venture of your own, it is necessary to take a self-reality check. What all do you need for starting up a business? Capital/Funds? Office space? Legal documentation? Employees? Idea? All of it? Well, the most important of it all is you need a thorough understanding of the nuances of business, the industry, the sector, economic bindings, strategies, understanding the flow of information, building business processes, devising suitable feasibilities for the penetration and tapping markets, etc.
As they say Entrepreneurship drive and passion is in-built and intrinsic but skills can be taught and honed for a successful startup and a prosperous and long and lustrous innings!
And these skills are best learnt in early stage of your career building. Say you have a high-school Entrepreneurial dream to pursue then I say invest into a degree that teaches you right out of the books what you need to keep your dream alive. Earn and learn a degree of BA (Hons.) in Business Management & Entrepreneurship with first two years of fundamental learning at C3S Business School, Barcelona and for the final year at University of Sunderland, UK.
It’s important to be a smart businessman as much as a good businessman. Rather than to shell out more funds for doing a degree course in UK with a humongous cost of living expense for 3 years, it is better to get the same degree by doing foundation years in Barcelona at C3S Business School, which has one of the most competitive fee structures in the league of premium business schools, and for the final year top-up go to Sunderland and get the UK degree at almost 1/3rd of actual cost of being in UK.
Now let’s discuss the vital elements to keep in mind before you think of starting your business in Spain.
Keeping these three concepts in mind will make running your own project a breeze:
Concentrate on a certain specialty: You can’t afford to have everyone as a customer, regardless of the industry in which you’ll be starting your business. The objective is to specialize and target a small, homogenous set of clients. If you were to start a restaurant, don’t open one that serves Mediterranean cuisine. Open a Mediterranean restaurant that caters to vegans.
Add a technical and creative element to the mix: And this is really significant if you want to obtain Spanish residence while establishing your business. Not all business concepts will succeed in this situation. Your company plan should be based on something that requires a lot of technology and innovation. Online businesses are frequently a good match for this.
Avoid expenses by acting as a mediator: When you look at the most successful businesses today, you’ll see that many of them have a business strategy that doesn’t entail a lot of internal expenditures. Airbnb, for example, has no maintenance expenditures while being in the housing rental market. That’s because it’s a mediator, and the buyer/seller is responsible for such charges. The same is true for sites like Skyscanner, Booking, and eBay.
If you found this article useful then stay tuned for the Part 2 of it –
5 Easy ideas to start up a Business in Spain
Get in contact with us on info@csss.es today for a career plan roadmap, let us know your dream and we will help you achieve it!
Written By:
Pooja Shah is more than a decade old in the education industry with roles ranging from Professor at a B-School to Foreign language facilitator in China to Content Strategist for an education giant. She is passionate about educating and inspiring the world with generic and specific topics relating to her industry with authentic and accurate information. She heads the Digital Content and Engagement department at C3S Business School.
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