Thank you for the feedback Cleo.
I realize that competing with local players would be extreamely difficult and I have no desire to come in there without a relatively good business plan. I was planning on coming in the off season and spending a few weeks looking around the island, meeting some expats by visiting different businesses and possibly even meeting some cypriots in different fields as well.
I have no experience in the restaurant business and I feel, as you say, if you don't have a great idea it is next to impossible to make that work.
I am really considering buying an exisiting property management business that can show a good client base, web presence and customer satisfaction. Other alternatives would be a small bar or small hotel.
My nitche would be to focus on clientele from Russia, Sweden/Norway, UK and possibly the US. My background is Swedish/American and I have good contacts in these countries. I know there are a lot of UK visitors still so that is obviously something worth looking into. Also, my significant is Russian and have formidable contacts in Moscow/St. Petersburg. I have hear that there is a growing population of Russians and visitors due to the relaxed visa procedure- Is this true?
Any help would be greatly appreciated.
Quote:
Originally Posted by Cleo Shahateet
I agree with you to keep the restaurant option off the table, unless you have what it takes to create a world class restaurant that I think is needed or a one of a kind location with good food and service. A place like Cyprus (or shall I say Paphos as that is where I know) the population is small and tourism is also very, very slow during winter months. I was a restuarant owner for 15 years in the US and pondered doing it in Cyprus, I talked to a couple of restaurant owners and saw some stats on a busy restaurant in Kato Paphos and it would NOT be worth it at all when I took into consideration all the operating costs. Same would go for a bar. I am however, running my own business now (not a bar or restuarant), but I have had significant help, referrals and advice from my Cypriot father- in-law which I believe makes a big difference. Doing it randomly without any Cypriot connections would be very difficult.
You seem to have good business sense and are asking the right questions. I would come out for an extended period and investigate more, look around then see how you feel if you have the finances to do so of course and haven't done that already. There are very good locations available now that were not available before this crisis. If you have a good solid business plan (know your business, target market and marketing plan) and the ability to be patient and work things out right then I think any of the options you mentioned including the restaurant could possibly be lucrative.
|