Good ideas for turn-key business buys in Cyprus?

[BeachLover]

Hello forum,

I am planning on leaving "ordinary life" and looking into several coastal/island habitats. Cyprus looks quite interesting but before I take the plunge anywhere I was hoping to get some feedback from all you in the know!

What are some good turnkey businesses that may be for sale right now and where would be good locations for them?

I am especially interested in property mangment businesses, simple bar locations (no restaurants) or possibly a smaller no-frills hotel because I have experience in these areas.

I do not mind industries that seem to be casually affected by the global recession but of course the statements by some that tourists have been declining since 2004 is somewhat alarming. Thoughts?

I apologize in advance if I am rehashing old questions. I did some preliminary digging but couldn't find anything up-to-date or exactly on point.

[andyrogers]

[QUOTE=BeachLover;156025]Hello forum,

I am planning on leaving "ordinary life" and looking into several coastal/island habitats. Cyprus looks quite interesting but before I take the plunge anywhere I was hoping to get some feedback from all you in the know!

What are some good turnkey businesses that may be for sale right now and where would be good locations for them?

I am especially interested in property mangment businesses, simple bar locations (no restaurants) or possibly a smaller no-frills hotel because I have experience in these areas.

I do not mind industries that seem to be casually affected by the global recession but of course the statements by some that tourists have been declining since 2004 is somewhat alarming. Thoughts?

I apologize in advance if I am rehashing old questions. I did some preliminary digging but couldn't find anything up-to-date or exactly on point.[/QUO

give up now mate if the cyps can't keep a bar going you got no chance. sorry but thats how it is at the mo.

[BeachLover]

I can definately understand that opinion. Any other ideas?

I am relatively financially independent- meaning I have sources of passive income. So if this is a one-two year low but will pick up it is not a problem. I would rather buy a business when people are trying to sell.

Also, I have connections with people in Sweden, US, Russia which may help acquire a good customer base.

Please advise if you have any ideas! Really appreciated.


<[quote=andyrogers;156060]

Originally Posted by BeachLover

Hello forum,

I am planning on leaving "ordinary life" and looking into several coastal/island habitats. Cyprus looks quite interesting but before I take the plunge anywhere I was hoping to get some feedback from all you in the know!

What are some good turnkey businesses that may be for sale right now and where would be good locations for them?

I am especially interested in property mangment businesses, simple bar locations (no restaurants) or possibly a smaller no-frills hotel because I have experience in these areas.

I do not mind industries that seem to be casually affected by the global recession but of course the statements by some that tourists have been declining since 2004 is somewhat alarming. Thoughts?

I apologize in advance if I am rehashing old questions. I did some preliminary digging but couldn't find anything up-to-date or exactly on point.[/QUO

give up now mate if the cyps can't keep a bar going you got no chance. sorry but thats how it is at the mo.

[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.

[BeachLover]

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.

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.

[Veronica]

Originally Posted by BeachLover

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.

Hi BL,
To be honest with you I think that there are so many property management businesses (many of them operating under the radar aso they can charge low rates) that I really don't think at this time it is the direction to go. We know of many such businesses that are struggling to get enough clients to make ends meet.
Bars also are ten to the penny but if you can come up with something a bit different to the usual run of the mill type expats bar maybe you could make that work.
Perhaps the best idea would be a small hotel if you have experience in that field.
Have you thought about the possiblity of an eco tourism type hotel? That is something which is lacking in Cyprus with most of the focus being on beach holidays but there opportunities for specialist holidays for bird watchers, hikers, etc.
Just a thought.

Veronica

[BeachLover]

Hi Veronica, thanks for the feedback.

You confirm my fears, of course Perhaps those businesses are not functional at the moment.
The bar idea would be themed - I have a theme that does not seem to exist in Cyprus but my friend has used in another beach resort location (including a once and hour "show") and I think it would be successful if in the right location (ie: Ayia Napa or similar). However, I agree with you- there seem to be a few too many bars there from what I have read! Same problem for most in Thailand I assume. I will have to venture out there to see... not so bad

The eco tourism idea is an interesting nitch- I will look more into that. Thanks for the idea! Do you know any current types of tourism ventures like that (perhaps ourside Cyprus) that I can try to read about?

Originally Posted by Veronica

Hi BL,
To be honest with you I think that there are so many property management businesses (many of them operating under the radar aso they can charge low rates) that I really don't think at this time it is the direction to go. We know of many such businesses that are struggling to get enough clients to make ends meet.
Bars also are ten to the penny but if you can come up with something a bit different to the usual run of the mill type expats bar maybe you could make that work.
Perhaps the best idea would be a small hotel if you have experience in that field.
Have you thought about the possiblity of an eco tourism type hotel? That is something which is lacking in Cyprus with most of the focus being on beach holidays but there opportunities for specialist holidays for bird watchers, hikers, etc.
Just a thought.

Veronica

[Veronica]

Originally Posted by BeachLover

Hi Veronica, thanks for the feedback.

You confirm my fears, of course Perhaps those businesses are not functional at the moment.
The bar idea would be themed - I have a theme that does not seem to exist in Cyprus but my friend has used in another beach resort location (including a once and hour "show") and I think it would be successful if in the right location (ie: Ayia Napa or similar). However, I agree with you- there seem to be a few too many bars there from what I have read! Same problem for most in Thailand I assume. I will have to venture out there to see... not so bad

The eco tourism idea is an interesting nitch- I will look more into that. Thanks for the idea! Do you know any current types of tourism ventures like that (perhaps ourside Cyprus) that I can try to read about?

I cant think of any off hand but I am sure you could find some ideas for eco tourism by googling.
Cyprus is well known as one of the best places in the world for bird watching being on the flight path to Africa from europe.
Also many people come here for the wonderful walking trails in the hills.
A nice little hotel catering for these type of people with an eco friendly theme might be a good way to go.
Inland property is much cheaper and you could probably find something which would lend itself to converting into a hotel without it costing an arm and a leg.
One of the villages on the road up to the troodos mountains would be an ideal location for a project of this kind. If you were half way between troodos and the coast your guests would have the best of both worlds as they could pop down to the coast or up into the mountains in a short drive.
Anyway it is something to consider and as I say I am sure you could get some ideas by googling.

Veronica

[BeachLover]

Originally Posted by Veronica

I cant think of any off hand but I am sure you could find some ideas for eco tourism by googling.
Cyprus is well known as one of the best places in the world for bird watching being on the flight path to Africa from europe.
Also many people come here for the wonderful walking trails in the hills.
A nice little hotel catering for these type of people with an eco friendly theme might be a good way to go.
Inland property is much cheaper and you could probably find something which would lend itself to converting into a hotel without it costing an arm and a leg.
One of the villages on the road up to the troodos mountains would be an ideal location for a project of this kind. If you were half way between troodos and the coast your guests would have the best of both worlds as they could pop down to the coast or up into the mountains in a short drive.
Anyway it is something to consider and as I say I am sure you could get some ideas by googling.

Veronica

Great! I will look into that possibility.

[Cleo Shahateet]

A themed or speciality hotel like eco tourism is a great idea. There are too many bars so I personally wouldn't do that one. Targeting the US market if you get a hotel is hard as getting here from the US is so expensive, far and there are so many less expensive, great holidays either closer or less expensive from the States. If you get into property management or sales it is different as there are more Greek Americans wanting to move back, invest for when they do move here or as a holiday home. If it is not too costly then add it to your marketing of course but I don't expect a big return from that area. There are more and more Russians coming over that is true and a great market to target - great if you already have connections there and a partner that speaks Russian too!