# Good ideas for turn-key business buys in Cyprus?



## BeachLover (Jun 28, 2009)

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.


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## andyrogers (Jan 7, 2009)

BeachLover said:


> 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!
> 
> ...


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## BeachLover (Jun 28, 2009)

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.


<


andyrogers said:


> BeachLover said:
> 
> 
> > Hello forum,
> ...


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## Cleo Shahateet (Feb 23, 2009)

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.


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## BeachLover (Jun 28, 2009)

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.



Cleo Shahateet said:


> 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.


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## Veronica (Apr 5, 2008)

BeachLover said:


> 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.
> 
> ...



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


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## BeachLover (Jun 28, 2009)

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?



Veronica said:


> 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.
> ...


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## Veronica (Apr 5, 2008)

BeachLover said:


> 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
> ...


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


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## BeachLover (Jun 28, 2009)

Veronica said:


> 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.
> ...


Great! I will look into that possibility.


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## Cleo Shahateet (Feb 23, 2009)

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!


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## BeachLover (Jun 28, 2009)

Cleo Shahateet said:


> 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!


Thanks for the feedback Cleo. I'll keep that in mind. I think the first step is to actually visit since at the moment all I am going on is what I have heard from friends, etc


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## Veronica (Apr 5, 2008)

BeachLover said:


> Great! I will look into that possibility.


The other thing that I forgot about is the skiing in the winter. If you were halfway between the mountains and the coast it is about 45 mins to the ski slopes and 45 minutes to the beaches so skiers could spend the morning on the slopes then come down to the coast to enjoy the beaches. So that way you would still have clientelle in the winter.
I agree with Cleo that targeting the American market would probably not yield great results but the Swedes, Norwegians, Germans, Dutch and of course eastern europeans as well as the British would be worth targeting.

Veronica


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## Lazer (Feb 11, 2009)

*Birdwatching*

Hi,

When I was in Paphos in April we stayed at the Kissos Hotel and there was a group of twitchers there consulting their bird notes each night in the bar. They travelled out to various places to view the birdlife each day and I'm sure if there was enough demand for it you could make it a feature eg prizes for spotting the rarest birds, consultations on the best viewing equipment etc (they had some serious gear with them!) However, I would imagine that people like that would all want to come during the migratory season, so as Veronica said you'd need another focus for the quieter months.

Some of my friends/family are into cycling. I would think Cyprus would be a good place for cycling holidays in the winter months as it's so much milder than the rest of Europe, that might be another market to tap into. Triathlon club members are fanatical about bikes! You could plan routes, offer bike hire/bike servicing etc etc.

Lazer


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## Veronica (Apr 5, 2008)

There would be loads of possiblities of groups that could be targeted. The sort of people who dont want to stay in beach holiday type hotels but want to experience other types of holidays.
Mountain biking, hiking, rock climbing, bird watching, skiing, loads of possiblities.
If these things were offered in an eco friendly environment it would be a big bonus.
By offering a wide range of activities there should be a steady flow of clientelle all year round


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## BeachLover (Jun 28, 2009)

Veronica said:


> There would be loads of possiblities of groups that could be targeted. The sort of people who dont want to stay in beach holiday type hotels but want to experience other types of holidays.
> Mountain biking, hiking, rock climbing, bird watching, skiing, loads of possiblities.
> If these things were offered in an eco friendly environment it would be a big bonus.
> By offering a wide range of activities there should be a steady flow of clientelle all year round


I am liking this idea more and more... Lazer- I think the bike and hike route maybe a great add on.

Now I just have to find an ideal location


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## Veronica (Apr 5, 2008)

BeachLover said:


> I am liking this idea more and more... Lazer- I think the bike and hike route maybe a great add on.
> 
> Now I just have to find an ideal location


I think that Swedes, Germans, Dutch, Norwegians etc would jump at the chance of this sort of holiday as they don't tend to be into beach holidays as much as the Brits are.
When we are up in the hills we often bump into hikers etc who almost always turn out to be German or Dutch.


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## BeachLover (Jun 28, 2009)

Veronica said:


> I think that Swedes, Germans, Dutch, Norwegians etc would jump at the chance of this sort of holiday as they don't tend to be into beach holidays as much as the Brits are.
> When we are up in the hills we often bump into hikers etc who almost always turn out to be German or Dutch.


It is pretty amazing that you can skii in cyprus. Where exactly is that location?


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## Veronica (Apr 5, 2008)

BeachLover said:


> It is pretty amazing that you can skii in cyprus. Where exactly is that location?


In the Troodos mountains. There is usually good skiing in February and march and sometimes it starts in January and goes on until the beginning of April.
We love to go up in the winter to see the snow and watch the skiers, then we have lunch in one of the tavernas in Platres and then drive back down to the coast and stroll along the beach and do a bit of sunbathing.
Its a great life

By the way you have a pm.


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## teandto (Jan 6, 2009)

[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). 


Its worth remembering that in Cyprus its often not what you know but who you know and it can be very difficult as an outsider to make a success of something such as bar, especially in areas such as Ayia Napa where most bars are run by just a handful of organisations. 

The hotel idea could work for you if you did a lot of homework into your target market and had exceptionally good marketing of it, with the financila crisis tourism is down in general but niche markets are still doing well. 

You really do need to come over and spend some time on the island first though to give youself a proper idea of what its like and how things work.


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## BeachLover (Jun 28, 2009)

Cleo, I completely understand what you mean. It is a pretty similar situation in other vacation places I have visited (eg. Thailand) and locals may not be so keen on new blood coming in and setting up shop. If I were to go the bar route I was a) planning on doing a low key place but in a good locations, b) focus on the day time crowd and c) look into that as a secondary business AFTER I already have some steady income stream from somewhere else. 

Also, I would make sure to meet with some local players first and try to make nice first. But thanks for the heads up!


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## Andy Papas (Jul 11, 2009)

Hey mate retirement villages are the going thing in OZ. Cyprus with its retirees must sure make it a good business.


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## Veronica (Apr 5, 2008)

Andy Papas said:


> Hey mate retirement villages are the going thing in OZ. Cyprus with its retirees must sure make it a good business.


There are already at least 2 retirement villages planned for the Paphos area. 
The outlay for such a development is huge and the ones I know of will have extensive facilites for recreation and also healthcare facilites.
It is not a venture that anyone who dosnt have a very large bank balance or good backing should consider.

Veronica


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## Andy Papas (Jul 11, 2009)

Veronica said:


> There are already at least 2 retirement villages planned for the Paphos area.
> The outlay for such a development is huge and the ones I know of will have extensive facilites for recreation and also healthcare facilites.
> It is not a venture that anyone who dosnt have a very large bank balance or good backing should consider.
> 
> Veronica



Thank you Veronica,

We live in the year 2009, obviously I didnt mean tents and portable toilets. But as Mr. Beach lover mentioned he does have the right contacts and investors.

So start thinking and use your real estate knowledge by finding an appropriate vacant land and also do some home work on wheter the Cypriot government or even the local govt gives grants for such facilities.

Such facilities can also be sponsored by various clubs.

We live in an era where the population is getting older and not younger, the government knows that and have grants in place for such projects.

Also, as for recreation all you need is some quiet spot that hasnt been spoiled as yet. No basketball, or soccer fields are required. We are talking about seniors - not kids.

For medical facilities the hospital is within 15 mins from anywhere in Paphos, obviuously a trained nurse will always be on the premises.

Furthermore, the kind of people the planned villages you are talking about will probably be to expensive for the average person.


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## Veronica (Apr 5, 2008)

Andy Papas said:


> Thank you Veronica,
> 
> We live in the year 2009, obviously I didnt mean tents and portable toilets. But as Mr. Beach lover mentioned he does have the right contacts and investors.
> 
> ...



You say you are originally from Aus and living in Aus.
Are you now living in Cyprus or still in Aus?

For one thing I will not use this forum to tout for business, I simply give advice and my opinion as I see it and my observations were that as there are at least 2 retirement villages already in the planning stages there probably isnt the call for another one at the moment.
Bear in mind that the wheels of governnment grind exceedingly slowly in Cyprus so planning consent would take a long time to come and even if Beachlover has the wherewithal or the backing for such a venture it would be many years before he would be likely to recoup a single penny.
In my opinion it would not be a viable option.

Veronica


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## BeachLover (Jun 28, 2009)

Veronica said:


> You say you are originally from Aus and living in Aus.
> Are you now living in Cyprus or still in Aus?
> 
> For one thing I will not use this forum to tout for business, I simply give advice and my opinion as I see it and my observations were that as there are at least 2 retirement villages already in the planning stages there probably isnt the call for another one at the moment.
> ...


Thank you both for your input, I don't think there is any need for hostility. 

You both make good points, perhaps there is an opporunity with this but I think it would be extremely costly. More interesting would perhaps be a 10-12 apartment complex that you can rent out to people including retirees for longer stays without all the frills an costs. I have found some suitable places. Mr. Papos I will contact you to here what you have in mind. 

Were all here to make a bit of money, no other reason, so let's just keep that in mind.


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## atw26 (May 23, 2009)

the ecotourism idea brought the dog-friendly hotel idea to mind. Apparently, there isn't a pet friendly hotel on the island. Truthfully, I find this difficult to believe as I thought for sure there was one in Paphos and then on another pet-friendly website I thought I saw one in Larnaca listed but I digress. My friend was bemoaning this fact as every time she wants to get away she has to find someone to take care of it.

Another type of hotel that seems to be lacking is the low-cost one for the independent traveller. Paphos has a couple of hostels, Limassol has a guesthouse, Larnaca used to have a hostel but not sure what the status is on that, and Nicosia has a hostel and some apparently dodgy cheaper accommodation.

To add to the bike idea, the Cyprus Tourism Organisation is definitely working on and promoting their Cycling Routes. They have a nice brochure listing them I believe and I've seen pergolas they're using as rest points and seemingly too-narrow cycling lanes in the mountains. Along this vein, this Cyprus Mail article may interest you: http://bit.ly/o2cDG


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