Recent months have been challenging for Spain, with political and economic uncertainty leaving many traditionally ‘safe’ options for income in a difficult position. Even toy companies are struggling, as toy exports to the United Kingdom have fallen thanks to Brexit worries.
If you’re looking to build a sustainable business at the moment, then it could be time to turn away from those traditional companies and look to technology, so that you can be agile andreach customers anywhere.
Online Marketing Gives Up and Coming Entrepreneurs a Chance
Online marketing is something that is accessible to anyone, although there are sometimes some pitfalls. In 2016, a 12-year-old from Alicante ran up a EUR100,000 bill with Google for AdWords. The youth had mistakenly thought that he was signing up for AdSense, which pays users to display advertisements on their content. Instead of inserting ads into his music Vlog on YouTube, he had been promoting the videos he was making and had racked up a substantial fee for the ads that were displayed on other people’s content.
Google canceled the bill, noting that the account holder was too young to have an account and that there should have been more checks carried out and restrictions put in place. The youngster’s mistake, however, highlights exactly how easy it is to get started with online advertising and marketing. Yes, it is easy to make mistakes but it’s also so easy to get started that even a child can do it!
Flexible Online Selling Opportunities
If there’s one area where Spanish entrepreneurs have a golden opportunity, it is dropshipping. With the right products and a bit of determination, it is possible to make some decent money drop-shipping. There are fewer overheads with dropshipping compared to running a traditional online store and you can quickly and easily experiment with different kinds of marketing.
The beauty of drop shipping is that you can add as many products as you want and there are no limits to storage. You don’t have to worry about order fulfillment either. Of course, finding the perfect dropshipping products isn’t always easy, but once you have a better understanding of how the dropshipping model works you will be able to figure out more easily how to find good dropshipping products and what makes a good supplier.
Trending Products Makes a Rags to Riches Story
Now is a great time to be an entrepreneur in Spain. There are some amazing success stories which are proof of this. Take Jaime Novoa, for example. They were a startup journalist, and they now work as a Venture Capital Analyst at a company in Madrid called K Fund. This company works with innovators in Spain and helps them to get the capital that they need to get going.
Not every would-be entrepreneur needs venture capital. It is possible to get started with drop shipping without spending a fortune because the overheads are so low. If you can find a supplier that allows you to place just a few orders at once then your profit margins will be very thin but that doesn’t matter in the early days because you can use the money you make from one set of sales to build up enough savings to move on to a better supplier, and rinse and repeat.
Scalability is the most important consideration with drop shipping, and there are many businesses that have already gone down that route and enjoyed a lot of luck. Novoa favors B2B companiesfor his Venture Capital investments, and has already invested in a lot of those compaies.
K Fund has seen some amazing successes, with Ticketbis being acquired by eBay, and some other companies such as SocialPoint and Privalia selling for hundreds of millions of euros. Typeform and Carto are two other high profile Spanish brands. Could you be the next big startup in Spain?
There is some panic right now because of the uncertainty surrounding Brexit, but outside of the finance sector things may not actually be too bad. Companies that offer good products and good service will always be in demand.
That is not going to change just because of some border issues. Yes, there may be some short-term pain, but that’s another reason why it is useful to have a company that exists more online than off. An online company can shift its focus and alter its target audience with a few keypresses and some fresh content.
There are no hefty premises to worry about and there are fewer challenges with staffing too. When it’s just you in your bedroom starting out you have the freedom to do whatever you need to do in order to succeed based on the current economic climate and the current challenges. Don’t forget that. Embrace it, and become the next Spanish success story.