Those that follow my posts know that at some point there will be a major upheaval for my entire family relocating to the Algarve in Portugal. This is a must do and is not an if, but a when with the family already buying into the idea. Staying in South Africa is financial suicide long term and I do not see a bright future for my kids or grand kids.
Moving to Portugal is not without it's challenges even though we can keep the business running here guaranteeing some sort of monthly income. at is e sort term solution, but how sustainable will that be with a Rand that is depreciating at an alarming rate. Wen the Rand drops by 10% in value we need to be earning 10% more so that means growing the business by 10% just to maintain parity.
What is a must is being able to earn locally in Portugal so the eggs are not all in one basket which ultimately means starting a new business venture. I have a few ideas that I checked out on my first visit to the Algarve in February which I do believe would work.
I have since added a few more revenue ideas with businesses more aligned to the tourist season. A town like Vilamoura may only have 10 000 inhabitants, but the Algarve had over 5 million tourists during the 4 month season being June - September. The number of Hotels in Vilamoura tells you hundreds of thousands of tourists flood the region annually. Tapping into this is where my head is currently and once I have done some costings I will have some answers.
Finding a business that helps service the tourist industry is what I am looking into by adding something that may already be operating, but taking it to another level removing the competition. I sill have time to think this through with another planned visit to the Algarve in January next year. This time the entire family will be coming and maybe they will see opportunities that I may have missed. There are opportunities everywhere if you look properly and the trip completed in February was no holiday and I am still working through the list and have made some enquires locally and in Portugal.
Not all ideas are good ideas and the only way to find out is by doing thorough research of ow much investment is required with the projected return which is all done by costings. I am always open to new challenges which is what makes life interesting and never dull. Retiring was never in my blood because I actually enjoy staying active and who does not like earning money.
I have to admit when visiting the Algarve in February what threw me was how small the area actually is. In South Africa you forget how big the country is and driving for 2 hours is not a big deal and we often drive 5 or 6 hours without a thought. If you drove 5 hours in Portugal you would be in another country so the distance part definitely was something I have to get used to.
This for many may seem like a daunting task, but I have no other choice and just have to get it done. Maybe age and experience has helped as there is literally no worries or concerns on my part as whatever business that is set up has to be successful and this is not something I will gamble on. Having some type of income coming in creates less pressure and will allow whatever the business is time to grow.