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Want to get away from the rat race to start living and working in your desired location?
Inns, boutique hotels, B&Bs, and even restaurants can be great business options if you seek to make a lifestyle change that includes operating a new or existing hospitality enterprise. As a Reuter`s article recently noted, “the COVID-19 pandemic will mean holiday-goers will shy away from larger hotels for the foreseeable future in favor of boutiques and home rentals . . .”
A lifestyle business is defined as a business set up and run by its founders primarily with the aim of sustaining a particular level of income while also providing a foundation from which to enjoy a particular lifestyle. Some types of enterprises are more accessible than others to the would-be lifestyle businessperson. Those requiring extensive capital (think car manufacturing) are difficult to launch and sustain on a lifestyle basis, while others such as small creative industries or hospitality businesses are more practical for sole practitioners or small groups such as spousal teams.
Lifestyle businesses typically are not hugely scalable since this kind of growth would destroy the lifestyle for which their owner-managers set them up. However, lifestyle businesses can and do win awards and provide satisfaction to their owners and customer. Obviously, substantial growth can occur in a hospitality lifestyle business, such as a boutique hotel appealing to an upscale market. This is truer in Panama than many jurisdictions due to factors such as
The potential is great. As one recent article on the boutique hotel sector noted in February, 2021:
"Small stays and boutique hotels are already starting to see a surge in demand. Going by feedback from property owners, most guests prefer to stay in smaller properties to keep pandemic worries in check. It seems the preferences are towards properties with open spaces, without central air-conditioning, and for rooms with balconies that allow fresh airflow. Besides, many guests are opting for boutique hotels for personalized holiday experiences that make their stay more memorable and unique."
Panama has a number of spectacular opportunities for making that switch and starting your new lifestyle business! Whether you are seeking out Pacific beaches, a spot in the Caribbean paradise of Bocas del Toro, or a mountain hideaway with a cooler climate!
Charlie Leary’s services extend not just to searching for the appropriate property and/or business, but also assisting in analyzing the numbers and advising on operations, marketing, revenue strategy, and the like. He can also advise on the details of starting a hospitality business from scratch, including building your dream hotel or B&B.
“I have a list of confidential hospitality properties as well as developable land now on the market that current owners do not necessarily want publicly advertised. So please contact me with your ideas, requirements, and dreams!” he stated. Panama has a rich diversity of possibilities on offer!