Would love to move to Ibiza

I’m looking for some advice about moving to Ibiza from London.

My husband lost his job during covid and it got us thinking how we can turn this into something positive. I have always been really keen to move to Ibiza and I’m hoping this is now our time. After researching the legalities of moving to mainland Spain (this is also a possibility) it seems you ideally need jobs to go to or a considerable amount in earnings each month from an income via Britain.

I’ll be really honest here as only way to get accurate advice. We have calculated that if we sell our home and a rental we have we would have around £900,000 to buy a property and to start a small business in Ibiza. We are hoping if we can find a reasonable property and buy outright, a new business will bring us on enough cash to live comfortably and to put some away for savings etc.

My husband is more keen on Spain as the property is cheaper where as I feel Ibiza is better for our two teens, also might be easier to transfer my business over to Ibiza (I run an events biz). I also love the idea of a smaller island community and the lifestyle. We would also have to pay for 2 children to go to an international school which I understand is quite expensive.

Am I being mad is this possible at all on our money pot of £900k? My events company that I’m hoping to transfer over to Ibiza currently brings in £25,000 -£30,000 per annum here but no idea how well it would do over there with competition etc. I decorate for weddings/parties etc.. I know it would definitely be transferable over to Ibiza but would take time to build up a new customer base and there might be lots of others also offering the same, more research is def needed.

Would love to get some feedback.

Many thanks