Start-up

12 Thoughts on Caribbean Entrepreneurship

1) Get paid. A compelling reason to start a business is to make money. Start a business that earns you money from the first day, even if it at the onset you are only able to reinvest with supplies and marketing.

2) Start out planning for growth. Entrepreneurs are usually thought of as one-person operations but why limit yourself? Expect to grow. Expect to have employees. Do work that you cannot execute by yourself.

3) Solve a problem. Your problem should you choose to acknowledge it, is that you need a job and no one is hiring. Stop the blame game and employ yourself.

4) No limits. So your island has a population of 2000, that’s no reason not to start your venture. Now you’ve got the makings for creating an “exclusive” and “high value” product or service.

5) Get connected. There are others like you. Find them and support their dream. Team up to purchase raw materials or to ship packages overseas. Share showroom or office space.

6) Find a mentor. Why learn everything the hard way? Don’t be afraid to ask for help and ask questions when you need answers.

7) Use technology. Even if you are not interested in going global, you can deploy software and equipment to make your business more efficient. Being able to track your sales, expenses, hours of work will help you to make better decisions on how to grow your business.

8) Solve a bigger problem. Is there an obvious gap in the market? A frequent complaint that has earning potential? Do the research, then solve it for a price.

9) Brag about it. This is not the way most Caribbean people were raised but if you don’t let people know what you are doing, then you are limiting your opportunities to attract new customers and build brand loyalty.

10) Be a pro! I’m not talking about positioning yourself as an expert when you are only getting started. Be a real professional. Show up daily and deliver consistently good service, high value and quality work to your customers.

11) Solve an even bigger problem. When you have an established business and brand with a loyal customer base it gives you leverage and the resources to tackle those issues which have community, sociopolitical and global impact. Championing a cause should never drain your resources or joy. You need to have both to live and thrive.

12) Be a giver. Choosing to wait to champion a cause doesn’t exclude you from giving to others even from your first day. When you give to others (time, money, advice) you are keeping the channels open to receive.

Working ON the Business

There is a difference between working IN your business and ON your business.Work-On-the-Business

IN the business means delivering the solutions you provide to your customers. After all no clients then no income.

However, without time set aside to work ON the business you won’t get further than the proverbial hamster wheel and you may find yourself surprisingly broke.

Working ON the business includes billing clients, collecting payments, restocking supplies, working on your marketing and publicity, and strategising for expansion.

If the two worlds are colliding then it’s time to get help.

Not a numbers person then hire a bookkeeper to help you with managing your accounts and ensuring that your checks aren’t going to bounce. You will also need your financials to report taxes annually and if you ever need to apply for a business loan.

Do the same if you need support with your marketing. While your clients should be your biggest promoters it is important that you have a way of sharing their positive feedback with other potential clients. Does your website include testimonials from happy clients? Are you sharing photos and releasing articles on what your company is doing? Get support with this if you are unable to handle these tasks by yourself.

Even if funds are limited it is important to find a way to do the things that your business needs to grow.

Goldenmedia can support your plans to grow your business. Contact us today to arrange a consultation at solutions@goldenmedia.co.

 

Five More Hot Jobs for Montserrat’s New Town

We got such great feedback from our first article on Five Hot Jobs for Montserrat That You Can Start Now that we had to do it again.Caribbean veggies

Here are five more ideas of jobs that you can start which will be needed in the new town now being developed in Montserrat. These jobs are not only applicable for this island but they may give you some ideas of things you can do where ever you are.

1. Maintenance Company: Set up your own property maintenance firm which can handle the maintenance of villas, the hotel and other properties. Your job will be to secure contracts to provide the services (elevator (depending on size of hotel), electrical, carpentry, plumbing, lawn and gardens, etc) and maintain the high standard of the properties all year round.

2. Market Cooperative: As we focus more on food security, Montserrat needs to connect what the farmers are growing with the local market. Your company could facilitate the products getting into the shops regularly and also restaurants and snackettes. Having a guaranteed market for the vegetables and fruits, farmers can better plan their crop planting. The same holds for those who rear chickens and pigs for consumption. Nothing is worse than needing eggs and none are available to keep your bakery business going; or owning a health food restaurant and you cannot get any fresh vegetables to use in salads.

Party planning3. Event Planner: There are some people who have a knack for planning events. If you are well organised and like to create special moments for family and friends this could be your way to do what you love every day. Plan weddings, family reunions or conference activities and create signature events that people will talk about for years to come.

4. Artist: Creating unique and quality art and craft items can be your ticket to financial freedom. Reports continue to show that tourists are looking for mementos of their travels that are much more than cookie-cutter items they can find on every island. Use locally found materials to create jewelry, clothing, household items that are a reasonably sized for travel (consider changing weight restrictions) which they can pack easily and take back for friends. Your work can cross multiple mediums, including paintings, woodcrafts, and fabrics.

5. Farmers: We mentioned the need for a co-op earlier and so we need farmers now. The Government of Montserrat is encouraging the increase in agricultural production and there is a lot of room for you to become the main source of chicken, meat and fish products, vegetables and fruits to be used in the local marketplace. Build your business and it can lead to export as the new town and port are built. If you are not skilled in the financial and marketing aspects of the business, find help or do more research online to build up your knowledge base. It may not be considered a very sexy job but if it leads to financial freedom what’s unsexy about that?

Learn more about investing in Montserrat and starting a business here by visiting www.mdc.ms or www.investmontserrat.com.

Do you have others you can add to this list? Let’s hear about them in the comments.