Top 10 Businesses to Start In Jamaica

Now on the regular are bombarded and coerced to start our own business but the questions most budding entrepreneurs face is, What type of business can I start in this economy?
In my life I had to figure this out myself by starting and failing and starting and failing, Oh did I mention starting and failing again. The momentous feeling of starting your own is exciting, thrilling and frightening, Now I will share you 10 Business to start in Jamaica.

1. Tourism                                                                                                                                               Starting in business in this industry may be tricky and expensive but this industry is one of the best flooded with opportunities on our small island with an estimate of over 3 million visitors each year this industry will definitely draw some good business.
2. Construction Business                                                                                                           Now this may not be the norm for individuals everywhere but this is precisely the reason in the construction business there is always opening for builders and engineers team up with some partners and create something big.
3. Waste Disposal                                                                                                                            This type of business requires creativity and innovation, start working on a product that will make waste disposal a problem of the past. This has international potential as waste management is a world wide issue.
4. Energy                                                                                                                                                The energy sector is the place to be creating a business that can ease the pressure of high energy bills is one that the world has been waiting for. This sector is good to be a part of and also very lucrative.
5. Technology Business                                                                                                               The IT business is a growing industry and is needed every where figure out your part to play and start and capitalize on your business.
6. Mining                                                                                                                                                 It is no longer news that Jamaica is a manufacturer of products as marble, calcium carbonate, and limestone. This means that if you have background knowledge of mining or if by chance you hold a degree or have a certificate in the mining profession then you may consider the business of further refining or bagging of products.
7. Housing and development                                                                                                   Housing development is one business you might want to think of going into. There are lots of firms that have been set up who are involved in the planning and development .You can set up your own company or buy an existing one where you can render services for the upscale developments.
8. Creative Industries                                                                                                                   These include animation, television production as well as content creation, now with the popularity of youtube, vine and other mediums creating your own production is literally easy as 1,2,3... this is a international and growing industry for those persons who desire something creative and enjoyable.
9. Agriculture                                                                                                                                    Now this is a a great industry to be apart of despite so many shy away from this career path this is a very lucrative and has the possibility of international growth. The agriculture industry is important to each country and is always needed this business is always open for new minds.
10. Online                                                                                                                                                Now this industry is fairly new to Jamaica and is slowly being introduced, this is concerned with being your own boss and working online from different sites or creating your own opportunities. The online sector is endless and has opportunities for everyone the key is to find the door and open it.

These 10 industries for business opportunities are awaiting eager entrepreneurs. If you need help figure more specifically what kinda of business to start or you are ready to start your business contact me, Business Mogul Consulting 1 876 263 2780 or email info.bmogul@gmail.com for a private consultation. 

10 Reasons to START Your Own Business TODAY!

1. You will never doubt yourself ever again                                                                               Self doubt is one of the major causes of failing before you even start. Starting your own business will offer growth which will aid you in overcoming self doubt.
2.  You will realize that there are so many talented and ambitious people out there You will be surprised by the number for like minded people you will come across, who are talented and able to help you achieve your goals
3. You will wake up every day driven and motivated to go to work.                 Because the business is yours and yours only. You’re not working for somebody else, so work hard and make it happen. The reward will be worth it.                                                                        
4. You will delete the ‘what-ifs’ in your life.                                                            Starting your own business might sound scary but it is a sure way to get rid of what-ifs in your life especially if you’re in your 20s and don’t have a family to feed. You have nothing to lose but a whole lot to gain.
5. You will learn to be independent in your thinking and trust your instinct.              It is a wonderful feeling to feel that every decision you make is solely dependent on you.You don’t need to compromise with different opinions from your boss and your colleagues anymore. You make your own decision and you are responsible for it.
6. You will accelerate your learning curve like never before.                                Before you know it, you will become a lifelong learner who loves the challenge of learning about something new. You will take life as a progressive journey as you do with business.                        
7. You will become more daring and fearless. 

                 Becoming an entrepreneur you will get rid of your self-limiting belief like never before. You will learn that nothing is to be scared of. You will learn that your comfort zone keeps expanding every time you get out of your comfort zone.

You will learn to initiate contacts and approach people. You will learn to make things happen and even if you have no idea about something, you will learn about it in every way you can without doubt and without fear. Over and over, this becomes a habit. You will have built this boldness in you and will become used to getting out of your comfort zone

8. You know what it feels like to truly follow one’s passion. The reward is in being your own boss and in the art of creating something that you truly own and love. You will learn what it’s like to sacrifice external things that make you happy (like drinking and eating out) for things that make you happy internally (like making your business succeed)

9. You will become a man of actions, and not just words.                                                 A lot of people talk the talk but don’t walk the walk. As an entrepreneur you cannot just talk and don’t make actions. You have to keep your words and follow through. In fact, things will not happen unless you make actions.

`10. You will want to do it all over again.

Sliding Dollar, Sliding Economy??

Hard times for Entrepreneurs, with the US Dollar reaching an all time high of J$126 to US$1 Jamaica entrepreneurs and business persons are feeling the burn. The floating exchange rate as we know is set to freely float based on the supply and demand of the currency.
As the dollar slides Jamaica entrepreneurs those especially in the export/import industry or even those just doing business online are feeling the pinch this is the alarming graph which basically describes our position over the pass five years.

Jamaica currency Decline over the past 5 years

There must be some advantage to this drastic system, a few examples of the Floating exchange rate are;

Advantages of floating exchange rates

• Protection from external shocks - if the exchange rate is free to float, then it can change in response to external shocks like oil price rises. This should reduce the negative impact of any external shocks.
• Lack of policy constraints - the government are free with a floating exchange rate system to pursue the policies they feel are appropriate for the domestic economy without worrying about them conflicting with their external policy.
• Correction of balance of payments deficits - a floating exchange rate can depreciate to compensate for a balance of payments deficit. This will help restore the competitiveness of exports. There is a link to Figure 1 below which illustrates the operation of the automatic adjustment mechanism under a floating exchange rate system.

As an entrepreneur living under this system, I must say I am worried this is deeply affecting my business and many others, this has cut many profits whilst still raising the prices. 

These are some of the views of local citizen that were posted on different sites about the topic

"Our dollar in quicksand. Is there a plan?"

"Come on Minister Audley Shaw, step on the brakes and halt the slide, as you promised you would do."

Networking part 4: Closing the deal

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Closing the deal is normally, the least stressful part of this interaction once your approach had gone correctly the closing the deal now becomes a matter of when. Closing the deal means that at the end of this conversation you have now made a new relationship with a potential prospect and you have exchanged contacts with this person.

Now this process has no ups and down once you approach was right and it is fairly simple. 

Once you have the contacts it is now for you to move on with the relationship where it can benefit you. 

Thanks you joining our short series check out our blog for more!

Join our Advanced: Become a Pro Network Membership

-5 Meaningful and Pro filled sessions

-Learning how to Network like a PRO

-One on One Online Sessions

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Networking part 3: How to Approach a Prospect

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Knowing how to approach a networking prospect is just as important as every word you say during this encounter. Networking prospect in some cases should be approach they same way you approach a client as the main reason for this encounter is to sell yourself to them. 

Now this is  5 ways in which you can start a conversation. 

1. Start with a great handshake this will immediate let the person know you are confident, independent and maybe someone they want to have as a contact. Confidence is something persons are drawn to and one you have persons will immediately be interested in you. A great handshake also commands the conversation it puts the person at ease and know its for you to introduce yourself.

2. Begin with a question, this will start off the conversation just fine and have something to break the ice after highs of introductions then conversations normal goes up or down from there, asking a question then gives time to think what is the move and opens the room for limitless conversations.

3.Show some interest and give compliments, persons are always okay with a compliment a compliment not only lets the person feel good but it shows interest and likability. Showing interested by also bringing up something you know about the company the person works, asking for clarification on one of their policies or something will be a big plus to the prospect that type of interest will let the person know you know your stuff and is well knowledgeable.

4.Develop your elevator speech, this is your 3-5 minute introduction of who you are, where you are from, what business you do and how you think it will benefit the prospect. Your elevator pitch will open a door for many questions and a ongoing conversation, there will be much to talk about and a mouthful to share. In the event you do  not have a business of your own develop a pitch about yourself who you are, what you want to achieve and the type of business you see will take you there. This method is sure to open some room for a great conversations.

5.Ask your mutual acquaintance for an introduction, getting someone to "talk you up" is never bad this will break the ice and is a good conversation starter. When you are introduce by someone else it also opens room for a bigger conversation as all the pressure won't be left on you, your acquaintance will also be there to ask questions and make you feel a big more comfortable knowing you have backup.

Come back  Wednesday for Closing the deal

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Join our Advanced: Become a Pro Network Membership

-5 Meaningful and Pro filled sessions

-Learning how to Network like a PRO

-One on One Online Sessions

-Learn from the Pros

-Become a Pro Networker and never miss another lead

Register here:

Cost: USD$5.99

JOIN NOW CLICK HERE

Internship Position (Est. 2-3 month)

Internship Position (Est. 2-3 month)

Available to work 12-15 hours a Week

Flexible

Excellent Communication skills

Between the ages of 18-25

Qualification

Currently pursuing some business major (Business Administration, Entrepreneurship or related field)

Some tertiary education preferred

Preferably student at (UWI, UTECH, UCC, NCU or recognized institution)

Send resumes to info.bmogul@gmail.com

Heading "Internship position"

Networking Part 2: How to set Networking Goals

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Setting Networking goals is basically the same as setting business or life goals. An individual must always go into a networking event with a set of goals, 

       For eg. You are seeking a particular job 

       Network with at least 10 persons

       Get 8/10 business cards

        Find out what are the specific skills you will need 

       Find out how to preparing for getting work in the sector

       

When you have goals or objectives when networking its sets you on a track that will enable success, knowing  what to do and how to do is always helpful. When setting goals you must know what are your reasons for attending a particular networking event once that is known it will be much easier to set achievable goals that will lead to you closing the deal.

As a business person I've seen where persons have complete frozen due to the pressure of networking, which is very critical as a business person or just anyone wanting to reach somewhere in life. Having your goals laid out and knowing your purpose is always a confidence boaster in these situations.

Come back Tuesday for How to approach a Prospect

​

Join our Advanced: Become a Pro Network Membership

-5 Meaningful and Pro filled sessions

-Learning how to Network like a PRO

-One on One Online Sessions

-Learn from the Pros

-Become a Pro Networker and never miss another lead

Register here:

Cost: USD$5.99

JOIN NOW CLICK HERE