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

-Learn from the Pros

-Become a Pro Networker and never miss another lead

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Cost: USD$5.99

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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

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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

Networking Part 1: Creating meaningful networks

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Creating meaningful networks

At any networking event once you are there, there is always a unlimited pool of prospects to engage with but a popular mistake people make is knowing who to talk to. The person you want to engage in long conversations with is something on your list, "Dont tell me you came to a networking event without a list" you dont need to know who will be at the event because you should know what you want to get out of this event. How to create meaningful networks, knowing what your business about is essential, that is how you will be able to create meaningful networks and come prepare with your list do not just go around talking to any and everybody, have a tailored list of persons you are interested to have as contact that will benefit your business. Ever so often when business events are held you go around and talk to as many perons as the night permits but leaves an impact on NONE, creating a impact is key in getting this person to actually remember who are. Meaningful network prospects are those few whom you have made an impact on or they have made an impact on you. 

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When creating a meaningful prospect make sure you have something to SAY, something sensible to say the least. I can tell you that in my experience I have met some big names and after the introduction I froze and had nothing else to say, mind you the other person could have continued the convo but when you are at the bottom and they are on top it is up to you to prove yourself to them and to start that conversation and keep it flowing as you are the one who needs this contact.

So when your next networking event comes around make sure you know what you are going into this event looking for, how to start and continue the conversation and turn that contact into a meaningful lead.

Come back Monday for How to set Networking Goals

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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

Business Mingles, Corporate Mingle

Corporate Mingle is a great networking event to be at, this event is flooded with CEOs, business owners, business minded people.
This is a great opportunity for networking and getting to know the right people. The event is a good initiative but the approach may need to be revisited, if a new business person was trying to network or get to know persons at this event they would be very intimidated not knowing what to say or how to approach a person. Most individuals are already "cliched" up in there groups so if you arent a person that has an outgoing personality then you would probably sit at the back wondering where to start.
But if your personality is out there and outgoing this is a great avenue to meet and mingle with business persons and you never know who you might get in contact with.

Garth Walker and I

Director of Adam and Eve day spa

 Denyque and I

Recording artiste and host

Leighton and I

Executive director of CME

The Jamaica Stock exchange; Serious about business

A few days ago we took a trip to the jamaica stock exchange the learn the whole process, if you have never been let me tell you a little about it and why you need to make it your next visit.

The Jamaica stock exchange is a marketplace where securities , that is, shares, stocks or bonds are bought and sold quickly, efficient and under strict regulations. Here in Jamaica this is an Online based system but the process of buying and selling stocks is done through independent brokers.
Whats is a share?
A share is a unit of ownership interest in a company. Owning shares in a company, means you become part owner of that company.
As a business person one must know the benefits of owning shares these are
* the shareholder benefits from the growth in value of his or her time.
*The Shareholder can receive income through dividends declared from time to time and paid by the company's directors
*The shareholder get get the opportunity to participate in continuing development of the company in which they invest.

Now there are 66 companies listed in the Jamaican market that one can buy shared from this include the companies listed in the junior market.
Which is a stock exchange market for small to medium sized businesses.

A trip to the stock exchange is worthwhile you can learn some great information on ways to invest and help other companies.

EXPO Jamaica highlights

If you werent at Expo jamaica then you cannot call yourself a serious business owner!, whether you had a booth or you were there just to network but you had to be there. This event drew thousands from across jamaica the event spanning over the four days was said to be a success and exceeded all expectations.

Expo Jamaica is a massive networking opportunity events it displays only jamaicas best business and ideas which is a great showcase to potential investors according to the Jamaican Observer exhibitors has said to secure leads with China, Bahamas and the United states, this is a huge stepping stones for jamaican businesses as this expo has opened doors that some of these business would have never got an opportunity to experience.

If you missed this amazing events here are some pictures
Source: VMG Studios

Expo Jamaica 2016

This is one of the most exciting events of the business calendar in 2016!
Expo Jamaica will be a great event to take part in as a business owner or looking to get into business in Jamaica. This expo showcases hundreds of businesses across Jamaica in one location where you are able to network and find out more about the latest innovations and businesses in Jamaica.
Check out this video and see what its all about!

Now this year staging will be April 14-17, 2016 at the National Area will you be there?
check out my next blog post for exciting pictures and more!!

Obtain Business Licenses and Permits

• Federal Licenses & Permits

  Certain businesses, like ones that sell alcohol or firearms, require a federal license or permit. Find out which ones impact your business and how you can comply.

• State Licenses & Permits

  Some states have requirements for specific businesses. Find out what business licenses and permits you need in your state.

Finance Your Business

1. Get a Bank Loan

A loan that a business owners gets from a bank. Although many business owners who need financing will automatically think to turn to a bank for that funding, traditionally, the paperwork and processing costs involved in making and servicing loans have made the small loans most entrepreneurs seek too costly for big banks to administer. 

2.Tap into Your 401(k)

If you're unemployed and thinking about starting your own business, those funds you've accumulated in your 401(k) over the years can look pretty tempting. And thanks to provisions in the tax code, you actually can tap into them without penalty if you follow the right steps. The steps are simple enough, but legally complex, so you'll need someone with experience setting up a C corporation and the appropriate retirement plan to roll your retirement assets into. Remember that you're investing your retirement funds, which means if things don't pan out, not only do you lose your business, but your nest egg, too.

3.Try Crowdfunding

Crowdfunding is the process of raising money to fund what is typically a project or business venture through many donors using an online platform, such as Kickstarter, Indiegogo and Crowdfunder. The fundraising window is usually finite -- 90 days, for instance -- and the fees and rules vary across platforms.

4. Pledge Some of Your Future Earnings

Young, ambitious and willing to make a bet on your future earnings? Consider how Kjerstin Erickson, Saul Garlick and Jon Gosier are trying to raise money. Through an online marketplace called the Thrust Fund, the three have offered up a percentage of their future lifetime earnings in exchange for upfront, undesignated venture funding. Erickson is willing to swap 6 percent of her future lifetime earnings for $600,000. The other two entrepreneurs are each offering 3 percent of future earnings for $300,000. Beware: the legality and enforceability of these "personal investment contracts" have yet to be established.

5.Attract an Angel Investor

An angel investor is an investor who provides financial backing for small startups or entrepreneurs. Angel investors are usually found among an entrepreneur's family and friends. The capital they provide can be a one-time injection of seed money or ongoing support to carry the company through difficult times.

6.Raise Money from Your Family and Friends

Hitting up family and friends is the most common way to finance a start-up. But when you turn loved ones into creditors, you're risking their financial future and jeopardizing important personal relationships. A classic mistake is approaching friends and family before a formal business plan is even in place. To avoid it, you should supply formal financial projections, as well as an evidence-based assessment of when your loved ones will see their money again. This should reduce the likelihood of unpleasant surprises. It also lets your investors know you take their money seriously. You also need to seriously consider how the arrangement will be structured. Are you offering equity? Or will this be a loan? Perhaps most importantly, you need to emphasize the risk involved. Offer up a strong business plan, but remind them there is a good chance their money will be lost. 

Choose a Business Location

5 Tips To Consider When Choosing  A Business Location

In starting a business, the business location key though no location is good enough to make a business successful a bad location can fail any business.

Operation Style; 

The type of business you operate will determine your location. Is your business service driven where you will need to be in the city or in a populated area or are you a manufacturer and you will need some where further from society for the manufacturing of your products as to not harm the population. Firstly, considering this will make it easier to locate your business.

Foot traffic/Walk in; 

Does your business strive on walk in, say a supermarket for  eg. persons will need to be able to walk to the business and it should be too far from where buses/taxis are situated for convenience. In a business such as this walk ins area what the business thrives on.

Competition; 

It is said that is some service driven business competition drives business so being located where your competition is, is a good way to get business and for your business to succeed. Persons like the ability to do price checks so when more than one businesses are in same area it drives business.

Accessibility and parking; 

Parking and Accessibility is very essential if there is no parking or person have to walk a long distance after parking, it is not convenient and customers may not feel safe with their vehicles a mile away while shopping. So parking should be available as close to the business as possible.

Demographics; 

Demographics has to do with your customer base, If your customer base is local, does a sufficient percentage of that population match your customer profile to support your business? What is the economy like and what can that customer base afford and if your business is higher end is  a lower end community.

Get Business Assistance and Training

Getting Business assistance and training might not be a easy task but now with the freer movement of communication and more dissemination of information, business assistance is now a bit more accessible regardless if a cost is included, 

A few places where business assistance can be found are;
Jamaica Business Development Co operations

Heart Incubators

Development Bank of Jamaica (DBJ)

DBJ’s mission is to assist in the development and modernization of all viable enterprises in industry, agriculture, agro-industry, manufacturing, information processing, mining, tourism and the services sectors with special emphasis on the provision of loan financing to micro, small and medium-sized enterprises.

Small Business association of Jamaica

A business organization focused on membership of small business operators, main objective is to foster the growth of small business.

National Development Foundation of Jamaica (NDFJ)

The NDFJ was established in 1981 as a non-profit organization, to develop and promote entrepreneurship in Jamaica. This is done by means of credit, financing, training and a wide range of market-driven support services to micro and small business enterprises involved in manufacturing, services and agriculture.

Just to name a few

They assist prospective and existing small business owners to start, retain, or expand their businesses.  The Centers assist with business plans, marketing, finance questions, and other business issues.
Help you succeed as an exporter, importer or global marketing organization through individualized assistance
Export and Import education programs for businesses and entrepreneurs.
Provide a "Help Desk" to ask questions about international trade and help solve international business transaction challenges.

How to write a Business Plan

Write A Business Plan

What is a business plan

A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.Executive Summary-  The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you're asking for in the summary.Company Description- Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.Market Analysis  how will your reach your target customers? What promotional tactics and marketing channels will you use? How will you price your products and/or services? What brand positioning do you desire for each?Organization and Management what is your action plan? What are the milestones you must accomplish to go from where you are now to where you want to be at year’s end? At the end of five years? who comprises your current team and what key hires must you make in order to execute on the opportunity in front of you. Will you build a Board of Advisors or Directors, and if so, who will you seek?Service/ Product Life What do you sell? How does it benefit your customers? What is the product lifecycle? Get tips on how to tell the story about your product or service.Marketing and Sales Who is your ideal customer? How do you market your products and services to your customers? How much do you think you will sell and how much is it going to cost you to make your product or deliver your service? What other key expenses will you have when your business is up and running? Financial Projections  If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.

How to start a Business

Step 1: Write a Business Plan

Step 2: Get Business Assistance and Training

Step 3: Choose a Business Location

Step 4: Finance Your Business

Step 5: Determine the Legal Structure of Your Business

Step 6: Register a Business Name ("Doing Business As")

Step 7: Register for State and Local Taxes

Step 8: Obtain Business Licenses and Permits
Step 9: Understand Employer Responsibilities

Is Entrepreneurship For You?

Figuring out if entrepreneurship is right got you may be a "slippery slope" but your drive and passion will ultimately lead you to the right path.

Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity and hard work.

These are some traits of entrepreneurs, to know is entrepreneurship is for you:

• Risk taker: Taking risks is one of the main reasons why persons shy away from entrepreneurship, making tough decisions and be decisive is a must in being an entrepreneur when opportunity arise the entrepreneur must be able to make a decision on the spot. Taking risks also include, investing your time and money in to your creative without any certainty that this venture will be profitable.

• Independent:  As an Entrepreneur majority of decisions and the work will be up to you, as the vision for the business is in your mind this means being self reliant and being independent and not totally reliant on others.

• Good negotiation skills: As a business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.

• Creative: Being creative includes knowing how to start about business and solving problems in new ways.  An Entrepreneur must be able to think creatively, creativity and innovation is what drives the product or business.

• Supported by others: Being supported is a great means of motivation, getting positive feedback from friends and family and more exciting, strangers is a big deal that will motivate any entrepreneur. Support can also come by means of mentorship and advice from persons who have already successfully built businesses.

• Persuasive: If yours customer doesn't see the value of the product you propose then you have no business. Being able to persuade your clients, investors and employees to see your vision maybe the difference between success and failure. 

Need mentorship or advice contact us today, its FREE.

10 TOP Reasons to start a business

10 TOP Reasons to start a business

In the 21^st century starting business does not have to be a product driven business where an individual controls a warehouse or even owns a physical location. In these modern days business can be operated from anywhere in the world and the need for a physical location in some industries may no longer be needed.

1. Job security- Not having to worry about getting fired or laid off
2. Financial independence- Having the ability to live a comfortable life.
3. Change the world- Making a difference in the world by creating a helpful product or giving back to your community or other needing countries.
4. Create jobs- The ability to create jobs for your community and country.
5.  Flexibility- Setting your own hours and able to move freely
6.  Set your own deadlines- being able to set your deadlines, and not worrying when the boss will be ready for particular projects.
7. Build a team- Build your own creative team to serve the needs of your business.
8. Get exposed to new cultures- In different business transaction your able to learn about other cultures
9. Improve your industry- Inventing or creating something to drive your industry forward.
10. Learn new skills- Learning new skills within your area of special or a different area because the need for a particular skill.