There are many reasons why you may choose to start a business. You may have a hobby you want to profit from, you may have an idea you want to pursue. You may wish to supplement your income, you may have left your previous job or you may just be one of those marvelous serial entrepreneurs who just love to start businesses.

Running your own business gives you the freedom to be your own boss and work from home. It also allows you to choose your work hours and practices. 

Starting a small business and making it a success requires hard work, focus and commitment.

TRY IT FIRST.  Get a taste for being your own boss and whether your business idea looks like it will be a success.

 

How do you  get started? 

Market research

Do some market research to find out if there is demand for the products or services you intend to supply. Market research involves finding answers to questions like:

·         Is there a market for my product?

·         Am I going to be able to get into this market or are there already too many other players?

·         Who are my competitors? What do they do and what can I do better or differently?

·         What does my target market think of my product or services?

·         How much will they pay for it?

·         What is the best way to promote my product or service?

 

Develop a Business Plan

Develop a business plan. Your business plan will highlight everything you need to do to get started and will keep you focused and on track.

Based  on what type of business you intend to start, your business plan could include things like market analysis, a management plan, a marketing plan , operations and financial plans. 

Click here to download Business Plan Template

 

 

Register Your Business

Some people do this first, then realize that they are no longer interested in pursuing it after they have done their business plan.

You will need to register your business name and obtain a company registration number.  You can register with the Corporate Affairs Department  www.caipo.gov.bb

You will also need to understand your tax and legal obligations as far as VAT, NIS and the Inland revenue is concerned.

You also need to do the simple things like opening a bank account and setting up a phone line, so potential clients can contact you. If you are going mobile, please it has money on it so your clients can reach you.

If you are starting a home-based business, some additional things you need to think about include the Safety Health at Work Act, Employment Rights,  and insurance.

Financing

There are many areas of financing available for young / new entrepreneurs.  

Grants/Funding

Some of the agencies from which you can access financing either in the form of a grant or loan include:

• First Citizens Bank (Barbados)
• FundAccess
• Barbados Youth Business Trust
• Enterprise Growth Fund Limited
• Caribbean Export Development Agency
• Central Bank of Barbados (Credit Guarantee Scheme for Small Businesses)

Please check their websites to familiarise yourself with the application requirements.