It is a game changer.
.
Introduction
This is an election season and so many politicians will promise you a dream. One politician said if you want to end your suffering, you should vote for them. Another politician said this may be the last opportunity for you so you should vote for them. Some politicians promise you they will create jobs.
The game changer in our society is not what political party is in power. The game changer is you. You can end your suffering by becoming an entrepreneur. You can get a part of this booming economic pie by becoming an entrepreneur. You become the employer creating jobs for others.
I believe most of you have a dream of owning your business but some of you are afraid to take the risk. Some of you are comfortable in your nine-to-five job. It is time to become uncomfortable in that job and turn your dream into a reality of becoming an entrepreneur. Some of you want to take the risk but you don’t know where and how to start. Well, this article is to provide you with some steps on becoming an entrepreneur.
Accept the fact that you can become an entrepreneur.
There may be some that think entrepreneurship is not for everyone. I believe that everyone can become an entrepreneur. I also believe that everyone has gifts and talents, and you can turn them into a business. I think one of the greatest success factors in anything is doing something that you enjoy. In other words, turning your passion into a business.
Of course, there may be some things that you are not passionate about, but you have identified some problems or gaps in your society that need to be resolved or filled. If you have the solutions, turn your solutions into a business. You may just end up being passionate about it. If you are not passionate about it, find someone who is and become a shareholder.
Document your idea in the form of a business plan.
I know you may have all these thoughts in your head. Document those thoughts in the form of a business plan. A business plan summarizes your idea with an executive summary describing the business you want to get into. You should also do market research about the business and include that. Make sure you also include financial projections. If you are unsure what to do, you can google for business plans and use them as guidelines. Invest TCI can connect you with some of their partners who can assist you with the business plans. I am not sure if anything has changed but you only have to pay $200, and Invest TCI will pay the balance.
Funding for the business
Now that you have a business plan, your next step is to start your business. However, I do know that one of the major obstacles in starting that business is limited funding or no funding at all. I encourage you to review the business categories that Invest TCI provides grants for. The list has been extended significantly. The good news is that it is a grant and so you do not have to repay it.
If you are unsuccessful or even if you are successful, you can still augment what you get from Invest TCI Bank by getting a loan from one of the financial institutions. I think if you have a powerful business case and you believe that your business will be a success and you have limited funds, then get a business loan. Don’t become discouraged by the noise in the market about the banks not helping local businesses. You will never know unless you try. I think one of the issues in getting a loan from the bank is that you do not have a solid and covincing business plan.
If you don’t want to go to Invest TCI or the Banks, then use some of your savings. If you don’t have any savings, then make a sacrifice to save so that you can start your business. You do not have to wait until you get to a certain amount, start with the little that you have.
Another way to fund your business is to seek other people to become shareholders in your business and in this way the funding and liability will not be the responsibility of one person. Many businesses are funded through the sale of shares. You can do the same thing.
If you don’t want to do any of the above, start small with the little you have even if it means operating from your home and then eventually your business will grow.
Market your business
Once you get the funding for your business, then you should market your business. Be consistent with your marketing and make sure you market using different methods. One of the greatest ways to market your business is through testimonies from customers. You can have people sample your
You should probably also consider doing an official public launch of your business and invite people to the event. This will create awareness about your business.
Network
Networking is one of the ways to grow your business. Don’t stay to yourself. Get out there and mingle with people. Take your business card with you. Don’t be reluctant to network. Join different groups and associations. Be careful how you conduct yourself on social media, otherwise, no one will want to conduct business with you.
Be creative.
Whatever you do, differentiate yourself from the competition. Be unique in the offering of your products and services.
Focus on your customers.
Do not take your customers for granted. Make sure you offer great customer service to your clients. Do not over promise and under deliver. Customers have choices so treat them well so that they will not go to your competition.
Maintain good record keeping.
Ensure that you maintain good record keeping of your business. This is a big issue that the banks have with some businesses in that they do not maintain good records, or they do not maintain any records at all.
Make sure the price of your products and services are more than enough to cover the cost and to make a profit.
Do not mingle your personal funds with your business account. Pay yourself your salary.
Be prepared to work hard.
As an entrepreneur, be prepared to work hard. It may mean burning the midnight oil, but it is worth in the hand. Your reputation will be at stake so make sure you know your business and your customers.
Embrace the reserved categories.
There are 90 reserved categories. These are businesses that are reserved for Turks and Caicos Islanders only. Embrace this and establish your business. If it is only reserved for Turks and Caicos Islanders, that means you should not be competing with non-Turks and Caicos Islanders.
Conclusion
It has been eleven years since my last full-time job as the CEO of Cable & Wireless. One of the greatest rewards for me is becoming an entrepreneur. There are times when you will face financial struggles, but you must not give up.
There are people coming to this country and can observe the opportunities. If they can do it, you can do it too.
Don’t let anyone make you believe you cannot do it. Don’t let any politician make you believe you have to wait on them until they get to power.
Become an entrepreneur. As citizens we may be small in number, but if each of us become an entrepreneur, we can control and transform our country.