VIABLE BUSINESS IDEA
A viable business idea is one that provides a solution for a significant enough target audience that will allow the idea to be profitable. The idea should also be easy enough to bring to market using time tested approaches used by other entrepreneurs. Viability in this instance also speaks to production efficiency, service delivery and access to raw materials.
Although we are already halfway through 2022, the goal of starting a business can still be achieved if you are serious, have a viable business idea and get started right now. Statistics from the Companies Offices of Jamaica show that year on year, the number of businesses registered in Jamaica has increased significantly and in the two years since the onset of the pandemic, and if recent history is anything to go by, 2022 will mark an increase as well.
Jamaicans have always been entrepreneurial. Of the registered businesses in Jamaica, it is estimated that at least 80% are small businesses, owned by an individual, through a partnership or family operated. While many businesses start informally, as a side hustle or accidentally, there are some basic ‘haves’ that potential entrepreneurs must secure before they embark on an entrepreneurial
journey. Here are five must-haves, not in any specific order ;
IDENTIFY THE TOOLS ANDRESOURCES NEEDED
What tools and resources are required to bring the business idea to life? Is it hardware or software? Can your existing infrastructure manage the initial production or will you require some bolstering? Note that identifying tools is the first step towards a profitable business. The more resources you have, or have access to, the easier the decision can be made to proceed into the business.
OPEN A BUSINESS BANK ACCOUNT
A business bank account will help to manage the finances of the business better. It also helps to establish a pattern of funds passing through the account which will assist in accessing funding and credit as the business grows. The business bank account will also help you to fulfil your financial obligations more efficiently such as paying taxes and automating other important payments.
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VIABLE BUSINESS IDEA
A viable business idea is one that provides a solution for a significant enough target audience that will allow the idea to be profitable. The idea should also be easy enough to bring to market using time tested approaches used by other entrepreneurs. Viability in this instance also speaks to production efficiency, service delivery and access to raw materials.
Although we are already halfway through 2022, the goal of starting a business can still be achieved if you are serious, have a viable business idea and get started right now. Statistics from the Companies Offices of Jamaica show that year on year, the number of businesses registered in Jamaica has increased significantly and in the two years since the onset of the pandemic, and if recent history is anything to go by, 2022 will mark an increase as well.
Jamaicans have always been entrepreneurial. Of the registered businesses in Jamaica, it is estimated that at least 80% are small businesses, owned by an individual, through a partnership or family operated. While many businesses start informally, as a side hustle or accidentally, there are some basic ‘haves’ that potential entrepreneurs must secure before they embark on an entrepreneurial
journey. Here are five must-haves, not in any specific order ;
IDENTIFY THE TOOLS ANDRESOURCES NEEDED
What tools and resources are required to bring the business idea to life? Is it hardware or software? Can your existing infrastructure manage the initial production or will you require some bolstering? Note that identifying tools is the first step towards a profitable business. The more resources you have, or have access to, the easier the decision can be made to proceed into the business.
OPEN A BUSINESS BANK ACCOUNT
A business bank account will help to manage the finances of the business better. It also helps to establish a pattern of funds passing through the account which will assist in accessing funding and credit as the business grows. The business bank account will also help you to fulfil your financial obligations more efficiently such as paying taxes and automating other important payments.
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