MAKING A MARK
LA-TONIA ARTHUR GENTLE BEGINNINGS DAYCARE INC. & MOBILE DOCTORS
TO APP OR NOT TO APP!
THAT IS THE QUESTION
GROWING YOUR
BUSINESS
FINANCIAL
BLISS!
COMMON BUSINESS STRUCTURES IN BARBADOS
FOREWORD This is Evolving Business Magazine: every issue has three sections which focus on key stages of business growth and development, along with articles about entrepreneurs supported by the Barbados Youth Business Trust. It features stories on a variety of subjects of interest to those with entrepreneurial aspirations, to provide entrepreneurs with the support and information needed, to start and run successful businesses. In Barbados the Micro, and Small to Medium Enterprises sector, employees approximately 34% of the entire labor force and 43% of the private sector workforce. That number is substantial , and given our current economic situation, it acts a driving force behind why we push to enhance business development opportunities and sustainability for budding entrepreneurs.
CARDELL FERGUSSON General Manager, Barbados Youth Business Trust, Equity House, Pinfold Street, St. Michael, Barbados E-mail: cfergusson@youthbusiness.bb
We provide our entrepreneurs , with much need financial assistance, training, business advice, marketing support and much more. But, this magazine is our way of providing those outside of our organization with the support, encouragement and advice that they may also need to help new businesses succeed, while offering personal stories and testimonials that are easily relatable. Our articles have a connection — from challenges to success – we celebrate with you the journey taken to realize your dreams and aspirations. We highlight some of the players in the industry and showcase the support that is available to anyone interested in entrepreneurship as their career. We hope you enjoy this compilation of stories, on managing risks, technology, dealing with employees and much more. We look forward to hearing from you and providing you with the support you need towards achieving your goals.
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EDITOR'S NOTE To those of you reading with us for the first time, welcome. It is my pleasure to bring you the third edition of Evolving Business Magazine. We are proud to be a small part of the entrepreneurial dream, to gain insight into the hopes, dreams and realities of the small business landscape in Barbados.
EDITORIAL Nicole Forde-Niles
DESIGN Caribbean Dreams Publishing
In this edition, you will find engaging interviews with entrepreneurs working in the market place to make headway in the fields of food, digital publishing & child care.
PHOTOGRAPHY Rawle Culbard
PUBLISHER Caribbean Dreams Publishing
NICOLE FORDE - NILES Editor, Evolving Business Caribbean Dreams Publishing
In getting to know the drivers taking these entrepreneurs from idea to enterprise, a common trend emerged, the support, encouragement and influence of family, friends and mentors was necessary at every step of the way to assist with organizational growth. U.S President Theodore Roosevelt once said that “the most important ingredient in the formula for success is influence”. As we work towards the growth of our small businesses it is important that we understand the positive impact of influence on others, whether it be our coworkers our family our friends our colleagues, is an important key to the success of any venture. With the support of countless others the featured entrepreneurs have taken the chance, to step out on a limb & believe in themselves… they pushed past their circumstances, allowed their passions to shine through and strived towards their full potential. As we follow them on their journey you will find related stories that delve into the importance of resilience and overcoming challenges, the importance of having fun at work and the use of technology in developing your business. We hope you enjoy and we encourage you to support all those that have embraced the entrepreneurial spirit as they strive to see the seeds that they plant grow.
E V O LV I N G B U S I N E S S - iii
CONTRIBUTORS MS. GEORGIA INNISS
JAMEELA HOLLINGSWORTH
Personal Development Professional, Facilitator and Programme Manager with the Sagicor Cave Hill School of Business and Management. Georgia holds an MBA (General Management Concentration) and a Diploma in Human Resource Management.
The HR Boss
MR. RON JOHNSON
SHANNON CLARKE
Co-founder and Managing Director of Blueprint Creative. Blueprint Creative one of the Caribbean’s leading branding agencies. Ron and his team of brand specialists work with CEOs, marketing teams and HR Departments to help them build stronger brands and stronger businesses.
Jameela Hollingsworth is a Human Resources practitioner, Career Consultant & Millennial Blogger. She is the Founder of the HR Boss, an online career resource for Caribbean millennials.
An award-winning electrical engineer who is passionate about the application of cutting-edge software technology to empower individuals and improve the standards of health & living throughout the world.
DONNA EVERY
DAWN WILLIAMS
Donna Every is an author, international speaker and entrepreneur who helps entrepreneurs. She is the Barbados Facilitator for the InfoDev WINC Acceleration Program and was the Barbados Ambassador for Women’s Entrepreneurship Day (2014 – 2016).
Dawn Williams is a Chartered Accountant by profession, with over 9 years experience in external and internal auditing, accounting and management of Accounts departments. She is certified with ACCA and CIA, and is an active member of the Institute of Chartered Accountants of Barbados.
Business & Personal Development Trainer
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Founder & CEO, Resilia Accounting Services
CONTENTS "I DO NOT WANT TO EVER FAIL AT ANYTHING THAT I DO, SO I WILL PUSH AND PUSH HARD." La-Tonia Arthur Gentle Beginnings Daycare Inc. & Mobile Doctors
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PG
E V O LV I N G B U S I N E S S - v
01
05
THE START UP
From Idea to Enterprise 02 “Resilience - It’s not just a BuzzWord.”
05 To App or Not to App! That is the Question
08 Five Reasons Why You Should
Encourage “The F-Word” in the Workplace
17
11 Making a Mark: Gentle Beginnings Daycare Inc. & Mobile Doctors
14
MANAGING YOUR BUSINESS
1108
15 11 Business Tips from Succssful Young Entrepreneurs
17 Growing your Business 19 Celebrating Entrepreneurial Success!
21 Making a Mark: Caribbean Dreams Publishing
25 Join the BYBT
21
26
PLOTTING YOUR FUTURE 27 Dealing with Employee
Grievances & Raising Employee Engagement: A Step by Step Guide
29 5 Ways to Use the Internet to Increase Business Revenue
31 Financial Bliss 33 Common Business Structures in
33 v i - E V O LV I N G B U S I N E S S
37
Barbados - Sole Traders
37 Making a Mark: Triple R’s Cakes & Catering Service
PLANNING IS BRINGING THE FUTURE INTO THE PRESENT SO THAT YOU CAN DO SOMETHING ABOUT IT NOW. — ALAN LAKEIN, AUTHOR
BYBT CAN HELP WITH YOUR BUSINESS PLANNING E V O LV I N G B U S I N E S S - vii
THE
STARTUP FROM IDEA TO ENTERPRISE
TO APP OR NOT TO APP!
THAT IS THE QUESTION
MAKING A MARK
GENTLE BEGINNINGS DAY CARE INC.
THE F-WORD IN THE WORKPLACE!
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
RESILIENCE IT’S NOT JUST A BUZZ-WORD
(Read “A timeline about the life and career of Abraham Lincoln”, http://www.historynet.com/ abraham-lincoln-timeline.)
Lincoln, was born in a one-room log cabin in Kentucky, he endured losses of loved ones, tragedies too many for a lifetime, setbacks, hardships and betrayals, but yet still became president of the United States of America! Some might say, he was instrumental in the abolition of slavery, but then was killed as a result at age 54, so the cost was heavy. Throughout his tribulations, Abe never quit! He lived a purposeful and resilient life and in the midst of it all, with further consideration for the well-being of others. So, what is Your story? We all have a story…take a moment and think about yours? • How resilient are you in the face of
fearful nor experience failure, you will, and that in itself means that you are trying.
challenges and setbacks? • How do you spend your happy days? • In light of the current economic climate in Barbados, how do you plan to move forward every day?
In an article by the American Psychological Association, ‘The Road to Resilience’, the writer asked the question “How do people deal with difficult events that change their lives?” The death of a loved one, loss of a job, serious illness and other traumatic events. The conclusion is that many people react with strong emotions that cause further setbacks in their lives, some quit living and settle for an existence of uncertainty. Yet, there are others who persevere, adapt to the new reality or carve out a future from the mountain that is set before them. I like the quote by Glenda Cloud which says;
“
“
I attended a leadership seminar some years ago, and the facilitator began with a chronology of Abraham Lincoln’s life, before revealing his name. Lincoln’s life was not a fairytale, it was a story of perseverance, grit and resilience through all the pain and glimmer of hope. And, as the story unraveled, an uneasy silence descended on the room as the facilitator narrated the events of Abe’s life. But, as he continued, people began straightening their backs and relaxing, and smiles graced our faces once again. We became more aware of who he was referring to and realized that his life did not end on the note on which it started for the ‘oh so poor guy’.
Change is inevitable. Growth is intentional.
We cannot stop change from happening whether good or bad, but we can choose how to react to it, we can be resilient. Resilience is not just a buzz-word; it means “bouncing back” from difficult experiences, it is not a trait that people are either born with or without. It is nurtured through positive thoughts, behaviours and actions, and can be learned by and developed in anyone. Look at our ancestors, they were resilient, otherwise we would not be here today. But how does one remain resilient in difficult times and circumstances? By adapting well in the face of adversity; it does not mean that you will not be
In life, everyone at some point experiences something difficult, traumatic, emotionally painful or life altering. The fact that you are reading this means that you have been resilient even if you had not labelled it that way. So in light of the fact that we all face situations that require us to be resilient; • What is your strategy for building resilience? • What was your reaction to a recent tragedy, challenge or setback? • How do you plan to react to the rapid changes in the economy? • Will you complain and think about quitting, or intentionally grow through the challenges that are ahead?
Renowned speakers and writers like Valorie Burton, Les Brown and John C. Maxwell have published countless materials on the topic of resilience. However, you need to choose which strategies work best for you. Here are seven generic strategies that you can use to build resilience: -
1
BECOME MORE SELF-AWARE Having a better understanding of ourselves and our uniqueness, empowers us to use our areas of strength to make positive changes, and identify areas for steady and intentional improvement. Developing confidence in your ability to solve problems and trusting your instincts help build resilience.
E V O LV I N G B U S I N E S S - 2
T H E S TA R T U P
2
3 4
FROM I DEA TO ENTERPRISE
EMBRACE CHANGE AS A PART OF LIVING When something unexpected happens and certain goals seem unattainable, instead of giving up try planning a different approach. I.e. you may need to increase the timeline for completion and work harder towards attaining that goal. But what about those goals that may no longer be attainable as a result of adverse situations? Accepting circumstances that cannot be changed can help you focus on circumstances that you can alter.
ADJUST THE LENS THROUGH WHICH YOU VIEW PROBLEMS When faced with problematic situations, take a step back and change your attitude towards the situation. Some problems may be great opportunities to propel you toward a dream or goal that you have set for yourself. Make a plan on how to deal with them and give them time. BUT, know when to change your strategy if things do not work out.
STAY OR BECOME CONNECTED Good healthy relationships with close family, church members and friends or others are important. Being a part of a support system strengthens one’s sense of belonging and builds resilience. And more importantly, always seek to help someone else, as an outward focus will increase your spirit of gratitude when you realize that someone else is facing more challenges than you are.
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5 6 7
MOVE TOWARD YOUR GOALS Develop some realistic goals…Do something regularly - even if it seems like a small accomplishment – it will enable you to move toward your goals. Instead of focusing on tasks that seem unachievable, ask yourself, “what’s one thing I know I can accomplish today that helps me move in the direction I want to go?”
LOOK FOR OPPORTUNITIES FOR SELF-DISCOVERY People often learn something about themselves and may find that they have grown in some respect as a result of their struggle with loss. Many people who have experienced tragedies and hardships, have reported better relationships, increased sense of self-worth, a more developed spirituality, heightened appreciation for life and greater sense of strength - even while feeling vulnerable.
MAINTAIN A HOPEFUL OUTLOOK An optimistic outlook enables you to expect that good things will happen in your life. Try visualizing what you want, rather than worrying about what you fear.
As you think about your unique situation(s), you may come up with more positive strategies to weather the storms of life. But whatever comes your way, remember that resilience is about taking action. Just keep moving!
MS. Georgia Inniss is a personal development Professional, Facilitator and Programme Manager with the Sagicor Cave Hill School of Business and Management. Georgia holds an MBA (General Management Concentration) and a Diploma in Human Resource Management. She is a Certified Practitioner of the Myers Briggs Type Indicator (MBTI) personality assessment, a Certified Personal Development Coach, a Certified Trainer and holds a Certificate in Leadership Development Training and Design, from the Canadian Funded Caribbean Leadership Project (CLP).
BANNERS , S IG N S , C A N V A S P R IN T S , V
E H IC L E G R A P H IC S , G RA PH IC DE SI G N, TE E SH IR TS , PR IN TI NG , FE AT HE R/ FL UT TE R BA NN ER S LI CE NC E PL AT ES , PR O M O TI O NA L DI SP LAYS , BA NN ER ST B ut to ns , na m e ta gs AN DS , pr in te d ri bb on
, la be ls Tel:429-9708 Fax: 43 653 55 E m ai l:s al es @m-grafix.com Sinckler ro ad , H ag ga tt H al l, S t. Michael, Barbados.
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
TO APP OR NOT TO APP! THAT IS THE QUESTION More individuals are accessing the internet
compensate for new customer needs, however
“Significantly more users are accessing the web
on the go than ever before. In fact, in 2017
there is still the question of “what route to take
from a tablet or smartphone than a desktop,
roughly half of all internet traffic came from a
to the new market? Should I develop an App or
they are doing so with more e-commerce intent
mobile device, allowing companies who had
an e-commerce website?” Researchers simply
than ever before. Further, 2016 statistics indicate
mobile friendly, e-commerce friendly websites
cannot agree…
that almost 1/3 of all online purchases came via
and apps to claim the majority of this traffic.
smart devices. Is your company tapping into
In today’s world, for those businesses who
Some tech leaders predict that Apps, may never
this trend? Why should small businesses fall
practice e-commerce, it is now statistically more
become the preferred communication tool,
behind? In this shifting economy, it’s every small
likely that customers will be interacting more
while others still estimate that apps may “kill off
business’ responsibility to gain a competitive
with their company from a smartphone or tablet
the entire web.” The reality is, neither solution
advantage and to create an experience that
than from a desktop or even physically.
will go away. But in order for companies to
appeals to their customers.
remain on the forefront of changing technology With this shift in the way customers interact
and stay relevant in the expanding market, it will
We’ve decided, in this instance to fall on the side
with technology and our products and services,
be necessary to provide not only mobile friendly
of the argument for Mobile Apps. Outlined below
companies are becoming more dependent
and mobile e-commerce ready websites but
are our top reasons why businesses should make
on the on the e-commerce model. As such,
also APPS.
moves towards app development and improve
businesses must begin to toe the line to
5 - E V O LV I N G B U S I N E S S
their small business “APPccessibility”.
T H E S TA R T U P
WHY MOBILE APPS?
1 2
3
We Spend More Time on Apps
4
Send Customers Notifications
5
Consumers can use Other Cell Phone Features to Enhance the Experience
Mobile users spend 86% of their time on mobile apps and just 14% of the time on mobile websites.
Increasing Brand Awareness The mobile app acts as a constant reminder of your product and service downloaded to a mobile device. Plus, with so few local apps currently in. the market, you can enjoy 1st movers advantage and increase the strength of your brand by being recognized as a market leader by utilizing leading technology to speak to your customer base.
Your message won’t get lost in emails! Send pop up (Or non-intrusive) notifications to the phones of all your app users instantly. Communicate a special offer, package or “Today Only Sale” easily & directly to your entire database.
A mobile app can give your business the distinct advantage of utilizing features of a cell or mobile device. I.e. the camera, contact list, GPS, share features etc.
FROM I DEA TO ENTERPRISE
6
It Works Offline One major difference between websites & apps includes the ability for app users to interact with your business offline. Basic functionality and content remains intact weather offline on online.
So What do you think?
TO APP OR NOT TO APP? That is the question!
Consumer Personalization Apps allow you to tailor your product for clients to reflect their preferences based on their behavior, interests, use, location etc. Not to mention the ability to store and track that info for a better user experience, for product development & improved conversion rates.
E V O LV I N G B U S I N E S S - 6
M a x i m i z e yo u r d i g i ta l f o o t p r i n t We place you right in the hand of your customers with our suite of online services We can help with
IOS and Android App design & development
LET’S TALK! Find out how our solutions can work for you
1 246 242 8581 1 246 423-0039
Website Design Web & Email hosting Domain registration & set up
nicole.caribbeandreams@gmail.com www.caribbeandreamspublishing.com
Social Media Marketing & Management
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
5 REASONS WHY YOU SHOULD ENCOURAGE
“THE F-WORD” WORKPLACE IN THE
BY RON JOHNSON MANAGING DIRECTOR, BLUEPRINT CREATIVE INC.
Yep! It’s high time for employers to allow true freedom of expression in the workplace and encourage the use of “The F-word” throughout the organisation. You know what word we’re talking about, don’t you? Do we really have to spell it out for you? Fine! “F-U-N!” It’s the word “Fun!” (Wait, what did you think we were talking about here?!) Despite what some critics might think, it is
HAPPY PEOPLE ARE MORE CREATIVE! Research conducted by Professor Teresa Amabile, an expert in creativity in the workplace, found that persons who were in a good mood on a given day were more likely to have creative ideas that day, as well as the following day. According to Professor Amabile, “There seems to be a cognitive process that gets set up when people are feeling good that leads to more flexible, fluent, and original thinking”. Considering that Professor Amabile defines creativity as “producing novel, workable ideas and solutions to problems”, it is definitely in your interest to maintain an environment where your team members are in a good mood.
So lighten up and have fun already!
HAPPY WORKERS ARE MORE PRODUCTIVE
possible for hard work and fun to coexist in the same room. And having fun in the workplace isn’t just about being “nice”. As it turns out, there are some pretty sound business reasons for integrating fun into the work environment. Here are five compelling reasons why you should encourage a culture of fun in the workplace.
There is a growing body of research which suggests that happy workers are more productive. One study conducted by a group of economists led by Andrew Oswald, a professor of economics at Warwick Business School, found that happy workers were up to 12% more productive while unhappier workers were E V O LV I N G B U S I N E S S - 8
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
10% less productive. The researchers found that happier workers “use the time they have more effectively, increasing the pace at which they can work without sacrificing quality”. If you’ve been struggling with productivity in the workplace, perhaps your employees are simply too stressed out or too unhappy to be productive. If this is indeed the case, it might be a good idea to introduce programs, initiatives and policies which encourage employees to de-stress and have fun.
CUSTOMERS CAN SENSE WHEN YOUR EMPLOYEES ARE UNHAPPY It is unreasonable to expect unhappy, disengaged employees to give customers the exceptional service needed to convert those customers into raving fans of your business. Instead, it’s more likely the customers you’ve worked so hard to attract can sense that your employees are unhappy. It’s also likely that those customers are being repelled by the 9 - E V O LV I N G B U S I N E S S
service they receive from unhappy employees – and that can have a negative impact on your bottom line. If this scenario sums up the employee/customer relationship at your workplace, all’s not lost. You can still turn things around and develop an internal culture full of happy, engaged and enthusiastic team members who are committed to helping your organisation achieve its goals.
also indicated that “lower blood pressure, normal body weight and healthier blood fat profiles were also associated with a better sense of well-being”.
THERE IS A LINK BETWEEN HAPPINESS AND HEALTH
So cheer up and develop a culture that encourages your team members to be happy and healthy!
Having an unhappy workplace could lead to your employees being unhealthy and needing more sick days and time off to deal with their health issues. A review of more than 200 studies conducted by Laura Kubzansky, professor of social and behavioral sciences at Harvard School of Public Health, uncovered a link between psychological attributes, such as happiness, optimism and life satisfaction, and a lowered risk of cardiovascular disease. The same review
Considering that employees can spend as much time in the workplace as they do with their own families, it’s pretty easy to see how the overall mood of your workplace can have an impact on the health of your employees.
HAVING FUN IN THE WORKPLACE CAN HELP BUILD TRUST The Greek philosopher Plato is quoted as having said “You can discover more about a person in an hour of play than in a year of conversation”. Encouraging fun in the office can help your employees get to know each other better and improve the levels of trust, teamwork and camaraderie in the workplace. This, in turn, can create a culture of synergy
T H E S TA R T U P
where team members can be more productive. And improved productivity benefits everyone! Of course, having fun at the office isn’t the answer to all of your employee management challenges, but it sure can help to develop a healthier, more creative and more productive work environment. If you want to introduce fun in the workplace, talk it over with your teammates. Let them know that you want to introduce a healthy dose of fun into your workplace. Your teammates are sure to have some ideas about the types of activities and initiatives they’d like to see introduced. Changing a company’s culture takes time, especially if your workplace has individuals who believe that fun has no place in the workplace. If you need support, consider reaching out to a creative agency that is known for its positive work environment and can help you introduce fun into your workplace.
FROM I DEA TO ENTERPRISE
Ron Johnson is the co-founder and Managing Director of Blueprint Creative, one of the Caribbean’s leading branding agencies. Ron and his team of brand specialists work with CEOs, marketing teams and HR Departments to help them build stronger brands and stronger businesses. While Ron is passionate about all aspects of branding, he is especially passionate about helping clients improve revenues and build company cultures where hard work, fun and profitability can co-exist.
E V O LV I N G B U S I N E S S - 1 0
MAKING A
MARK
A FEW QUICK QUESTIONS WITH
GENTLE BEGINNINGS DAY CARE INC
Gentle Beginnings Day Care Inc is the brain child of La-Tonia Arthur located at 273 Rowan’s Park, St George. We have been in operation for over 3 years. With a staff complement of 6. Providing childcare services in the form of day care, preschool, after care & babysitting services.
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T H E S TA R T U P
EVOLVING BUSINESS Why did you decide to be an entrepreneur?
FROM I DEA TO ENTERPRISE
suggestions made, introducing me to a mentor and guiding me out of the hole I managed to dig for the daycare financially.
LA-TONIA ARTHUR I’ve always been encouraged to find a solution to
a problem as opposed to bickering or wallowing in self-pity. Therefore, when I could not find a day care to suit my specific needs, I discussed it with my mother and decided to start one. Has your company been welcome in your sector/ Industry? Childcare is always needed. I’ve been blessed to have the support of my clients and I am working to build a reputation of excellence. How did you hear about and end up working with the BYBT? In the initial stages of business building I was literally drowning. Having no clue about how to run a business I searched online for anywhere that would help and stumbled upon BYBT. I sent an email and, most importantly, got a response (because I sent emails to other institutions and got ZERO response) How did BYBT assist you with moving you from idea to enterprise? When I initially met with them they did a needs assessment then visited the daycare. They then went about helping me to implement the various
What hurdles have you had to overcome while managing your business? Hurdles....wow. For me, the biggest hurdle was learning how to manage finances. The lessons learnt were transferable to my personal life as well so it was, and still is, a very tough hurdle. I say this because I am still in the process of overcoming it. Between the mentor ship from BYBT and attending Barack Obama’s Young Leaders of the Americas Initiative 2016, I was able to attend various classes on entrepreneurship and be guided through exactly how to correct the multiplicity of mistakes I managed to make in just 3 months of being in business. Believe or not, 3 years into this I am still working to correct what was done back then so they were really tough lessons to learn. What would you say has been the most enjoyable experience about entrepreneurship? My most enjoyable experience hands down was the 5 week fellowship
E V O LV I N G B U S I N E S S - 1 2
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
I had the opportunity to attend.... the Young Leaders of the Americas Initiative. That took me on an intense but enjoyable journey to Texas, Arkansas and Washington DC where I was taught how to run a business and got the opportunity to shadow a director of a day care in Arkansas whose daily operations and curriculum is similar to mine. My MOST memorable day, hands down, was getting to meet President Obama at his last town hall meeting in Lima, Peru. It is a day that I will NEVER forget. What do you think are your key entrepreneurial characteristics that have allowed your business to prosper and grow? 1.
2.
My sheer determination to make it work. I do not want to ever fail at anything that I do, so I will push and push hard. Abiding by the law. Everything that I do, I stick to doing it above board. No short cuts. That way, you can sleep well knowing that you’ve managed to succeed despite the odds. In Barbados, going through all the right channels will be long and frustrating at times but it is worth it in the long run.
What advice would you give to potential entrepreneurs that are apprehensive about selfemployment? Sometimes your dream can only
1 3 - E V O LV I N G B U S I N E S S
be realized when you take the helm and press HARD towards the mark. The more time you spend working to just have money is the more time you spend working to build someone else’s dream. So, once you have found your passion, take some sort of step every day towards building it even if it means working for someone else until you are in a position to firmly stand on your own in your business. Additionally an entrepreneurial mindset and drive is needed to push our economy forward. Not everyone wants to be a doctor/lawyer/bank manager. Heck sometimes not even the persons who studied to be those things enjoy what they do. So, I always encourage people to find a need, one that you are passionate about, and meet it. Look at Sir Richard Branson. He did not complete school up to university level but he is a billionaire all because he found and continues to find needs and meets them.
In addition to being the Founder & Director of Gentle Beginnings Day Care Inc, La -Tonia Arthur is a 31-year-old single Mother & emergency medicine physician.
MANAGING YOUR
BUSINESS 11 BUSINESS TIPS FROM SUCCESSFUL YOUNG ENTREPENUERS
MAKING A MARK
CARIBBEAN DREAMER
JOIN
THE BYBT
MANAGING
YO U R B U S I N E S S
11 BUSINESS TIPS FROM SUCCESSFUL YOUNG ENTREPRENEURS
That elite group of CEOs we always hear about – from Steve Jobs to Elon Musk, Richard Branson to Brian Chesky – all found success in the business world early in their careers. Here’s some inspiration from those daring executives.
BY DARREN ELLIS COMMERCIAL PROPERTY SPECIALIST – SALES, ACQUISITIONS & CORPORATE RELOCATION, REGUS
BILL GATES MICROSOFT
EMPOWER OTHERS “As we look ahead into the next century, leaders will be those who empower others.” Bill Gates was 20 when he started Microsoft. As of September 2017, he was the richest person in the world. His approach to leadership focuses on empowering others around you; this can be more important than having all the answers or just doing a good job yourself. Allowing members of your team the freedom to take their own decisions, harness their own skills and reach their own goals can help you succeed in the long term.
STEVE JOBS APPLE
BE RESILIENT “Sometimes life hits you in the head with a brick. Don’t lose faith.” 1 5 - E V O LV I N G B U S I N E S S
The late Steve Jobs was just 21 when he co-founded Apple. Though he was fired nine years later, he returned and went on to become CEO of what is now one of the world’s largest tech companies. This quote from his commencement address to Stanford University’s 2005 graduating class reflects his work ethic, which was one of tenacity and resilience to continue to innovate and remain dedicated to his goals.
PETE CASHMORE MASHABLE
STOP COMPARING YOURSELF “We are really competing against ourselves; we have no control over how other people perform.” Pete Cashmore founded the global multi-platform media and entertainment company Mashable in Aberdeen, Scotland at just 19. According to Cashmore, focusing too much on the competition is only a distraction from achieving your own success. Instead of constantly comparing yourself to others, find out what you do best, what you love most – and do it wholeheartedly.
ELON MUSK SPACEX/TESLA
HAVE A FEEDBACK LOOP “Constantly think about how you could be doing things better and question yourself.” Elon Musk started his first web software company at 24. His rocket company SpaceX is now valued at more than $20 billion. His advice is to set an example of candid and frequent feedback as an effective way of avoiding mistakes, continually improving and discovering new opportunities.
BRIAN CHESKY AIRBNB
BUILD A STRONG TEAM “It doesn’t matter how great your original product or idea is, if you can’t build a great company, then your product will not endure.”
Brian Chesky launched Airbnb when he was 27. He personally interviewed the first 300 employees at the company. He feels passionate that building a strong company culture and team is just as important as creating a unique product. Although it may take time and investment, it will pay off in the long term.
MARISSA MAYER YAHOO
DEVELOP A NETWORK “Find the smartest people you can and surround yourself with them.” At 24, Marissa Mayer was the first female engineer at Google and went on to become CEO of Yahoo!. Mayer’s advice echoes what many a young leader has said: building a strong network of intelligent and influential people will help you learn faster and achieve more than you can alone.
SIR RICHARD BRANSON VIRGIN
DON’T FEAR FAILURE “It is important not to fear fear, but to harness it – use it as fuel to take your business to the next level.”
FOLLOW YOUR PASSION “It is important not to fear fear, but to harness it – use it as fuel to take your business to the next level.”
Richard Branson was a schoolboy of 16 when he started his first business venture. He believes that fear of failure is something every ambitious founder, trying to build a business from scratch, experiences at some point. Many of the most successful entrepreneurs failed multiple times before they found success. Overcoming fear or even channeling it can help you refine your approach, innovate further, and in the long term make you a stronger, more effective leader.
Mark Zuckerberg launched Facebook from his Harvard University dorm when he was 19 years old. The CEO said in an interview last year that for any given decision, there will always be an upside and downside. But, over time, if a company is stagnant it will be guaranteed to fail and not catch up. The only way to avoid this is to take risks.
MARK ZUCKERBERG FACEBOOK
KEVIN SYSTROM INSTAGRAM
SEIZE THE DAY “If you’ve got an idea, start today. There’s no better time than now to get going.” Co-founder of Instagram, Kevin Systrom pitched the prototype of what we now know as Instagram while at a party. His advice is not to hesitate; there’s no time like the present to start developing your ideas. That small grain of an idea could flourish to become your next big business project.
DANIEL EK SPOTIFY
TAKE RISKS “It is important not to fear fear, but to harness it – use it as fuel to take your business to the next level.” Mark Zuckerberg launched Facebook from his Harvard University dorm when he was 19 years old. The CEO said in an interview last year that for any given decision, there will always be an upside and downside. But, over time, if a company is stagnant it will be guaranteed to fail and not catch up. The only way to avoid this is to take risks.
BEN SILBERMANN PINTEREST
DON’T TAKE TOO MUCH ADVICE “Don’t take too much advice. It’s just that most people who have a lot of advice to give… generalize whatever they did and say that’s the strategy that made it work.” The CEO and co-founder of Pinterest started developing apps in his twenties but finally hit on the idea of the company based on his love of collecting as a child. Somewhat counterintuitively – especially at the end of a listicle proffering advice – Ben Silbermann urges us not to take too much of it. There are many strategies and tips out there from those who have made it that can provide useful guidance and inspiration. But in the end, your own path to success will be no-ones but yours.
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GROWING YOUR
BUSINESS BY DONNA EVERY AUTHOR, INTERNATIONAL SPEAKER & TRAINER
"IF ENTREPRENEURS WANT TO GROW THEIR BUSINESS, WHY ARE SO FEW BUSINESSES GROWING?" I don’t know of any entrepreneurs that don’t want to grow their business and many of them want it to be able to operate without them. That means they want to employ people. I recently conducted a survey to find out what entrepreneurs need, so I can say that with a fair amount of confidence. According to the results 64% said that they want to grow their business so that it can operate without them and 50% said that they need help innovating. (This was a multiple select question in case you were wondering).
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Obviously there are many reasons and I will explore some of them in this short article in order to give some tools on how you can grow your business and also be able to have it operating without you from time to time. I’ve just come to the end of the second cohort of the WINC Acceleration Program which was funded by the Government of Canada and implemented by the World Bank. The purpose of the program was to help women grow their businesses and I had the privilege of facilitating twentyone women in the two cohorts of this extremely successful program. What I learned from my experience as a Facilitator and as an entrepreneur myself is that we as women entrepreneurs, in particular, need a space where we can share our experiences and learn from each other. Learning from other entrepreneurs can help you to grow your business because you will discover what has worked and what has not worked for them. However, bear in mind that every business is different and what works for one may
not work for another. The networking element also helps you to grow, as you may be able to sell your products and services to other entrepreneurs or get referrals from them for potential customers. So begin to network with other entrepreneurs. Having said that, your business can only grow if you have a product or service that the market wants. Therefore you need to be able to innovate (yes that word), differentiate your business and ensure that there is a market that will buy what you are selling. Many people wonder how they can innovate and what that actually means. One dictionary defines innovate as: To make something new or to make changes in something established. In order to innovate you need to take yourself out of the business for a day or two, spend time brainstorming, then do some research to find out if there is a market for the idea you have come up with. Even when you have an innovative product or service, your business growth will be limited if everything depends on you. Therefore, once you establish that there is a demand for your product, you need to build a team
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to expand the business. That means putting systems in place for them to follow, teaching them and demonstrating how to operate the business and then allowing them to do the work. Make sure you also put in place a system of reporting back to you. Having a team in place also allows you to make yourself redundant, as I like to call it. Making yourself redundant doesn’t mean being completely divorced from the business; it means creating a business that can function with input from you but you do not necessarily have to be present for it to operate. Therefore, you will be free to step back from the business and spend time working “on” the business rather than only “in” it and (best of all) you will be able to take personal time off and come back to the business refreshed. Needless to say, the team you build is very important. Since you will be allowing them to run the business in your absence from time to time and to take responsibility for selling your products, you need to create a team that shares your values, understands the purpose of the business and that shares your vision. They must also know intimately what the business is about and have good knowledge of your products and services.
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One of the great aspects of the WINC program is the mentorship element. Having a mentor allowed each entrepreneur to focus on their business specifically, unlike other workshops and programs where participants receive general knowledge, but it is not specific to their business. Many of them (from both cohorts) said that the mentorship was the most important part of the program for them and really helped them to grow their business. I believe that every entrepreneur should have a mentor (or even two) to guide them and support them as they operate their business. The results of my survey have made me excited because they tell me that there are women entrepreneurs who are tired of their micro and survivalist type businesses that are solely dependent on them and that they are ready to innovate and grow their businesses. For me, as an entrepreneur and trainer that is good news because having done my research and established that there is a market, I’m off to create my product (innovate) to meet the needs of the market. So stay tuned as I work on growing my own business.
Donna Every is an author, international speaker and trainer. She was the Barbados Ambassador for Women’s Entrepreneurship Day (2014-2016) and is the Barbados Facilitator for the WINC Acceleration Program. Contact: donna@donnaevery.com www.donnaevery.com @DonnaEvery1
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CELEBRATING ENTREPRENEURIAL
SUCCESSES SHELLY BOYCE
SIERRA VETERINARY CLINIC 439 2838 / 230 4222
We have embraced social media as a platform to market the business and have improved our team building skills through working with our business mentor Sheryl Whitehall.
KEISHA BRANCH
ZLAHTO 827 6912
We have recently established new strategic business partnerships and have expanded our business network.
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We asked Entrepreneurs to share their successes with us. The things that happened this year, big or small that they were pleased to report!
It’s the life on an entrepreneur… We are happy to share a few success stories!
ANDREA DE SOUZA
AJNA HOLISTIC SANCTUARY 426 7815
We have identified new business systems and processes required to move forward in product and service expansion and have renewed motivation for continual personal and professional development.
NICOLE FORDE - NILES
CARIBBEAN DREAMS PUBLISHING 242 8581
We just exported our 1st product to St. Lucia, GO St. Lucia Holiday Map & Magazine, additionally we have just expanded our product line to offer Screen Display Advertising
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WE SUCCEED, WE FAIL, WE FALL, WE GET BACK UP AND GO AGAIN! ALLISON BURNHAM
SIMONE DAVIS
COCONUT BABY / PLANT LYFE
DESIGNERS COAST
260 2224
434 0034
We have started developing our “Plant Lyfe” concept for a vegan fast food aspect of the business.
We have moved our company in a new direction to include strategic planning and digital advertising , we are also beginning to export our services.
SIMONE MCCONNIE
KELLIE CADOGAN
COMFEET FOOTCARE CLINIC
EAST POINT PRODUCTIONS INC
436 6030 / 242 4309
266 0442
This year we made the decision to hire an assistant and started working at an office space outside of my home. In addition to this, for the first time, we have begun to train and lead a group of voice tutors to work within the program.
We have implemented new dynamics within the organisation, changing the staff complement and their roles, We have also made contact with key experts and increased our networking opportunities.
KATRINA M. IFILL
WAVES OF BLISS 696-GASM (4276)
The business has moved from home-based to a larger space for more efficient operations and new products have been introduced to the market
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MAKING A
MARK
NICOLE FORDE
CARIBBEAN
DREAMER! Meet Nicole Forde-Niles, dreamer, artist, volunteer & the proud owner and manager of Caribbean Dreams Publishing - a dynamic, award-winning, publishing & communications company, operating since 2013.
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superior digital journeys for end consumers.
Tell us a bit about the Company? NICOLE FORDE
Well, we are the producers of: 1. Maps (For Barbados & St. Lucia) 2. Magazines (Docked, Go Magazine, Evolving Business & Private Publications for local companies) 3. App Development (Android & Apple Apps) 4. Websites And We also offer Screen Display Advertising & Social Media Management through our partner company Mobile Solutions Barbados (they also have the largest Facebook Buy & Sell group in Barbados) Our general focus is to create digital, packages for our customers that lead to increased visibility in the market, while generating
Our products are beautifully designed to capture the reader’s attention at first glance and our content is fresh & fun, built on the latest digital concepts and platforms. How did you enter the publishing and advertising sector? When I started on my journey to open “Caribbean Dreams It was a tough start… I spent the first few years, trying to acquire startup capital and being turned down for several grant applications and loans from banks, small business loans institutions & venture capital organisations… It’s hard to hear no that many times and still fight on but, instead of being discouraged, the business concept gained strength. With each denial … I gained
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insight, was shown flaws and weaknesses that I was allowed to eliminate them from the business before I started. Finally a friend suggested I try the BYBT, and with a stronger product in hand, I was successful there… and from that moment they’ve been instrumental in getting me to this point. What tools / skills can you attribute to the growth of your company? I’d have to say it’s the perseverance to continue past each challenge and disappointment to reach my dream. This is a characteristic that is needed in all entrepreneurs… I was blessed to also have a fantastic team, brilliant graphic teams that produce international quality works, an unwavering family support system, great mentors and strong alliances with companies
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such as Cot Holdings Limited & BYBT that were all integral to the overall company growth. What would you say has been most enjoyable experiences about your journey.
off and today we are an award-winning company. I am the BYBT’s Female Entrepreneur of the Year in 2014 and we have gained Sectoral Awards from the SBA for Tourism Related Services in 2014, 2015 and 2017 and our greatest achievement to date has been being selected to be the SBA’s Small Business if the Year in 2015.
I’d say there are three parts to this. 1. Helping others is a big part of what
we do, giving back to the community should be compulsory for companies to ensure that knowledge and skills are passed through generations to assist with strengthening the overall economy. But seeing others benefit from something you have done is a great feeling.
2.
Achieving goals that have been set in the past offers a euphoric feeling that can’t be explained, publishing our first magazine, printing our first product, securing our 1st contract, forming long lasting strategic alliances and now exporting our products for the 1st time, there is nothing like realising a goal!
3. Finally, we also enjoy being recognised
for the hard work put in by all of our team members. Those efforts have paid
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How has your overall vision changed with the growth of the business? Our Vision is to create content which guides, entertains, informs and makes a difference while inspiring and encouraging unforgettable island experiences… I think we are pretty much on track. As a child, I grew up watching the local tourism campaign “Tourism is our business let’s play our part” ... It was a series of short commercials on CBC TV that showed locals helping the visitors in one way or another and I took that message quite literally to heart. Today’ we live by the mantra
“TOURISM IS OUR BUSINESS LET’S PLAY OUR PART!” and this directs the vision for each tourism product we provide. Our focus is to portray Barbados in a manner that truly encapsulates island living and to provide our customers with products that effortlessly meet international standards What would you tell young entrepreneurs about the importance of A USP? A Unique Selling point allows your customers to clearly understand why they should select your product over others. Much like your company vision and mission, it should be clearly articulated and understood by everyone in the organisation as well. We have differentiated ourselves through exceptional quality & impactful design, unique promotions, strategic alliances and by offering a value
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for money that is unmatched on/off island. Further our distribution, spans over 250 outlets the island and this sets us apart from our competitors. How Has your family & friends impacted your business? I’ve been blessed to have a fantastic network of family & friends that have supported my vision and helped to facilitate my dreams. My mum & dad helped me to get started and my mother is still constantly providing suggestions and acting as a sounding board or a comfort when needed. I had friends like Paul & Rawle who help with key areas in the development of our products - Our business would not be here without them. My Husband is flurry of ideas and has a drive that pushes me to do better, but generally Love, Support & Faith in God are crucial to get over the hurdles, and is especially necessary if some of your great ideas fail. What’s your opinion on Mentors in Business? Our very 1st mentor, Linda Christian-Clarke, was provided by the BYBT. As a young
entrepreneur it was important to have someone with experience help guide us around the potholes that a small business can fall into. Now, I think every business and senior manager in Barbados would benefit from a mentor, as the economies decision makers, they would act as important checks and balances in organisations. We have had the privilege of working with not only Linda Christian-Clarke, but Dr Annalee Babb and Dr Hudson Husbands.
I DON’T HAVE A “9-5” I HAVE A “WHEN I OPEN MY EYES TO WHEN I CLOSE MY EYES”
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Each has been instrumental in helping us more forward to grow our organisation. What advice would you give to those interested in Entrepreneurship? Well, our business is called Caribbean Dreams for a reason… Nothing is bigger than your dreams. Nor does anything give a feeling of more self-worth and accomplishment than realising a dream - no matter how small. It’s hard, Hard, Hard work! Did I mention its Hard work? Sleepless nights, and early mornings are all a part of it too. But I would encourage entrepreneurs not be disheartened or give up, even when, you fall, when others turn you down, turn you around or say no… Instead… pick up & move… improve where you can and keep going until you make your dream a reality.
Check out our work on caribbeandreamspublishing.com or visit our Facebook page
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JOIN
THE BYBT
Twenty years ago, the Barbados Youth Business Trust (BYBT) was started to improve the social and economic conditions of young, undeserved persons between the ages of 18-35 years old.
WHAT CAN WE DO FOR YOU? Providing an integrated package of
Offering:
business mentoring, start-up loans
• Business start-up capital as a lender of last resort
and grants and other developmental support services to this target group. The BYBT promotes youth entrepreneurship development by providing persons with the necessary tools to start up a business.
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• Business support grants in the following categories: Go and See, Feasibility and Educational Grants • Business Mentoring • Business Services – Including: Practical Business Training Personal Development Networking Marketing & Promotion Advocacy / Lobbying
Community Engagement/Outreach Internships Access to Co-working Space Training Facilities
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FUTURE FINANCIAL BLISS
MARRIAGE & ENTREPRENEURSHIP
MAKING A MARK
TRIPLE R’S CAKES & CATERING SERVICES
COMMON BUSINESS STRUCTURES OF BARBADOS
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DEALING WITH EMPLOYEE GRIEVANCES & RAISING
EMPLOYEE ENGAGEMENT BY JAMEELA HOLLINGSWORTH THE HR BOSS
One of the main things entrepreneurs have challenges dealing with, is conflict. We are so busy trying to stabilize our businesses and just generally being “busy” that we often don't pay attention to people, issues & concerns of our employees. The harm in brushing these concerns aside is that it can lead to employee disengagement which can be a hindrance to productivity. Here are some quick tips for entrepreneurs for dealing with conflict and maintaining engagement levels:
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Be Approachable & Unbiased Set up regular check-in meetings with your employees
Employees tend to share issues as they arise with a boss who they think is approachable.
(both part-time and full-time)
This serves as a way to refresh the targets in their minds to ensure everyone is on the same page working to achieve the same result. Regular meetings help to diffuse small “fires� before they get out of hand. You can address any issues or misunderstandings at this stage to prevent employees from festering adverse feelings towards you or the business.
Have an informal or formal procedure for dealing with grievances which can include: 1.
The implementation of an anonymous box for issues
2.
Practicing an open-door policy
Celebrate Wins! Employee engagement is not only about managing grievances, it is about celebrating the good work of your employees and your small wins as a company.
Be unbiased in every situation. If you seem biased in your handling of situations it can cause a break down in trust between your employees and yourself.
No matter how small your business is, you can celebrate your employees by hosting team building activities such as a games night or an after-work lime. Small thoughtful gestures like sending an email recognizing an employees' hard work goes a long way in raising engagement levels.
Jameela Hollingsworth is a Human Resources practitioner, Career Consultant & Millennial Blogger. She is the Founder of the HR Boss, an online career resource for Caribbean millennials.
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5 WAYS TO USE THE INTERNET TO INCREASE BUSINESS REVENUE
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BY MR. SHANNON CLARKE CEO & CO-FOUNDER, CAREPOINT SOLUTIONS
According to World Economic Forum E-Government surveys, there are low levels of Internet usage in the conducting of
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business in Barbados and the this is changing and many have
begun
adopting the use of social media in order to promote their products and services to consumers. However there are many more useful tools which businesses can utilize with little to no setup time. Here are five (5) DIY tips for leveraging free/ low-cost
Internet
solutions
to improve your business’ profitability. They can all be combined with a good social media marketing strategy.
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Automated Invoicing & Receipts Examples: Zipbooks.com, Waveapps. com, Quickbooks.com Many companies, typically rely on repeatedly calling and emailing customers to remind them that
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payment is due. However there are online bookkeeping programs which offer free or low-cost solutions that include sending an email reminder to customers along with a copy of the invoice. Furthermore, some of these services can track if the email was read and accept online payment as well. Additionally, if you are able to accept their credit card payments online then the selected service may send a receipt to the customer immediately after payment as well as send you a notification that the bill has been paid!
Examples: Facebook Page, Magento, Google Forms Did you know that you can allow users to make orders for your products directly from your Facebook page? Simply by adding a separate tab or a special message button, you can begin accepting orders today. Whether you offer a product or service, accepting online orders will be convenient to both you and your customer, as it reduces the time and energy required for customers to learn about your service and for you to learn about their requirements. Notably, if you are unable to accept their credit cards at this moment, you can always resort to cash-on-delivery for your orders.
wider Caribbean. Fortunately, businesses
Accept online orders & sales
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Engage customers directly in their Inbox Examples: MailChimp, WhatsApp, Facebook Messenger Stand out from the competition by pro-actively requesting a testimonial of their experience using the service or product. Additionally, you can share some useful and helpful information about the product that they may not have originally recognized. You may do this on social media but I encourage you to send this to their email or a messenger they have installed on their phone. If you have a website then you
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may also automate this process by using tools such as Driftt.com so that follow-up messages are sent a few days after purchase.
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Reward loyal customers Examples: Google Spreadsheets It’s just as important to keep track of loyal customers as it is to keep track of daily business transactions. Whether you interact with your customers physically or virtually, you can take advantage of Google Spreadsheets to keep a log of their name, number of purchases and maybe even their birthday and personal preferences. Reward them with a surprise gift or customized discount and you’ll no doubt have a customer for life.
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Accept Suggestions Online Examples: Google Forms, TypeForm, WuFoo It can be difficult to take time to ask your customers for suggestions on how you can improve your service, but by doing so, you will show them that you truly want to provide the best possible service to them. You can do this by sending an online form to existing and future customers which can ask them a few questions on the current service and request them to provide a suggestion for how the service can be improved. Additionally, some services will allow you to create graphs from the aggregate responses through which you can make critical business decisions regarding which services you should prioritize now and in the future.
Shannon Clarke is an awardwinning electrical engineer who is passionate about the application of cuttingedge software technology to empower individuals and improve the standards of health & living throughout the world.
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MARRIAGE& FINANCIAL BLISS
ENTREPRENEURSHIP A few months ago, I attended the wedding of one of my closest friends. It was a stunning afternoon affair in the middle of a beautiful garden, filled with smiles and laughter. The wedding bordered on perfection, perfect gown, perfect cake, love that was literally bursting out at the seams and a Bajan reception of fun, frolic and wuk-ups till morning. It was wonderful to be able to share in their special moment, but not long after the honeymoon they got into their first fight attempting to iron out the finances, a difficult and sometimes scary topic for new couples & entrepreneurs to broach. Money is often a tumultuous issue for us as individuals, and moving forward as a couple to share past debts or to incur new debt for varying goals & for a business, would be complicated to say the least. In fact, studies list money as the number one issue that couples argue about, and the number one issue that they split-up over. The truth is, couples are expected to argue, about many things, including money! The key, is how you argue, what you communicate and what is resolved as a result. Both couples and businesses have ups and downs and a sound 3 1 - E V O LV I N G B U S I N E S S
plan at home can bring comfort to a family if your small business or partner is struggling.
Communicate from the Get-Go In any strong businesses or relationship, good communication is key. It may seem obvious, but many couples neglect to ask their partners the simple questions early on which would alert them to the challenges which may lie ahead. • Have you finished paying for your MBA? • What is the monthly payment of your vehicle? • Do you have other outstanding loans? • What Debts will the business incur? • Essentially… how much debt do you have? • What will we be bringing to the relationship or taking to the business? These topics, which may make others feel uneasy, are often important to financial growth. Start by making an ordered list of all the debts
previously incurred as well as those you expect to incur, from there discussion on interest rates and monthly payments as well as varying methods of debt reduction will go a long way.
Avoid Keeping Financial Secrets Along with sharing debt information, share expected salary and savings figures and converse on any other assets which you may have or need for the business. Maintaining complete honesty will help strengthen the relationship in the long run.
Determine how to merge two financial affairs One of the first hurdles couples often tackle is whether to combine monthly earnings, or keep accounts separate (while sharing household expenses and bills). While the latter gives couples some freedom to spend, no one option is considered wrong or right.
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Couples are urged to try both ways to simply see which suits them best. However, any approach chosen will still take persistence, patience and practice to get it right.
Deal with Premarital Debt Together
debt can also help to reinforce relationships. Researchers indicate that paying off large bills together can provide new couples with feelings of accomplishment that are often important to their growth.
Set a Family Budget
Experts indicate that more than 50% of men and women have some debt - vehicle, student, business, credit cards - before they wed.
Growing together and learning something new each day is fantastic, but this is not the way couples should learn about each other’s spending habits.
When only one partner enters the relationship with large debts, waiting on its reduction can sometimes delay plans for homes and even children and though individual debt is not necessarily instantly shared upon marriage, undertaking the challenge as a unit can positively impact overall marital stability.
Marriage finances should be likened to the finances of the new company, with plans, goals and budgets. Calculate combined income then subtract expenses – monthly debts, living expenses (groceries and utilities), rainy day money, savings, date night money and for couples who pool their finances, personal allowance. Although an allowance may sound juvenile, it provides autonomy over individual pocket money and can help prevent resentment…resenting her for buying yet another pair of shoes or resenting him for impulse buying that fancy divers watch even though he can’t swim.
Discuss your Financial goals. • Simply put, what are the family’s & business long and short term goals? • Expansion? • Debt reduction? • Homeownership? • Early Retirement? These should be set together. It’s easier to work towards a common goal when some mutual agreement was made. On average, no matter the goal, financial planners suggest that families should not seek to incur debt in excess of 40%-50% of combined monthly earnings. Instead attempt to avoid this situation or, if this limit has been exceeded, place emphasis on paying bills with the highest interest rates and fees first. It is interesting to note that reducing
Don’t neglect your savings Couples & Entrepreneurs can sometimes find saving hard to do, but it is particularly important even in tough economic times. Aim for 3 to 6 months’ worth of household expenses in the bank in case of unforeseen circumstances such as reduced business cash flow, job cuts, illness, car troubles and
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accidents. In addition to this, an attempt to aim for 5%-10% of gross salary per month to be automatically deducted for storage in a separate savings account.
Saving just $500 a month can earn over $6000 by year end and saving $835 per month can earn over $10,000. Set any goal and just try, getting into the habit of saving early in the relationship, is vital to the pattern in future.
Life Insurance & Wills Though we all hope, and don’t ever want to think of the unspeakable happening to our other half, life happens and families should also discuss issues like Wills and life insurance. Be sure to list your spouse as the beneficiary on all documents for comfort in knowing that kids, spouse and final expenses (tallying in the thousands) will not put your family under undue financial pressure. Be sure that any insurance coverage is adequate and covers all of the basics. In the long run, effective communication is key, being honest and open about financial responsibilities, goals and concerns, will allow your relationship to move forward and grow. Not only towards marital bliss, but towards the equally rewarding state of sound saving, security and financial bliss.
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COMMON BUSINESS IN STRUCTURES BARBADOS SOLE TRADERS BY DAWAN WILLIAMS FCCA CIA CA
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A question which many aspiring or current business owners ask is: “How should I structure my business so that it is most beneficial to it/me?” This is a fairly loaded question which, if you were to pose to your accountant right now, may not be answered immediately, as there are many considerations to make. But, to get the thinking caps working before you seek professional advice, let’s delve a bit into some information which may help you to form your own preliminary conclusions. We look at one of the common business structures used
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personal allowances and any other allowable deductions, business income is taxed at 16% on the first $35,000 of taxable income, and 33.5% on any taxable income over $35,000. Note that taxable income is made up of all income to an individual, including employment income, business income, pension income, etc. In other words, if you are employed and receive a salary, and you also have a sole trader business, the income from the business is added to your employment income to derive your total taxable income.
Statutory Requirements
in the Barbadian context: the sole trader – its main
Business Registration
characteristics, statutory requirements and financial
Proper sole trader business registration is done at CAIPO (Corporate Affairs & Intellectual Property Office – located in Warrens in the Baobab Tower). The process is known as registering a business name, and this currently costs BDS $104. This gives you a certificate of business name registration, which assigns a unique business number. The certificate is often used by sole traders to apply for business bank accounts and other financial services such as business loans, credit cards, etc.
impact.
(IMPORTANT NOTE: this article reflects the statutory requirements and laws present at the time of writing. Therefore, as laws do change from time to time, you may want to check that the information contained in this article is relevant depending on when it is read.)
SOLE TRADER BUSINESSES Definition A sole trader business, also known as a “trading-as” or “sole proprietorship” is owned by 1 person and is not incorporated. Many small businesses in Barbados are sole trader businesses. A “side hustle” may also be considered a sole trader business. Characteristics There is one owner – which gives meaning to the “sole” in sole trader. This means that 1 person owns and controls 100% of the business, including its assets, liabilities, profits and losses.
Employer Registration If your sole trader business has employees which receive a wage or salary, you are also required to register as an employer at the BRA (Barbados Revenue Authority – this particular function is only done at the Treasury Building in Bridgetown) and the NIS (National Insurance Scheme – located in Collymore Rock). Both registrations are free of cost. This is necessary because employers are required to deduct income tax and NIS contributions from wages and salaries within the law, and pay those monies to the respective agencies on behalf of employees.
Because a sole trader business and the owner are viewed as one and the same “person” in legal terms, a sole trader business does not enjoy limited liability. This means that if a third party were to enact legal action (or sue) against the sole trader business requiring a settlement, the owner’s personal property could be used to satisfy that settlement if the business’ assets are not enough.
Inclusion in Annual Individual Tax Returns Every year, when income tax filing is due by the end of April, sole traders should include their business income in their individual income tax returns, and remit any taxes payable to the BRA within the stipulated timeframes.
A sole trader business is taxed at the same rates as an individual in Barbados. This means that annually, after
VAT registration Sole traders who produce taxable goods or services and who earn, or expect to earn, more than
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BDS$200,000 in revenues in a year, are required to register with the VAT (Value Added Tax) authorities (i.e. the BRA). VAT filing and payment is submitted to the BRA on a bi-monthly basis based on a schedule given to you upon VAT registration. Financial Impact One of the biggest deciding factors in choosing a business setup is the statutory cost to do so – i.e. the cost charged by government. Note that the cost to run the business (your regular operating expenses) remains the same for the most part regardless of your business structure. You still have to pay rent, hire staff, pay utility bills, buy inventory, etc. in order for any business to run. However, the statutory costs differ depending on the business setup. For sole traders, the statutory setup cost is fairly minimal, at BDS $104 payable to CAIPO (see previous section). However, the largest factor is the annual taxes. Remember that income from a sole trader business is taxed at the individual tax rate in Barbados. The individual income tax rates in Barbados are as follows:
1
Personal allowance of $25,000 (at least) per year – TAX FREE
2
1st $35,000 (per year) of taxable income – taxed at 16%
3
Any taxable income over $35,000 per year – taxed at 33.5%
If a business owner is employed, and makes at least BDS $60,000 per year (gross pay) from EMPLOYMENT, any income from their sole trader business will be taxed at the higher rate of 33.5%.
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Here is a little check which business persons can do to determine whether it makes sense to choose a sole trader as your business type:
STEP 1 Are you employed? If yes, write down your gross employment income (salary or wage) per year. If no, write down zero.
STEP 2 How much business profit (i.e. business revenue or sales minus business expenses) do you expect to make per year? Add this figure to step 1’s amount and write it down.
STEP 3 Subtract $25,000 from Step 2’s final figure. This gives your net taxable income after deduction of your personal allowance.
STEP 4 If the amount from Step 3 is below $35,000, and you expect it to remain below $35,000 for at least 3-5 years in the future, then it makes sense to structure your business as a sole trader – because you will be taxed at the lower rate of 16%.
(Note: we will look more in depth at corporations /
STEP 5 If however the amount from Step 3 is above $35,000, and you expect it to remain above $35,000 for at least 3-5 years or more in the future, then it makes sense to evaluate whether choosing another business structure, such as
Choosing the right business structure is a decision that should be given more than minimal thought, as it affects the cost of doing business – something most persons like to minimize. Do you think a sole trader structure suits your business? A qualified accountant can help you to better make this decision, so that you can focus your energy on making your business thrive.
companies in a subsequent article, so read this
a company, may be more suitable to you. This is because, under a sole trader structure, your business income will almost always be taxed at the higher rate of 33.5%, which is higher than the corporation tax rate of 25%.
publication’s next edition to see more on this topic.) Therefore, in this case, a sole trader structure may not be the most suitable for your business.
Dawn Williams is a chartered accountant by profession, with over 9 year’s experience in external and internal auditing, accounting and management of accounts departments. She is certified with ACCA (Association of Chartered Certified Accountants) and CIA (Certified Internal Auditor), and is an active member of the Institute of Chartered Accountants of Barbados (ICAB).
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S ’ R E L P I R TCAKES & CATERING SERVICES 3 7 - E V O LV I N G B U S I N E S S
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Triple R’s Cakes & Catering Services provides catering for weddings, meetings,
Yes! Entrepreneurship provides an opportunity to help yourself and others by creating jobs. It helps build character, value for money and appreciation for all the hard - working persons that had to start somewhere, to build their business
parties and a wide
to what it is today.
range of events.
What key traits have helped your company grow?
Having operated this successful business for the past 15 years owner Maria Rawlins shared her views on
We are a family business and we treat our clients as such whether it is a job for 10 persons or 60, we still ensure that we pay a very close attention to detail and quality.
what it takes to be
What was your most memorable day of being an entrepreneur?
an entrepreneur with
Catering an event where the Duke of
Evolving Business Magazine.
EVOLVING BUSINESS Why did you
decide to be an entrepreneur & how did the idea come about? MARIA RAWLINS
From a young age, I was always baking something or the other. I always loved doing cakes and pastries it came natural for me to go into my current field. A friend suggested that I was wasting my time working for someone else and that got the ball rolling. Are you happy that you made that final decision?
Edinburgh was in attendance. What has been your most enjoyable experience about entrepreneurship? My most enjoyable experience was catering the Christmas BBQ’s for Barbados’ Council for the Disabled. They always seem to be having fun and letting loose, it’s always great to be a part of it. What advice would you give to young entrepreneurs that are apprehensive about self-employment? Owning your own business takes a lot of dedication. It is not a 9-5 job and you have to put in the work and long hours to ensure that it succeeds. Make sure you are serious about whatever you are doing before you start. But once you put your all into the area you wish to be in, you will be successful. Don’t ever give up!
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