Tag Archives: entrepreneur

Jamaican Style Money Guide: Who Have Raw Meat Mus Look Fyah

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Many people living in Jamaica today find it almost impossible to make their money stretch to accommodate all their needs, wants and dreams. Even the most frugal person will have difficulty dealing with the constantly rising prices which greet them on their regular supermarket trips.

If you want to achieve more out of life, heed the words of this week’s Jamaican proverb: “Who have raw meat mus look fyah.” A person with uncooked meat must seek fire to prepare it; similarly you need to look for options to earn the money required for you to spark the fire under your goals.

Look within for possibilities

When trying to create extra income, people often make the mistake of choosing earning options that are not relevant to them. For example, some persons believe that setting up a wholesale store is a good business idea just because there are many shoppers who want to buy cheaper groceries.

While replicating a proven concept can be successful, if there are too many of the same types of businesses, the market will become saturated. This approach also does not allow you to exploit your abilities, so you need to be more introspective when thinking of what you can do to earn. Continue reading Jamaican Style Money Guide: Who Have Raw Meat Mus Look Fyah →

Maximising Your Money After Losing Your Job

Budgeting, Debt, Spending, , , , , , , , ,

Today’s economic climate dictates that businesses need to become leaner and more cost-efficient to survive in a competitive environment. Many government institutions also have to regulate their operations to ensure that they can make the best use of limited resources.

When the owners or managers of these organisations decide that they need to reduce expenses, they will often look first to their employees. Staff-related costs can be a significant portion of an entity’s budget, so cutting the wage bill can usually benefit the bottom-line.

While a business owner or management official may justify the advantages of reducing the staff component, the workers may see things differently. A decision to lay off people may be seen as unwarranted, especially if they think that the organisation is making enough money to retain them.

Is your job in jeopardy?

Whether you agree with the management’s stance or the employees’ viewpoint, the reality is that the employment landscape has changed. More positions will be downsized in ensuing years, so if you are currently employed, you should prepare yourself for the possibility of job loss. Continue reading Maximising Your Money After Losing Your Job →

Strike Gold with Brand Jamaica

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Jamaica is indeed a very inconsistent country. While it is probably one of the most influential nations in the minds and hearts of millions of people around the world, Jamaica has been struggling for years with insufficient income, inadequate infrastructure and immense indebtedness.

Foreign investors will experience Jamaica as a place offering lucrative business opportunities, but local entrepreneurs often find it difficult to overcome the various impediments to business success. It almost seems like two different business worlds exist for overseas and Jamaican operators.

Jamaica is the birthplace of reggae; a tiny island that developed a musical form that has taken over the world is almost unheard of. However, we are losing out on the value of our music as overseas musicians are producing quality reggae and profiting from it in ways that locals do not.

Manufacturers in far-off regions such as Asia are making super profits from incorporating Jamaican images or the words ‘Jamaican Style’ on their products. Conversely, many of our local producers have not been able to adequately exploit the gold mine that can be found in Brand Jamaica. Continue reading Strike Gold with Brand Jamaica →

New Year’s Resolution #4: Earn More

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Over the past weeks we have been examining some of the key money goals that you should have on your 2015 resolution list. If you really want to avoid the disappointing results of past years, then you must understand exactly what is required to put you on a positive financial path.

One problem that can be very frustrating for persons who want to achieve their financial objectives is that they just don’t have enough income to do everything they would like to. As the saying goes, “It takes cash to care;” and to attain many of your goals, you need to have excess funds on hand.

More money is essential

The reality is that many people do not have enough money left over after paying their regular bills to comfortably attain many of the objectives and acquisitions that they desire. It may be almost impossible for you to live out your lofty dreams, solely on the proceeds of a regular pay cheque.

Therefore, a critical part of your game plan to have a better financial year is to look at options to increase your earning ability. Without additional sources of income, you will be challenged in your quest to manage your budget, avoid burdensome debt, and save towards building your wealth. Continue reading New Year’s Resolution #4: Earn More →

2015 Money Forecast

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Another year has arrived and I would like to wish all my loyal readers a Happy New Year! For me, 2014 was filled with new beginnings and break-through events. I also encountered delays in completing some goals and learned valuable financial and business lessons from my experiences.

One of the highlights of 2014 was the interaction with my readers. This column has given me an outlet to meet many persons who share my interest in personal finance or need assistance with their money concerns. I look forward to engaging with many more of you as this year progresses.

The wonderful thing about a new year is that it gives us all the opportunity to erase the mistakes and disappointments of the past twelve months and set a more positive agenda for the coming period. The past is history; now is the time to chart your course for a more prosperous future.

Try to visualise 2015 as a new day just before the dawn breaks. As you gaze out into the horizon, what kind of financial ‘weather’ do you foresee that the upcoming period will have in store? Does your money forecast for the New Year feature dark, stormy clouds, or bright, sunny skies? Continue reading 2015 Money Forecast →

Self-Employed Spending Plan

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Budgeting is an essential skill for successful money management and it should be practised by all persons, regardless of their income level. Without a clear idea of the real cost of your lifestyle, you may make improper spending decisions and jeopardise your future financial well-being.

Preparing a spending plan is even more critical if you are self-employed, especially if your income is generated sporadically and you cannot predict when your next dollar will be earned. While there is freedom in being your own boss, there are numerous challenges with not having a regular pay cheque.

If you carry out proper planning by utilising a comprehensive budget, it can help you to overcome some of the feelings of insecurity and apprehension that may be triggered by possible income instability. Here’s how creating a spending plan can be advantageous for self-employed persons. Continue reading Self-Employed Spending Plan →

Success Breeds Success

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Last week we discussed the importance of throwing aside your reservations when it comes to creating independent sources of income. As the saying goes, “Fortune favours the bold;” so if you need to earn more to pay bills and achieve your goals, you have to become courageous in trying to make money.

Many persons are fearful of taking action on their income creation ideas, as they wonder if they can really be successful in offering a product or service to other people. They worry that they will fail miserably in their efforts to sell, and prefer to live in financial distress rather than try something new.

If you have thoughts of failure when you consider your options to earn more money, then you have already set yourself up to be unsuccessful. Let’s look at how you can transform these feelings and develop a more success-centred approach that will help you to attain your financial desires. Continue reading Success Breeds Success →

Fortune Favours the Bold

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Racquel was finally convinced that now was the right time for her to package her banana bread and try to market it commercially. If she had received J$100 every time she had heard, “Why don’t you sell this in the supermarkets? It tastes great!” she would be a wealthy woman today.

Apart from the fact that she was curious to know if her grand-aunt’s tasty recipe could make her some money, she knew that she needed to have a Plan B for creating income. Her employer’s business was struggling and she knew that it was only a matter of time before he started laying off staff.

Racquel had already registered a business name with the Companies Office and had hired a graphic artist to design a logo. She had made a list of potential outlets and had some ideas on how to market her product on social media. There was just one thing stopping her from proceeding – she was scared. Continue reading Fortune Favours the Bold →

Profiting from Solving Problems

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As a money coach, I frequently get asked the question, “What can I do to make some extra cash?” Currently, a lot of Jamaicans are admitting that they are suffering from the effects of the economic crunch, and that they are looking for simple and practical ideas to help them increase their earnings.

Some persons can effortlessly think of money-making ventures, and they are always seen selling some type of product or service to their peers. Most people, however, often find it difficult to envision themselves doing anything outside of their regular jobs to earn extra income.

The good news is that creating independent income is a money skill that you can acquire, just like budgeting or investing. Once you are determined to learn the steps required, you can eventually become quite efficient at the process of generating extra money whenever you need to. Continue reading Profiting from Solving Problems →

Earning With Your Creativity

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As we start the second half of 2014, I would like to encourage all of you to look at ways in which you can create your own income, instead of just depending on what a job income can provide. While you don’t have to run a full-time business, you can definitely try to earn extra cash in your spare time.

One way to start a profitable part-time enterprise is to use your creativity and natural abilities to provide a product or service for sale. Let’s look at some of the steps that are involved in tapping into your talents in order to generate more money.

Assess your skills

The first thing you need to do is take a comprehensive look at some of your talents that may currently be underutilised. Your God-given gifts are not limited to artistic leanings such as singing, dancing or painting. Very often, your natural tendencies or traits contain clues to very marketable skills. Continue reading Earning With Your Creativity →