Tag Archives: entrepreneur

Earning Extra Money is Essential

Income Creation, , , , , , ,

Becoming financially successful involves more than just doing the right things with the money you currently earn. For many persons, the salary they receive from their regular jobs can just barely cover their basic necessities. The reality is that if you want to achieve a healthy financial status, you need to focus on earning extra income.

This realisation came home to me several years ago as I struggled to turn around my finances from a negative position to a positive one. After recognising the importance of budgeting, saving, managing debt and setting goals, it became quite obvious that I needed to make more money in order to accomplish these basic money management strategies.

It would be impossible for me to meet all my bills, save for an emergency fund, pay off my debts, and put aside money for future goals without another source of income.

However, figuring out how to create more money was a challenge. I had a full-time job and family responsibilities, so my free time was limited. I also had no idea of what else I could do to increase my income. Continue reading Earning Extra Money is Essential →

Making Money With Personal Services

Income Creation, , , , , ,

As we continue to highlight practical options of generating income to make ends meet or save towards future goals, today we will look at some of the ways to earn from providing personal services. Depending on your background or natural talents, you may find one of the following opportunities ideal for you:

Self-defence Training

In today’s society, there is a high level of anxiety caused by crime and violence and the perception that personal security is at risk. While others focus on worrying about the problems that exist, true entrepreneurs pay attention to the opportunities that they present.

One possibility for income earning is teaching others how to defend themselves in the event of an attack. If you have training in the security field or excelled at a self-defence course, you could provide this worthwhile service to help persons overcome their fears. Continue reading Making Money With Personal Services →

Things To Consider Before Starting A Business

Business Success, , , , ,

Unlike her co-workers, Camille* had been ecstatic at the news of the closure of the company she had worked at for nearly 20 years. As she mentally calculated her expected redundancy package, she was delighted that her dream of starting her own catering business could finally become a reality.

As soon as she received her final pay cheque, Camille turned her attention to setting up an upscale eatery that rivalled the bistros found in South Beach, Florida. Awash with cash, she spared no expense in creating the right décor and an enviable menu. Excited at the prospects of her first business venture, Camille opened her doors with a flurry of promotions and pizzazz.

Fifteen months later, Camille is singing a different song. Gone is the optimistic fervour of the newbie entrepreneur; today Camille is burnt-out, broke and begging for someone to buy her out. What went wrong with her grand business idea? Continue reading Things To Consider Before Starting A Business →

How To Optimise Your Operations

Business Success, , , , , , , , ,

Over the past two weeks, we have been focusing on strategies that small business owners can implement to counter the negative effects of the global economic downturn. If the going is getting tough for your business, it’s time for you to get innovative in meeting your customers’ needs and publicising your products and services.

To ensure that your business can survive and even succeed in challenging financial times, you have to focus on the efficiency of your operations. Under normal circumstances, small businesses falter and fail from using improper procedures and expensive processes. In this period of economic uncertainty it is vital for your business to become a lean, cost-effective machine.

One of the most pressing concerns for small businesses is maintaining a positive cash flow. As the saying goes, ‘Cash is king,’ and to survive a financial downturn, entrepreneurs must have a good handle on incoming and outgoing cash. Even a minor reduction in sales can trigger off the inability to meet bills, source raw materials and generally stay afloat. Continue reading How To Optimise Your Operations →

Mission: H.O.P.E. – Disability Is No Deterrent

Income Creation, , , , , ,

I am a firm believer that just about everyone has the ability to earn enough to meet everyday needs and achieve their goals if they are determined enough to do it. After counselling hundreds of people, I have found that the key component that influences the level of their financial success is their mindset.

I was forced to reflect on my conviction while making a donation to a visually impaired couple who were begging in New Kingston. Despite my view that all persons had the potential to earn their way in life, did the physical and societal challenges faced by these blind persons allow them the same opportunities to excel as able-bodied people?

Is disability a deterrent to financial success? Continue reading Mission: H.O.P.E. – Disability Is No Deterrent →

Lessons for the Self-Employed

Business Success, , ,

“I read your article last week outlining all the institutions that self-employed persons need to visit when starting out. I’m trying to decide if I should leave my job and start my own business with an idea that I’m convinced will work. What advice can you give someone who is thinking about becoming self-employed?”

The decision to become your own boss is not always an easy one. If you’re thinking of leaving your regular nine-to-five job to strike out on your own, you’ll be faced with feelings of uncertainty about your plan of action, and fear about an unknown financial future.

After changing my job situation from employee to ‘self-generated-income earner’ last year, I have learnt many lessons about becoming an entrepreneur. Some have come the hard way by learning from my mistakes, but valuable knowledge has also been gained by observing and mirroring the practices of profitable business owners.

Here are some of priceless tips I’ve learned about successful self-employment: Continue reading Lessons for the Self-Employed →

Are Women Getting Better at Making Money?

Wealth, , , ,

Traditionally, the only way that women could end up becoming very wealthy was to find a husband with money. Many girls grew up hearing that they had to marry well if they wanted to experience the good life.

If a girl was born lucky, she might get rich by becoming the heir to her father’s fortune. In fact, the ten wealthiest women on the Forbes 2008 billionaire list all inherited their massive wealth from male relatives.

The famed ‘glass ceiling,’ that invisible barrier to women’s upward mobility in business and politics, has historically ensured that ambitious women could only earn a comfortable living from their own labour, but not access the vast wealth available to their male counterparts.

Women shouldn’t lay the blame for their financial inequality solely at the feet at men, however. Lois P. Frankel, PH.D., author of Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make With Money, declares that girls are generally socialized to be nurturing and supportive, while the more assertive qualities needed for financial advancement are usually discouraged.

Frankel examines some of the common mistakes that women make which prevent them from becoming wealthy. Here are three errors that can hold women back financially: Continue reading Are Women Getting Better at Making Money? →

Four things that can destroy your business dream

Business Success, , , ,

“I’m struggling to find the right business venture that can guarantee me success. I tried running my own operation in two different industries, but I had to close down the businesses both times because they weren’t viable and I was losing money. I know it’s possible to make money in business, so what am I doing wrong?”

Many businesses suffer from varied problems that can undermine their viability. Lack of enough low-cost working capital, high production costs, competitive pressures, – the list goes on. When you think of all the challenges, it’s a miracle that so many people desire to be their own bosses!

Sometimes the underlying cause of issues that business owners face has less to do with a difficult economic environment, and more to do with the entrepreneurs’ own attitudes and practices. It’s easy to recognize the external issues contributing to business failure, but it’s harder to identify the negative habits that can destroy a business dream. Continue reading Four things that can destroy your business dream →

Raising Money-Smart Children Pt 2

Kids & Money, , , ,

In these challenging economic times, when the spending power of a dollar is declining but expenses keep increasing, it’s important for parents to equip their children with the necessary skills to become good money managers.

Last week we learned how Andrea Reid-Davis, a realtor and shrewd investor, has successfully taught her daughters Gabrielle, 18 and Gayan, 14 to save and earn money. Their wisdom with money belies their years, and this week we’ll look at some of the strategies they have used to enrich themselves.

The Value Of Work

One of the key principles that Reid-Davis has passed on to her daughters is the value of honest labour. She insists that children should be very aware of the work that their parents do to get money to take care of them. This is even more important when the adults have a family business, she confirmed, as children should be encouraged to participate by working in the enterprise. Continue reading Raising Money-Smart Children Pt 2 →

Business Planning for the Self Employed

Business Success, , ,

“I work in the financial industry, but my real love is teaching. However, I don’t want to become a regular teacher because of the low pay. I have some innovative ideas on starting a business in education but I am unsure how to proceed with them. Some of my concepts have never been tried before in Jamaica and I need some assistance in making them into a reality.”

Successful self employment and business ownership are two ideals which most people with unfulfilling nine-to-five jobs dream about. Some wish there was some way to make their hobby or passion make money for them, but never have the courage to give it a try. Others launch out into entrepreneurship with the enthusiasm of the eternally optimistic, thinking that being in love with a business idea is enough for it to be profitable.

The majority of small businesses established in Jamaica generally get started without a plan of action to guide the operations. People tend to think that they already have the skills to succeed, especially if they had gained experience in the business area when they were working for someone else.

The typical excited entrepreneur thinks- “How hard can it be to run a wholesale shop? I just need to buy the goods, price them right and the people will come!”

Continue reading Business Planning for the Self Employed →