Tag Archives: Income Creation

Help for Young Jamaican Entrepreneurs

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Last week, we looked at the important role that youth entrepreneurship plays in the overall economic development of Jamaica. Unfortunately, despite aspirations to create their own income sources, many young people struggle to find ways to achieve their business dreams.

It’s a common belief by new entrepreneurs that the route to business success lies in easier access to start-up financing for their fledgling operations. The reality is that an injection of money can sometimes be insufficient to help an enterprise prosper if the owner is inexperienced in business.

From observing the mistakes of many young entrepreneurs (myself included), I know that working capital will often be misused and wasted in the hands of someone who is just starting out in business. The saying “Experience is the best teacher,” could very well have been written by an entrepreneur who gained worldly wisdom after several costly business errors! Continue reading Help for Young Jamaican Entrepreneurs →

Is This The Right Time To Start A Business?

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“I’ve been thinking about starting my own business, but I’m nervous about the current economic climate. Is it advisable to begin a business in the middle of a recession? Are there any industries that might be less vulnerable at this time?”

It’s understandable for people to disbelieve the financial pundits who declare that crises can bring tremendous possibilities for new businesses. Prospective entrepreneurs might think, “Easier said than done,” as they are encouraged to look for business opportunities that have been created by the recession.

With consumers cutting back on spending, large corporations laying off workers and governments facing economic hardships, how can it be feasible for a small operation to navigate these turbulent times and create a solid foundation for success? Continue reading Is This The Right Time To Start A Business? →

Is Self-Employment Right for You?

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In today’s economy, the concept of self-employment is becoming increasingly popular. Some persons desire to become their own bosses in order to give birth to business ideas that they always dreamed about. Others are forced to create their own incomes, as the contracting job market does not provide many options.

Unfortunately, the road to successful self-employment is littered with many casualties along the way, with people who have seen their entrepreneurial dreams transform into financial nightmares. Whether self-employment is your choice or you have no alternatives, it’s important to first consider if you are ideally suited to the rigours of this lifestyle.

Let’s look at some of the key factors that can help you to decide if self-employment is right for you: Continue reading Is Self-Employment Right for You? →

2010 Action Plan #3: Control Your Income

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It wouldn’t be hard to predict that it’s going to be more difficult to make money in 2010. Employees and entrepreneurs alike are experiencing a decline in their earning power due to pay reductions, job layoffs, and consumer spending cuts. Investors who had previously benefited from lucrative profits in the money market now have to cope with decreasing returns.

How can you survive when you are not earning enough? Let’s look at some of the typical challenges that people are facing today and offer some possible solutions to these problems:

Situation: Your boss is cutting your work time to four days per week, and you stand to lose 20 per cent of your pay. Continue reading 2010 Action Plan #3: Control Your Income →

How to Earn More Money

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Very often, readers request advice on how to conquer their financial challenges. Most times their major issue is that they are not earning enough to pay their basic bills. As the cost of living increases, this problem only gets worse.

The reality is that it’s almost impossible in these times to expect that one job will be able to cover all our spending requirements. Many people try to borrow to make ends meet; but the only sustainable solution is to look around for other ways to earn more income.

Earning more is absolutely vital for financial success. Apart from the fact that many people do not earn enough to cover their basic expenses, they need to generate more money in order to achieve their financial goals. It’s also true that most persons don’t make full use of their abilities and time to make money. Continue reading How to Earn More Money →

Making Money from your Bedroom

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It’s been said that an entrepreneur is someone who sees opportunities where others see problems. Envisioning and creating a thriving business venture out of a simple concept is definitely a skill that can lead you into a great fortune. Unfortunately, many people lack this insight and miss out on profitable ways to earn income.

As a financial advisor, I am always on the lookout for new money-making ideas to share with budding entrepreneurs. Recently, Nuff Hope Limited, the business arm of Swallowfield Chapel, held an informative seminar which exposed dozens of business opportunities available in Jamaica.

Evadnie Sterling, chairman of Nuff Hope, explained that the church started looking at ways to mitigate the effects of the economic downturn on its ministries and community. “Nuff Hope was established to encourage and facilitate entrepreneurship,” Sterling noted. Continue reading Making Money from your Bedroom →