Advantages of being a Sole Trader

For this blog post I want to highlight the positives in becoming an entrepreneur, and as such I am going to discuss a few advantages a sole trader has in owning and operating his/her own business. As I tell my Business Studies students, “keep in mind the many benefits a sole trader enjoys because one day you may become a sole trader yourself.” That, dear blog readers is my advice to you and remember when you tend to get discouraged, that the shop owner in your community, the barber, the plumber and even the ice cream vendor all started off somewhere and made it with persistence and hard work and they can call themselves ‘Sole Traders’. Here are seven advantages that sole traders enjoy:

1. They have the ease of making all decisions for the business without having to consult any partner or anyone for that matter.

2. Sole traders have the assurance that confidentiality of information is maintained in their business as they are their own bosses and keep their own records. They do not have to share confidential information with anyone they do not wish to.

3. Sole traders can be assured that whatever profits they make for their business enterprise that it will not be shared with anyone. All profits are retained by the sole traders and they do not have to split profit sharing as entrepreneurs in a partnership do.

4. Sole Traders can choose to vacation at any time during the year. They do not have to wait for anyone to tell them they can take a vacation leave.

5. Sole traders have the option of setting their own work hours and even set the pace at which they work as well.

6. Sole traders can work on their own and not have any workers to pay or have the responsibility of being in charge of employees. (Note however that some sole traders based on the type of business may employ one or two workers for assistance from time to time).

7. To initially operate a sole trader business less capital is required for start up as opposed to a partnership.

I hope these seven advantages inspire someone to start a business. It can be as easy as baking cookies and selling every weekend to the children in the neighbourhood to offering your service of helping the neighbourhood kids with their homework for a small fee. Success!

Female Celebrity Entrepreneurs

As entrepreneurs we sometimes think we have to do a lot of hard work with little success. However, hard works do bring success as will be seen in the examples of these entrepreneurs. In my previous posts I highlighted the success of three local entrepreneurs. However, in today’s post, I want to highlight three international female celebrities that have become successful entrepreneurs. May their stories bring some hope to the budding entrepreneurs reading this blog post as I give a brief synopsis of their business enterprise and provide two links with their stories at the end of this blog post.

 1. Female Celebrity 1 – Tyra Banks

Model, actress, talk show host, Emmy Award winner and entrepreneur, has shown herself to be a powerful businesswoman who is capable of owning and running her business “Bankable Productions”.

2. Female Celebrity 2 – Beyonce

In 2015 at age 34 Beyonce made the Forbes “World’s Highest Paid Celebrity” with $54.5 million at #29 and that is for her singing career. Her company “Parkwood Entertainment” have made over $100 million.

3. Female Celebrity 3 – Sandra Bullock

We know her as an actress in movies such as “Miss Congeniality”, “The Net” and “Speed”. However we seldom hear of her as being the successful owner of a film production company “Fortis Films”. In addition to this business enterprise, Bullock also owns a restaurant “Bess Bistro” and floral shop/bakery called “Walton’s Fancy and Staple”.

Be inspired!

Links:

http://fortune.com/2015/02/11/female-celebrities-side-businesses-entrepreneurs/

http://nextshark.com/10-celebrities-who-also-became-successful-entrepreneurs/

Three Guidelines for Entrepreneurs

In today’s blog I am going to offer three guidelines for budding entrepreneurs that have helped me in my journey.

1. Dress for Success

Every entrepreneur should dress for success. Even if you are operating your business out of your home, waking up, showering and dressing in career apparels puts you in a frame of mind to approach your work as a professional. For entrepreneurs who are mechanics or plumbers, I do not expect you to dress in business suits however it would be advisable to wear proper coveralls rather than a t-shirt and jeans. Most of the clients who will visit you will be impressed that you took the time to dress properly for your chosen career path.

2. Plot your goal

As an entrepreneur you should have clearly defined goals as to what you want to achieve in your business venture. Every entrepreneur wants to make a profit from their business venture, however do not let the desire for profit making encourage you to lose focus of your goals. Remember that you want your business to become successful and in doing so you will need to get it established as a promising business that will cater to your clients’ needs. Therefore, build your business before you look at building your profits.

3. Do not borrow in excess

In your quest to start up your business you may need to borrow from a lending institution. However, be mindful in your borrowing that you do not borrow more than you really need to start up your business. At the end of the day you will have to repay the loan and you do not want to be stuck with the hassle of having to repay a loan for a longer period of time than is necessary.

I hope these three tips help you.

Another Success Story

     In today’s blog, I am going to highlight another success story of two entrepreneurs that formed their business enterprise from a desire to own and operate their own business when the company they worked for in Trinidad was liquidated. The entrepreneurs interviewed were Managing Partners of Baseline Technology Consulting Limited Mr. Gilbert O’Connor and Mr. Shawn Dopwell. Both men had years of working experience in the IT field in their area of expertise and as this was their passion they made it their ‘dream come through’. The business was registered in January 2013 offering technology services, with Mr. O’Connor responsible for IT Service Delivery and Mr. Dopwell responsible for Security and Access Control. The market opportunity for the business was ripe and the partners offered services such as Surveillance Camera Installation and Maintenance; Monitoring Systems; Physical Access Control; IT Support; IT Consultancy and IT Managed Services.

     A brief profile of each partner obtained during our interview told of both partners being in their early 30’s, having attained tertiary level education to Masters Level in the IT field. They both had previous working experience in their IT area working at a major financial institution. Both partners were married, however only one partner had children at the time of this interview. They both attested to being extremely responsible individuals, ensuring their Business endeavors were properly managed and executed. They were also both confident in using the skills acquired in their specialized IT area when performing work for clients and were extremely confident in their ability to keep clients. Additionally they were both willing to take moderate risk in that they invested their life’s savings into the business venture.

     During the interview it was revealed that both partners were motivated to excel at expanding their business venture. They believe that in the next 5 years their business would be a household name and they have set the goal of employing at least 30 full time employees within the next 10 years. Being in their prime years, both partners possessed high level of energy which they directed mainly to the  carrying out of their duty in the business and their urge to achieve made them determined to win at all cost. They both had a win-win personality and believed that agreements made with clients must be mutually beneficial and satisfying. The partners said they were flexible in that they were willing to work for long hours, even into the night to get the job done on time. They thought about future orientation for the business by familiarizing themselves with potential clients’ needs and catered to it even when the client thought he would not have been able to afford their service.

     Mr. O’Connor and Mr. Dopwell business venture was registered legally and they have been guided by a set of operational procedures and policies they created for the business. They also had a business strategy where they allocated resources in advance to complete jobs in a timely manner so as to be paid on time. In terms of management, the equipment supplied from providers were regularly checked to ensure they were of the highest quality as well as seasonal employees are supervised to ensure they conform to the policy of the business enterprise. Both partners keep their own books for now, and they do not owe any lending institutions. Their overheads were covered and they recorded a profit every quarter since their inception. These partners believed it was important to give back to the community and as such planned to train youths in the area about information Technology (IT).

     The following is a synopsis of Baseline Technology Consulting nature of business and a link to their webpage:

Baseline Technology Consulting was born out of a need to address major flaws within the existing Information Technology service industry, with a view to servicing the following markets:

·        SMB (Small to Medium Business)

·        SOHO (Small Office, Home Office)

·        Residential

At Baseline our philosophy begin with “Analysis”, more than just bits and bytes we begin the journey of understanding why you do what you do and how Baseline can assist by right sizing and recommending the correct blend of solutions that will best “Align” your business to industry standards and best practice.
Solutions:

·        Technology Solutions

o   Software/Hardware sales

o   Core Infrastructure

o   Network & System Security

o   Web Development and Design

o   Web and Email Hosting

o   Audio Visual Solutions

o   Physical Access and Electronic Security

·        IT Management Service and Solutions

o   Asset Management

o   Change Management

o   Managed Helpdesk (Remote and Onsite Support)

o   IT Project Services

o   IT Auditing

Link: http://www.baselinett.com/

A Success Story

I worked at a bank for a number of years and while working there, I met a man who told me his success story as an entrepreneur. He would come to the bank, dressed in his cleanly pressed shirt, his tie and dress pants and the staff would eagerly rush to their handbags to get money to ensure they got at least one of the product he offered. Everyone knew when he came into the bank, because as soon as he ascended the escalator and arrived on the mezzanine floor, some of the staff would rush to the telephone to buzz their friends on the intercom to announce his arrival. He would travel the eight floors in the elevator to get to as many clients as possible and usually when he came down again, his bags (or should I say briefcases) of goodies would be all gone. I remember the first time I experienced his arrival to my unit as if it was yesterday. The loan officers that were with clients excused themselves, quickly handed me some money and told me how many of his product to purchase for them while they quickly returned to their clients. Even the manager and supervisor of the unit got in on the action, telling me to discretely ask the front-line staff if they needed any before he departed our unit.

When this entrepreneur became accustomed with me after I repeatedly purchased from him and chatted with him every time he came by, I finally asked him how he got into the business he was in. He relayed his story and pulled out newspaper articles which he carried around with him. He was featured in both the Trinidad Guardian newspaper and the Trinidad and Tobago Newsday. Leaving a budding career in the insurance industry, this entrepreneur helped his wife to bake and sell pone, for which he says, they have made a thriving career out of. His story was such a fascinating one that I want to share it with my readers today. He is commonly known as the “Pone Emperor” and can usually be seen walking the streets of Port of Spain, stopping by most business places in the city. If you are travelling to Port of Spain in a maxi taxi on the bus route from east to west after 3 in the afternoon, you may get a glimpse of him. Always very friendly and with a smile on his face he would greet you. To read his story and be inspired, click on the links below. 

http://legacy.guardian.co.tt/archives/2007-05-05/features7.html

http://www.newsday.co.tt/news/0,58810.html

A Few Business Ideas

In this blog I want to focus on suggesting a few ideas for those who may be thinking about becoming entrepreneurs. My advice would be to invest in a business which you would love and one that will bring you the type of rewarding satisfaction that every entrepreneur should feel. For example, I invested in a book and stationery store because I love reading, writing and I am fascinated with most genre of literature. You can decide which type of business is suitable for your taste by first looking at the different types of business entities operated in your country and doing some research about what have made some of the business owners successful. Most business owners are happy to talk about how they began trading as well as give advice to budding entrepreneurs. Remember all new business will have teething problems, however with dedication, hard work and persistence you can successfully establish and run a business.

The following business ideas can be started from home and should not take much in start-up cost:

1. Babysitting service – parents in most communities is always looking for reliable, responsible babysitters. This business requires no start-up cost, and you can set your working hours.

2. A Gift Basket Creation Initiative – for this type of business you will definitely need some start-up capital. You can create different types of gift baskets with items such as fruits, cookies (which you can bake at home), chocolates, candies/snacks, toiletries, wines, different type of nuts, soap etc.

3. Thrift Shop – you can designate a room in your home as your thrift shop and invest in some career apparel that have some minor stitching defects which can be obtained from Janouras Custom Design Limited or other design shops. If you can sew you can sew your own career apparel as well as designer curtains, throw pillows etc. and sell them in your thrift shop. Additionally you can invest in dinner ware, costume jewellery, and other items to have a variety of stuff for selling in your very own thrift shop.

4. Food Service Caterer – you can prepare food from your home and sell to office workers. The challenge with this business is to get your first set of clients. However, as soon as you do and the word spreads you will be well on your way to a successful business, especially if you love cooking and have a ‘sweet hand’. You will need a good working vehicle to deliver the lunches to the offices.

5. A lessons teacher or homework centre – you can either choose to give lessons students or to assist them in doing their homework for a cost. Many working parents will pay well to have their children get help with their lessons.

I hope these ideas inspire a budding entrepreneur to take the challenge and be well on your way to owning your own successful business.

The Client

Attracting clients and keeping them interested in your products or services determines the success of any business. Even if that client is a friend or family member, if you, the entrepreneur do not endeavor to be professional and treat your business as a profession, then your clients won't take you seriously.

The old adage "the customer is always right" should be the mantra of every entrepreneur. If this is always kept at the forefront of an entrepreneur's mind he/she will see positive results for his/her business. The fact that, if a client is pleased, he will return should also be considered. Additionally, the entrepreneur should remember that a please client will do some free advertising for him. I believe ever entrepreneur have experienced instances when one of his friends or family members have bought and endorsed a product that he was pleased with or received good services and boasted about it. Client endorsements have a ripple effect and clients can either ‘make’ or ‘break’ an entrepreneur’s business.

Helpful tips to keep clients attracted to your business are:

1.      Even after the sale has been made, keep in contact with your clients. This includes clients that have experienced any problem with your business. Resolve the issue quickly and maintain cordial relationships.

2.     Always pay attention to your clients’ needs. Show them you care about them.

3.     Always speak to your clients politely, take a genuine interest them and always keep them satisfied with your service.