Have you just retired, working on reduced hours or stopped working for a while? You know sitting at home is not an option and so, now you are contemplating your next move. You thought about volunteering or even giving some time to your former employers but there is so much more you have to offer.
As you contemplate your next move, starting a small business could be one of them. And, starting a business could be much easier than you think.
“Starting a business is an exciting and rewarding experience. It can evolve from a hobby, such as floral arrangement, baking, cooking, interior decorating, or it could be as simple as selling produce grown in your garden – peppers, mangoes, guavas, bananas, ackees, breadfruits etc or chickens raised in your backyard for sale to members in your community. Entrepreneurship will require thorough planning, creativity and dedication,” explained Miss Kimberly Atkinson, Communication and Client Services Manager at JN Small Business Loans (JNSBL).
“Those businesses require little or no start-up capital, and you can market to neighbours, friends and family members, before expanding, as your business grows,” she added.
“After you have identified existing opportunities and determined that the business is sustainable through necessary research and planning, the next step – depending on the type of business you decide on – may be to complete the necessary registration ensuring that you are compliant at all levels. This is important because, in registering your business, it will be accepted as a legitimate company; and that facilitates further growth and increases your ability to access government subsidiaries and support,” she added.
After the business has grown and there is need for expansion, access to funding may not be an issue; but Ms Atkinson notes, there are many options available today and choosing the right option will be very important.
“Gone are the days when business owners depended almost entirely on banks or loans from friends and relatives. Today, there are many different sources available for business loans,” she explained.
“There is the option of personal savings and other personal resources, which are the primary source of capital for a number of new businesses. Bear in mind that we are in a pandemic and so utilizing those funds for business must be carefully assessed as there is a greater chance for emergencies to arise during this time.” she related.
“Friends and relatives are often a source of funding and those funds are often loaned without interest or at a very low interest rate. However, if none of those options are available, institutions such as banks, credit unions, and in particular, JN Small Business Loans, will assist you with a loan, if you can show that your business proposal is sound,” she explained.
“While owning your own business can be demanding, it is also empowering, given that you can now set your own working hours, because you are now you own boss. Therefore, take a deep breath, and start planning for your own business. It can be a truly rewarding experience.”