Read on Twitter
This is a thread for MSME J'can 
Entrepreneurs who are thinking about starting or recently started a business in what I consider to be a tough economic climate 
Entrepreneurs who are thinking about starting or recently started a business in what I consider to be a tough economic climate
Preface: You don't have to have your finger on the pulse to know that the next few months, possibly the next 12 to 24 months, maybe longer; who knows, will be extremely hard for most businesses locally, regionally, and globally.
When we started EduFocal in 2012, many people told me it was a bad idea and that it wouldn't work, on this very same Twitter too. They went on to cite the many reasons why it wouldn't work. For e.g:
- No or poor internet in the country
- No or low credit card penetration
etc
- No or poor internet in the country
- No or low credit card penetration
etc
Obviously, they were wrong. It's important that you believe in yourself, your abilities and have great conviction around your business. I mean, if you don't believe it, you can't expect others to.
There's a little saying, "be firm in your destination, but flexible in your path"
There's a little saying, "be firm in your destination, but flexible in your path"
You're not going to have everything figured out, but I mean, who does? However, it's important that you have an idea, even if it's vague about the path you want to travel.
This is a big, big one! When I moved to Kingston I didn't know anybody, but I understood how important it was to make myself known. Twitter was extremely helpful and still is btw! Join professional orgs like PSOJ, YEA, JMA, Rotaract, Key Club etc. Many to choose from.
It's so important to meet people and form strong alliances in tough times and beyond.
Speaking of alliances. Avoid negative people at all costs, whether online or off, whether family or friend. Please, for your sanity, avoid them.
Speaking of alliances. Avoid negative people at all costs, whether online or off, whether family or friend. Please, for your sanity, avoid them.
When things are tough and you don't have much $ coming in, it really does feel counterproductive to focus on things that don't generate cash for your in the short term, but TRUST ME, take your bookkeeping seriously.
At the very least, you should be passing cash through your business bank account. Notice I said business banking account. Don't do your business through your personal bank account! Check out wave apps, it's free and good: https://www.waveapps.com/
When you register your Sole prep, partnership or Ltd with Companies Office (you can do this online now btw, as in, from start to finish) you'll get a TCC, that TCC will last a couple months. When it expires, APPLY FOR IT AGAIN! Don't wait until you need it to apply.
Also, register with the public procurement commission. Thank me later.
The shorter your receivables window, the better. It's better to take a job that pays less and you get paid quickly than it is to take a job that is large, but doesn't pay for 6 months, especially if it required resources on your part to execute.
I hope some of these tips are useful. I'll continue to add to this thread over time. It will be hard and you'll feel like giving up many times, but hang in there. It gets better.
Share with a friend!
Share with a friend!
