Where can I get help in SVG to set up my small business

Most vincentians who are planning to start a business will be going around asking for help. What if that vincentian is a newly college graduate who couldn't get a job and has decided to start a business? They would really know the struggle! Luckily, there are places in St. Vincent and the Grenadines where an entrepreneur can get help to start their business. I went out and did some research on businesses that can help entrepreneurs to start their business. The businesses that I found are:

1. Micro-Finance Co-operative Limited (COMFI)

Micro-Finance Co-operative Limited provides loans to registered small businesses provision of other financial services such as savings accounts and fixed deposits. Their mission is to be the number one service provider of business loan, advice and training in SVG. They are located on Grenville street, Kingstown. Their contacts are; telephone +1 (784) 451-2521 and email address svgcomfi@gmail.com.

2. Center for Enterprise Development (CED)

Center for Enterprise Development is a non-profit organization established by government to provide a range of business development services to the business sector. They are located on the first floor, Moussa Building, Grenville Street. Their contacts are: telephone +1 (784) 451-2235, +1 (784) 451-2236, +1 (784) 451-2237, and email address cedsvg@gmail.com.

3. Commerce & Intellectual Property Office (CIPO)

 The Commerce and Intellectual Property Office (CIPO) is a statutory agency of the Government of Saint Vincent and the Grenadines, established under the Commerce and Intellectual Property Office Act, No. 43 of 2003. CIPO serves to provide of a sound administrative and regulatory framework which supports the development of domestic commerce and the protection and maintenance of intellectual property rights. They are located on the Ground Floor, Methodist Building, Granby Street. Their contacts are: telephone +1 (784) 451 28 94, +1 (784) 456 15 16, and email address ciposvg@vincysurf.com.

4. National Development Foundation (NDF)

National Development Foundation's main purpose is to promote self-help develpoment among the less fortunate regions. The National Development Foundation serves to make the small business environment better by speaking and promoting the changes in the institutional arrangements for micro and small enterprise development in SVG. Their contacts are: telephone +1 (784) 457-2646 and email address ndfsvg@vincysurf.com.

Write on a small business that is doing well in your community

Wellington Quammie's Family Bakery, Grocery and Retail. Mr Wellington Quammie started off his business by opening a small shop fifteen (15) years ago. In his first few years, he started off by selling basic items such as flour and rice. He had stiff competition from neighboring shops: Howell and Sons and Bailey. However, after a couple years of running, both of Mr Quammie's rivals died and so did their businesses, leaving Mr Quammie's business to get all the attention in the village at the time.This caused the business to expand both physically and economically. Mr Quammie has employed many villagers over the years. Even I had a summer job there to stack boxes when I was younger. Mr Quammie went through great loss in the Easter of 2011 and the Christmas of 2013 where there were devastating floods, both of which caused about 90% damage to Mr Quammie's shop and property. Despite all of that damage, Mr Quammie's business rebounded, he partnered with his daughter's bakery and assigned his son as manager. Today the shop sells cosmetics, groceries, bread, pastries, hardware, and vehicle supplies. The business now employs over ten (10) persons and is the most popular shop in the community.

Pick a new Franchise and say how you would set it up in SVG.

The franchise that I would set up in St.Vincent and the Grenadines is Dunkin' Donuts' trade name franchise. Dunkin’ Donuts was founded in 1950 by William Rosenberg in Quincy, Massachusetts. Up to this date, Dunkin' Donuts stores is said to be found in over 32 countries, and they present 70 different types of doughnuts, along with coffee drinks and other baked goods. The Startup cost for Dunkin' Donuts is between $216.1 thousand and $1.5 million. The first step that I must do is to get in contact with the franchiser and fill out the Dunkin' Dount's franchisee application and provide the necessary proof of my citizenship and assets. If the franchiser approves of my application documents, they will send their Franchise Disclosure and Qualification Package which contains information about the franchiser and the franchise system. After going through the second and third steps which are: getting the business plan (meeting with the franchise manager and conducting the due diligence process) and doing a financial review, I can set up the franchise. Since this franchise is a food franchise, the best location to put it is in the capital city where there is dense population of people who are morning commuters who will enjoy a cup of coffee before they start work.
  Some social factors that may affect my choice of franchise are:

1. Attitude from society- This can be either negative or positive attitude, because persons in the society would have different thoughts and beliefs of how the country should grow.
2. Culture- This is a country of many different cultures and people from different cultures don't always agree with each-other on certain things and businesses. For example, people from a certain culture may discourage the selling of coffee.
3. Religion- This is similar to culture but this deals with the religious factors with the business.

Economic factors that may affect my choice of franchise are:

1. Equipment and materials- St.Vincent is a small country and it would be very challenging to get the necessary equipment for the trade name franchise.
2. Capital- This is a major factor, without it the franchise would cease to exist.
3. Human resources- Yes there are a lot of people but there isn't a lot of people with the required training to handle the equipment. 

Ownership...Which model do I think will work for me?

All entrepreneurs must know what type of ownership they want to pursue before they start their business. There are four different types of business ownerships, which include: sole proprietorship, partnership, corporation, and limited liability company, each of which have a different purpose. However, the question is, 'which one is best for me?'. To answer that question I would need to evaluate some of my characteristics which are: being independent, hardworking, working well with other hardworking people, leading any group that I am in, being proactive, and always striving to get the job done. Now with all of that being said, it is time to choose the ownership style. For me, the choice is between a sole proprietorship and partnership, but I'm mainly leaning on sole proprietorship because most times I do not like to rely on others. For instance, if I am in a group with someone and we both have separate tasks to complete, I would do my task along with my partner's task as a backup just in case my partner didn't finish his task on time or he didn't do it at all. Also, I'm not the type of person that wants to be responsible for any potential lost for anyone if I'm in a partnership. Being a sole proprietor has its advantages and its disadvantages but it is the model of ownership that best suits me.

An Idea is worth one million dollars

    

      Anyone can think of an idea, but as the old saying says, "not all ideas are new under the sun". For an entrepreneur to ensure his/her idea is new under the sun he/she must utilize the gift that God has given to everyone, the gift of creativity. Once an entrepreneur have implemented creative thinking and creativity in their business there are some factors that can be exceeded. Some of those factors are customer expectation through innovation, productivity and development.

If an entrepreneur uses creative ways to solve a problem and come up with a solution that is completely new and unique, it is called innovation. If the entrepreneur's innovative idea not just satisfies the costumer's expectations but also exceeds them, it can lead to productivity and the development of his/her business. Creative thinking enables an entrepreneur to do out of the box procedures that can be cost-effective and exceed normal productivity limit. Some of these procedures may include: utililising cheap and low-cost technology and other readily available products (for example: using a website or blog to communicate with customers in order to lower the phone bill, thus saving some extra money and increasing productivity), and finding creative ways to solve challenging problems (for example: using what others may consider as garbage to create fuel). Now through the increase of productivity and the proper management of resources, the entrepreneur's business can be further developed both physically and economically.

   In conclusion, once an entrepreneur uses creative thinking in their business and manage their resources properly; they can win the approval of their customers, increase productivity and further develop their business both physically and economically. All of which will maximize profit.