There are many challenges when it comes to starting – and running – a business. The Cayman Islands Small Business Association offers these tips to help navigate the ins and outs of launching a business.
Do your homework. Ensure you thoroughly research your intended market to establish that there is a definite need for your product or service.
Don’t fall into the trap of believing your competitors are only in the Cayman Islands. The global marketplace means that many services can be performed remotely. Make sure you know all your competitors, local and abroad.
Don’t be afraid to enlist the assistance of others, especially organisations such as the Cayman Islands Small Business Association, Cayman Islands Chamber of Commerce, the Department of Commerce and Investment, and the Cayman Islands Centre for Business Development, which all have invaluable resources to help you get started.
Do write a business plan and follow it. This is especially important if your business requires a loan by a financial institution. Banks won’t lend without one.
Do explore all means possible to market your business, traditional means as well as social media platforms. Try to establish which platform works for your business and which speaks to your customers most effectively.
Don’t be afraid of hard work. Many small business owners work 12 hours a day, or more, to make their business a success.
Do offer exceptional customer service and provide a consistently high-level experience for your customers. You’ve worked hard to attract your customers; ensure you work just as hard to keep them. Research has shown that it costs as much as five times to gain a new customer than it does to keep one.
Do remember that word-of-mouth is one of the strongest marketing assets a business can have.
Do network as much as possible via entities such as the Cayman Islands Small Business Association and the Chamber of Commerce, along with like-minded entrepreneurs who will support and promote each other through recommendation or simply using one another’s goods and services.
Don’t always listen to the naysayers – trust your instinct and understand the ups and downs, as there will be many.
Do make time for yourself amidst the chaos of entrepreneurship – it keeps you sane and grounded.
Do prepare your family for the journey as their support makes a world of difference.
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