The Trinituner Entrepreneurship/Self Employed/ Side Hustle Thread

[RapToR]

hmm, with that thought, the director / operator of said business should then have a personal vehicle, and a company vehicle.
for starting companies thats a bit of a hurdle. any insights / recommendations?

rent.

[wagonrunner]

hmm, with that thought, the director / operator of said business should then have a personal vehicle, and a company vehicle.
for starting companies thats a bit of a hurdle. any insights / recommendations?

rent.

as opposed to leasing? want to expand on your thoughts, orrrrrrr......................

[Bezman]

well fellas, hope allya listened well to the budget. if you are a entrepreneur looking to start or take ya business to the next level, now is ya time to get cracking!

[Conrad]

Bezman care to explain how?

The only way I'm seeing it is where one was to start a business in which the main import has been exempted from duties or am I missing something?

Just looking for some insight.

[wagonrunner]

^^
what he said.............. i'm an amateur @ entrepreneurship. and would like to learn how it translates.

[Conrad]

Ok, so far from what I've gathered is that the non-trade import limit has been raised from USD 1,000 to 20,000. Anytime one was to cross this limit when importing they required a broker to act on their behalf. Apparently it is extremely expensive as they base their commission on the value of the import not to mention there would be red-tape, lots of documentation that would require more $$$. Am I on the right track?

The tax return exemption is a God send to those small businesses that would have already commenced but probably are behind on filing their tax returns due to the headache/cost of preparing/maintaining the necessary reports especially when considering the other headaches of starting up. So basically they've been given grace once they bring their status up to date within the stipulated period.

That's the best I can come up with.

[TriniVdub]

Conrad is it $20,000 US or TT for the non-trade import limit, as what Dooks stated made no mention as to currency? I cannot see it as being US though although that would be quite nice.

Mr. Speaker, a formal customs entry is required for goods valued $1,000 or more. As a
consequence, all consignments of a lower value were admitted without the requirement for the
importer to provide a customs entry. The main consideration at the time included providing a
simplified and expedited procedure for the examination and release of low value consignments.
We will now increase the value to $20,000.00 for which no formal customs entry is required.
This measure requires no amendment to the Customs Act.

http://www.finance.gov.tt/content/Budge ... 202011.pdf

[Conrad]

TT$1,000 won't be much of a limit but you never know. Whatever it is, the limit has just been increased 20 fold which as someone has mentioned would affect the income of brokers.

[^Pretty^]

Just to move away from the present discussion at hand....I am looking for a debt collection company.
Can anyone suggest a good company that they may have done business with already?

[Mr Gear]

Yes this budget is full of win. Gotta pay attention to the Debate today to further drill down my appreciation of what it all means.

[TriniVdub]

Yes this budget is full of win. Gotta pay attention to the Debate today to further drill down my appreciation of what it all means.

yes, all except for the clico part...i really don't think they put much thought into that.

[TheBoostLord]

Well ive been following this thread for a while and it has opened my eyes so much more to the business world, and I thank you all for your participation.
I would like for some practical advice to my personal situation.

Basically, my dad has a few successful business currently running. I can either be the heir to the parent company or start my own. While it sounds nice to be the successor, he still has the final say on decision making and I know that would clash with the way I do things. Also I dont want to just inherit something i want to build a business for myself.

I have studied business at Roytec and alot of the things learned goes against my dads advice..however he is old fashioned and has learnt the 'hard way.' Im not knocking his style but some of his practices may not be the best.
With that said he is offering me a generous amt of capital to start whatever I want to get involved in, however he has expressed his concern with the current economy and how things are very difficult, so that I should exercise great care with what I do.

My problem is that with all the years of studies & advice, It has overwhelmed my thinking and I just cannot seem to be able to take that 1st step as I am not even sure what I should be doing.

Im playing with the idea of a car accessories shop that specializes in rare or hard to get merchandise.

Looking forward to your comments.
Thank you.

[marcus8860]

well kiddo =] ...... my advice would be to inherit your pops businesses =] , for the simple reason that this life is too short to start building something just to please others by saying that you did this for yourself ...... the truth is that nobody cares how you got it , they just want to know that you have it ...... but if you feel that you want to have something of your own , find something that you really like doing and be good at it , like its a hobby =] ...... alot of people live day by day and by the paycheck , never have the things that they really want cause they "cant take the 1st step" =] ..... and they grow old and die ..... why is there so much in this life and i have nothing ... this is my life and i want all my desires =] ...... you have what so many people dream of so just roll with it =]

[wagonrunner]

well kiddo =] ...... my advice would be to inherit your pops businesses =] , for the simple reason that this life is too short to start building something just to please others by saying that you did this for yourself ...... the truth is that nobody cares how you got it , they just want to know that you have it ...... but if you feel that you want to have something of your own , find something that you really like doing and be good at it , like its a hobby =] ...... alot of people live day by day and by the paycheck , never have the things that they really want cause they "cant take the 1st step" =] ..... and they grow old and die ..... why is there so much in this life and i have nothing ... this is my life and i want all my desires =] ...... you have what so many people dream of so just roll with it =]

best advice there!

KiD,
you say car accessories, are you skilled at accessing and acquiring those rare accessories any different than the average joe?

[TriniVdub]

well kiddo =] ...... my advice would be to inherit your pops businesses =] , for the simple reason that this life is too short to start building something just to please others by saying that you did this for yourself ...... the truth is that nobody cares how you got it , they just want to know that you have it ...... but if you feel that you want to have something of your own , find something that you really like doing and be good at it , like its a hobby =] ...... alot of people live day by day and by the paycheck , never have the things that they really want cause they "cant take the 1st step" =] ..... and they grow old and die ..... why is there so much in this life and i have nothing ... this is my life and i want all my desires =] ...... you have what so many people dream of so just roll with it =]

best advice right there, your quite fortunate KiD and just because you inherited something doesn't mean you can't expand and make it even greater, something that you can be proud to call your own.

[Mr Gear]

Rear hard to find stuff don't sell everyday so forget about rear and hard to find. What you want to do is be more main stream to survive based on volume.

[NLVA200]

KiD

Inherit your pops business. As Marcus said, people don't usually care if its yours or if you started it from scratch. Once you have it and of course at an acceptable price, that's all they concerned about.

Take the trouble and risk outta the equation and continue to build what he already has.

Question though, do you have any experience in the running of your dad's business? Or will you be a complete newbie if you join?

[TheBoostLord]

thanks for all the helpful advice given. I have experience in the everyday operations as i spend some time working in each department. But as far as running, that would be a next step that i dont have any practical knowledge in

[fiveforward]

Hmmmm this is one of the more practical threads on tuner so here goes.

Going John D doing communication arts; I was always told that in order to get into advertising you needed work experience. So after tonnes of in your face blanks and "we'll call you back" I got fed up and said imma work for free for ANY COMPANY. Just so happens that a company took the chance on me - I started off at $300 per week working 6 days (mon - sat) and 9 hours per day. I did this just for experience.

N e ways experience turned into 4 years. And my first bolt to the business route started when my ex employer (who is actually my biggest supporter right now) cuss me up in front of the office. After that day happened I planned that in 9 months i would leave the company and start my own business; so said so done. After nine months of ban belly; during which I drank a lot of coffee (it was free at the office) and eating digestive (it was cheap) as opposed to buying lunch. I bought my first plotter from the said company to start a sign business.

Business was cool until the market became FLOODED with plotters and the price of signs got dog cheap. Afterall "everybody" wants their own business.

*Lesson 1* NEVER compete with anybody/ business based on PRICE - you WILL always loose in the short AND long run. At first NOBODY told me this and I found myself working harder and literally no making any money. So rather than compete with price I went down the route of offering a BETTER SERVICE. Since by training i was a designer that gave me a BIG one up; anybody could cut a sticker but not everybody could do PROPER design. With design as a skill i eventually began to design signs & stickers for other people.

*Lesson 2* It always pays to do a constant SWOT analysis of yourself and your competition; so that you remain one step ahead. Out of designing for people i realized that most folks didn't have an image and had no idea of branding.

*Lesson 3* Branding, Marketing, PR and Image is CRUCIAL for business success. If you don't have a professional image you would NOT be taken seriously. Your brand represents what you are about - a good logo shows professionalism and SOOOOOOOO much more. Marketing doesn't have to be expensive; in fact i did my strategy on a uwi student budget, just do the key things.

*Lesson 4* Your first 2-3 years you WILL make NO MONEY. This is something you'll have to live with as your first (3) years SHOULD BE focused on reinvesting capital, building your brand, getting clientele and establishing yourself. Once you cross that three year mark you are well on your way - since most businesses don't last two. The old people have a saying "eat little and live long" you'd be surprised how applicable this is to business and long-term success. You have to be flexible and willing to sacrifice; so that things pay off in the end game.

*Lesson 5* There is no such things as rest, forget sleep, time for yourself is non existent and vacations are pointless since all you'll be concerned about is your business. It will be HARD but so help me god; words can't express how it feel when you first get paid. People may not say it but your business can & will consume your life in the early stages since all you want is for it to be successful.

*Lesson 6* Have fun; else you will go mad. Cause there will be times when you question yourself as to why you are doing this; especially when you have no money coming in and bills may be piling up. Take 5 and go do something else

*Lesson 7* Read, learn and educate yourself about other people and what they did to succeed,. What were their mistakes and so on.

*Lesson 8* Find a niche market

*Lesson 9* Learn people & interpersonal skills and if possible do a bit of psychology. It will help you in understanding you clients & customers so that you can deal with some of the mad one they have out there and take care of the needs of the sane.

*Lesson 10* Pray and don't give up. Just adjust your strategy to compensate to the situation

-----------------

I'm tired; there is so much more I can say but i'll keep this short. Starting and running you own business is not an easy road BUT it is a well worth it one. Self employment whilst it sounds nice it isn't for everybody; it's actually quite scary at first and you have to be realistic about MANY things. It is rewarding and nothing feels better than knowing you will be in a position to provide for yourself & family as well as pass on something to your kids.

[brams112]

good advise five,, very well put foward,that is so true about being in business for the first few years,after a few years in business is the only time anyone makes a profit,reinvesting is always the key to survive,most people open a business and start to spend like wild only to discover they still owe the bank at the end of the month,and the pretty van still has to be paid for too,,,,,,

[TriniVdub]

guys would just like to know if its better to order equipment in your name or a company's name. In other words what are the advantages/disadvantages in ordering equipment in a company's name vs yours, do you get tax breaks at the end of the year, etc?

[Mr Gear]

Folks, I am looking for a store clerk/salesperson for our store in Movie Towne POS.

Looking for a front office type female 22 to 35 years old or a male 25 to 35 years old.

Mall hours 10 AM to 8 PM. Compensation based on qualifications and experience.

Candidates must have email and digital photo.

Submit application and resume to customercare@theprivilegio.com

[W2J]

The main benefit is that as a Limited Liability company the assets of the company are separate and apart from your own personal assets. In the event that the limited liability company goes belly up or is sued and losses the person taking action against the company has to limit his claims to the assets of the business and cannot go after your personal assets.

Take for example an employee of your is driving the company registered van and it crashes into an Audi Q7 carrying four lawyers and a doctor and they all die. Your driver caused the accident and has no legal excuse. The wrongful death claim is in the multi millions and exceeds the coverage provided by the vehicle insurance policy. The claims will then have to be satisfied by the assets of the business. You don't want them coming after your car and house and bank accounts. An accident like this can happen to any business at any time without warning.

There are other benefits that others will add in response to your question.

this is not true if you have a limited liability company the directors of the company are still liable, you should read the the companies act 1995.

[Mr Gear]

The protection provided by the Limited Liability still holds. What I think you are referring to is liability in the case of negligence of the Directors. The Shareholders are still immune from liability in their personal capacity regardless of negligence of the Directors. The Directors are only liable in their personal capacity if they act negligently.

I could ask my attorney for clarification but she is so damn expensive that I will wait until we bounce up each other outside of her office and I will ask her.

[TriniVdub]

guys would just like to know if its better to order equipment in your name or a company's name. In other words what are the advantages/disadvantages in ordering equipment in a company's name vs yours, do you get tax breaks at the end of the year, etc?

??

[Mr Gear]

guys would just like to know if its better to order equipment in your name or a company's name. In other words what are the advantages/disadvantages in ordering equipment in a company's name vs yours, do you get tax breaks at the end of the year, etc?

Well with the recent budget, from January 2011, you are basically going to be able to get equipment duty free for a business venture startup or expansion. Read the budget for more details. In conclusion, bring it in your company name but you will have to read the budget for details of benefits and a guide as to how to go about it. Now go do the research.

[TriniVdub]

^^^ thanks Mr Gear

[tropi_flakes]

Ok so after following this thread for some time now im ready to take the step but i have a question first.
1) What is the procedure to register a small business?

Another thing tho the business venture im looking to go into is a retail store selling misc household items eg. plates, glasses, cutlery, bed sheets, garbage bins,bowls etc. is this a good business venture to get into.
any advice form other business owners will be appreciated...

[marcus8860]

Be patient and work smart =] ..... enjoy doing it and have discipline =] .... prepare from the day before and get your grind on =]

[classywoodworks]

Hey folks, I own a Joiner shop (Classywoodworks) "where quality exceeds expectation" and I have been doing this trade since I was about fifteen and its only about three years now I really got serious and focused, I now own industrial tools and do jobs for some of the biggest heads in T&T, I do (A) class work, my work looks like something that came out of a magazine, forget to mention that its all self thought ........... but the walk to get here was not an easy one, had to drop a lot of friends and even family, ENVY is something I face everyday, for all you know someone might read this and ENVY me without even knowing me,,,,lol,,,,,,,,,,I still have alot to learn and am open to learn,,,with the help of God ,,,,,,enough with my blah blah blah,,,,,,,,,,,ppl does be scared to start ah business and thats the wrong approach you have to take chances, doh matter what type of business it is,,,better yuh try and fail than yuh fail to try ,,,, blesss