Business Ideas

[Monk BANzai]

Hey guys, quick question is Kelly village an ideal area to do apartments? Land prices are reasonable but i don't know if it floods there any insight would be appreciated thanks!

yup. Recently completed development in Kelly. Part of the same consortium i mentioned before.

[Fadakartel]

Hey guys, quick question is Kelly village an ideal area to do apartments? Land prices are reasonable but i don't know if it floods there any insight would be appreciated thanks!

yup. Recently completed development in Kelly. Part of the same consortium i mentioned before.
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This looks really awesome, by chance whats the price per unit rent wise?

I`m sure folks will be flooding to rent

[Kewell35]

All yuh think there is a future like before for business in Trinidad? I hear it getting real hard to make money in business there and will only get harder....what you think?

[Wolfgang123]

Monk place looks exceptional! Really nice work. Who's that contractor btw? May be doing something in the near future

[Numb3r4]

If many folks are loosing their jobs and/or are on reduced salaries then wouldn't rental properties and such be on the down? So it would be like Mr. Max P. said that he has properties at idle. It may be a good time buy some property though, even if you don't do anything with it you may be able to sell it at a profit or sorts. Hopefully.

Well in the country areas I've seen many of the small business cut staffing drastically, with some offering workers 2 out of 7 days work, the hope being they could pick up something else if there is anything.

Yes it is getting harder to make money definitely margins are down but if your business can quickly diversify and not be too specialised as most country businesses are, you my be able to cash in on a sale or 2. You may be able to take advantage of the fact that some folks aren't travelling far or can't afford too now.

I've some complaints from small business owners that the current tax scheme now is a bit harder, with taxes levied on their sales and not profit, so they may end up paying more in taxes than profit. Go figure. I'm kind of certain that they and their accountants have ways around this and if not they will figure it out.

Overall it will get harder.

[Kewell35]

If many folks are loosing their jobs and/or are on reduced salaries then wouldn't rental properties and such be on the down? So it would be like Mr. Max P. said that he has properties at idle. It may be a good time buy some property though, even if you don't do anything with it you may be able to sell it at a profit or sorts. Hopefully.

Well in the country areas I've seen many of the small business cut staffing drastically, with some offering workers 2 out of 7 days work, the hope being they could pick up something else if there is anything.

Yes it is getting harder to make money definitely margins are down but if your business can quickly diversify and not be too specialised as most country businesses are, you my be able to cash in on a sale or 2. You may be able to take advantage of the fact that some folks aren't travelling far or can't afford too now.

I've some complaints from small business owners that the current tax scheme now is a bit harder, with taxes levied on their sales and not profit, so they may end up paying more in taxes than profit. Go figure. I'm kind of certain that they and their accountants have ways around this and if not they will figure it out.

Overall it will get harder.

Insightful post.

[Numb3r4]

My real thing is how many persons in Trinidad & Tobago have ready access to online shopping, that is the thing to watch.

If its a lot then it would indicate that the employment situation in T&T isn't as bad or persons are just not saving and living pay-check to pay-check or they have access to easy credit. It could also mean that T&T has a class of uber wealthy that can just afford to keep the numbers up so it looks like there are a lot of people spending some money but in reality its just some people spending a lot of money.

If persons have access to that much easy credit and if we are to believe the employment situation then are people just getting comfortable with debt or are we already that way? The implication is that people are living beyond their means. Good for business in the short term in terms of spending but bad in the long term.

In the mean time online shopping could force the closure of "brick & mortar" businesses however what happens we can't afford to shop online and need the shops and they just aren't there? It would put a tremendous amount of advantage in the hands of the business that could out last these "lean times". Coming out of this they may have a near monopoly over the country or village or general area. Which only makes things harder.

[Penguin]

If many folks are loosing their jobs and/or are on reduced salaries then wouldn't rental properties and such be on the down? So it would be like Mr. Max P. said that he has properties at idle. It may be a good time buy some property though, even if you don't do anything with it you may be able to sell it at a profit or sorts. Hopefully.

Well in the country areas I've seen many of the small business cut staffing drastically, with some offering workers 2 out of 7 days work, the hope being they could pick up something else if there is anything.

Yes it is getting harder to make money definitely margins are down but if your business can quickly diversify and not be too specialised as most country businesses are, you my be able to cash in on a sale or 2. You may be able to take advantage of the fact that some folks aren't travelling far or can't afford too now.

I've some complaints from small business owners that the current tax scheme now is a bit harder, with taxes levied on their sales and not profit, so they may end up paying more in taxes than profit. Go figure. I'm kind of certain that they and their accountants have ways around this and if not they will figure it out.

Overall it will get harder.

What? I have heard nothing of a change in business tax? Corporate tax is on profits, that should not have changed. You can't tax sales, that will be catastrophic.

[Numb3r4]

If many folks are loosing their jobs and/or are on reduced salaries then wouldn't rental properties and such be on the down? So it would be like Mr. Max P. said that he has properties at idle. It may be a good time buy some property though, even if you don't do anything with it you may be able to sell it at a profit or sorts. Hopefully.

Well in the country areas I've seen many of the small business cut staffing drastically, with some offering workers 2 out of 7 days work, the hope being they could pick up something else if there is anything.

Yes it is getting harder to make money definitely margins are down but if your business can quickly diversify and not be too specialised as most country businesses are, you my be able to cash in on a sale or 2. You may be able to take advantage of the fact that some folks aren't travelling far or can't afford too now.

I've some complaints from small business owners that the current tax scheme now is a bit harder, with taxes levied on their sales and not profit, so they may end up paying more in taxes than profit. Go figure. I'm kind of certain that they and their accountants have ways around this and if not they will figure it out.

Overall it will get harder.

What? I have heard nothing of a change in business tax? Corporate tax is on profits, that should not have changed. You can't tax sales, that will be catastrophic.

I've heard some businesses express that, I'm not an owner myself so I wouldn't know, but they have found the current tax system to be to onerous and have indicated that sales are being taxed or penalized in some way.

They make mentions of some kind of "business levy"??? I was just relayed this info. pleas don't hold me to it.

If anyone has any info on it you could post it up this being a business thread might be helpful to someone.

Also you mentioned Corporate tax, does that include small businesses like on a village main road/street? Those were the businesses that I was referring to. Low income family businesses, with persons living above the business place.

[MaxPower]

Hey guys, quick question is Kelly village an ideal area to do apartments? Land prices are reasonable but i don't know if it floods there any insight would be appreciated thanks!

yup. Recently completed development in Kelly. Part of the same consortium i mentioned before.

Apt09.jpg

Apt08.jpg

Apt07.jpg

Apt06.jpg

Apt05.jpg

Apt02.jpg

apt01.jpg

Ap04.jpg

Ap03.jpg

Hello Monk BANzai,

This is very very good.

[88sins]

I've heard some businesses express that, I'm not an owner myself so I wouldn't know, but they have found the current tax system to be to onerous and have indicated that sales are being taxed or penalized in some way.

They make mentions of some kind of "business levy"??? I was just relayed this info. pleas don't hold me to it.

If anyone has any info on it you could post it up this being a business thread might be helpful to someone.

Also you mentioned Corporate tax, does that include small businesses like on a village main road/street? Those were the businesses that I was referring to. Low income family businesses, with persons living above the business place.

Corporation tax is calculated at 25% of the company's profits, business levy is 0.6% of sales, green fund levy is 0.2% of sales. I got no knowledge about what benefits local businesses get from corporation tax. I suppose its govts way of getting something from companies.
Corporation tax doesn't apply to small businesses like the corner shops per se, applies mainly to corporations and LLC 's. But even the corner shops have to pay that 25% in tax in the form of PAYE once they registered the business as a sole trader, partnership or LLC and their annual profits are over $72k.
Then there's the 2/3 NIS contributions expense.

.Yeah, businesses taking hits in the form of excessive taxation for decades.

[Numb3r4]

Yeah that sounds like it there, they made mention of the "levy" on sales, so that was the complaint.

As to the percentages its 0.6% & 0.2%, they seem small but I don't know what that translates to with regards to a monetary figure, because I don't know what sales are like now.

For those who are going into it now you know you can do your calculations.

[Numb3r4]

Spoke to someone and they said that now even the Venezuelans are not moving about as much.

In the recent past they were the few who were going about and could be counted on to make a sale, albeit small, however in light of recent things even they aren't there.

[Numb3r4]

In light of the new lockdown, staff reduced to only 1 person a day.

He opens on Sunday for about the first half day, by himself for any possible sale.

Was thinking of closing 2 days of the week but he wasn't sure.

For any businesses out there know its not you alone.

[RedVEVO]

My real thing is how many persons in Trinidad & Tobago have ready access to online shopping, that is the thing to watch.

If its a lot then it would indicate that the employment situation in T&T isn't as bad or persons are just not saving and living pay-check to pay-check or they have access to easy credit. It could also mean that T&T has a class of uber wealthy that can just afford to keep the numbers up so it looks like there are a lot of people spending some money but in reality its just some people spending a lot of money.

If persons have access to that much easy credit and if we are to believe the employment situation then are people just getting comfortable with debt or are we already that way? The implication is that people are living beyond their means. Good for business in the short term in terms of spending but bad in the long term.

In the mean time online shopping could force the closure of "brick & mortar" businesses however what happens we can't afford to shop online and need the shops and they just aren't there? It would put a tremendous amount of advantage in the hands of the business that could out last these "lean times". Coming out of this they may have a near monopoly over the country or village or general area. Which only makes things harder.

EVERYBODY have access to online shopping

EVERYBODY

[Numb3r4]

I would assume they would all have credit cards as well?

What is the average amount if debt carried on any one of these cards? Any where I could find that info out? Do the banks post that info?

Are they just burning through their savings then?

[Kewell35]

Hard to get USD

What all yuh fellas think would happen in 1-2 years from now? Just curious....

[paid_influencer]

^boss, why you waiting 1-2 years? Right now the economy is falling off the cliff. The salarymen thinking they safe, the stress test already in progress. brace

[Kewell35]

I know but what you all think gonna happen in 1-2 years from now? if it so bad now....

You all think it making sense with business there in trinidad?

[Numb3r4]

We'll just go back to the old day where the only real choice is to buy from the stores.

If they don't have it well then tough luck, hope a member of your family who lives abroad can send it for you.

Depends on the kind of business, if you're going into a traditional retail or consumption based business then you need to be careful, especially if what you're selling is a luxury. If it's a necessity like drugs (eg pharmacy goods) then you stand a chance.

With a grocery or mini-mart, the learning curve might be steep, you'll need to figure out what are the requirements of your area, then hopefully tailor your stock to that, very little room for experimentation and even less room for high end specialty/niche goods, but if you build your base good. Also note that when you get involved with food stuff that they have an expiration date and this means that you need to get it sold quickly, this does add to your stress, but a business that sells food stuff is always needed and sometimes essential.

The next businesses are services, well what are the essentials, elder care comes to mind, however this is tricky in this country with the lack of training and the overall nature of the job and just the way labour relations take place with with folks who doo this service and those who hire them.

Mechanic or garage might be a good option especially with the new stuff surrounding car , folks might be keeping their cars for longer so not bad choice, the down side is that you need both training and experience and then you need capital for equipment, the amount of technology in these newer cars demands it. Now you might get away with servicing older cars but eventually you'll need to invest in the tech. An adjacent to this would be to get into sourcing, delivering your own car parts for you jobs at least at the beginning then you could have a parallel business. Could even lead to car flipping business, buy local old fix/refurbish and sell.

Your mechanic joint could offer discount detailing after the job to get folks in initially anyway.

Simplest thing could be a to buy a "weed wacker" and do private jobs and maybe hire yourself to "de Corporation" or make yourself known to the MP and the constituency office, might get a day work to clean a drain.

You also have food, not bad but labour intensive and requires supervision and good quality control. The market is also very fickle, one bad meal and well word spreads fast. Maybe start with a small outlet and build a base and a name, then keep the outlet and do pre-orders and in store pick-ups. Don't overextend yourself don't try to offer delivery early on, especially if you have a small base on expand with the base and even then don't try to match demand exactly better to lag than lead and overextend.

[paid_influencer]

^why go through all of that when you can find some way to suck from the government?

[Numb3r4]

^why go through all of that when you can find some way to suck from the government?

Well there's that.

See my "wacker man" alternative, start small with the Regional Corporation.

[paid_influencer]

^why go through all of that when you can find some way to suck from the government?

Well there's that.

See my "wacker man" alternative, start small with the Regional Corporation.

wacker man is a worker. I respect the wacker man and will never say he sucking from anybody.

It have plenty folks that sucking from the government and feel them deserve it because of how 'smart' them is. Smartmanism and corruption always pay more than hard work in this country.

[MaxPower]

Friends,

There are plenty willing and hard working Venezuelans ready and waiting for productivity.

The right work etiquette is needed for the success of any business no matter how small.

These humble honest people come here to work.

Treat them right and pay them right.

Make sure they have their documents.

[Numb3r4]

^why go through all of that when you can find some way to suck from the government?

Well there's that.

See my "wacker man" alternative, start small with the Regional Corporation.

wacker man is a worker. I respect the wacker man and will never say he sucking from anybody.

No argument from me here.

Well boy maybe the country has to come to terms that we never really truly had a good and vibrant business sector and we are now seeing what it takes to really build a market based one first hand.

[Numb3r4]

I don't usually do this but I must say that to some degree Max P. is kind of right.

Immigrants don't really take jobs from anyone, they because of their position, offer a better value proposition.

This will impact small businesses and their decisions and will be a consideration in their operations. You (general public) may speak of patriotism and such but when faced with the reality of small business and tight/reducing margins labour is a key area for cutting costs and maximizing margins.

I do know in one instance of a lone Venezuelan guy who works construction with some local folks, he was quite good, going so far to do his job and go the extra mile of cleaning and sweeping up at the end of the day.

I really was amazed to see that, never seen that before.

If you are starting a business now the hiring of an immigrant may be something you will come to be faced with.

[paid_influencer]

No argument from me here.

Well boy maybe the country has to come to terms that we never really truly had a good and vibrant business sector and we are now seeing what it takes to really build a market based one first hand.

I think we do have a decent business sector, all things considered. The non-energy sector is the only reason our country hasn't fallen apart completely like Venezuela. Where is most of the revenue for the 2020/2021 budget coming from?

[Numb3r4]

I think it's still the tail end of the oil and gas revenues, the natural gas and oil are at the top, followed by the I think the sale of downstream chemicals, ammonia and urea, (I think steel is in here) and then I think its food and beverage. Then we have agricultural exports.

Agreed the business sector is holding its own and contributing, but I do think that we have a lot of more retail/consumption oriented businesses while we should have more production and manufacturing. In that context is why I say we not as vibrant as we should be.

My complaint/concern is the fact that when we think about starting a business or entrepreneurship its largely in the retail sector we don't or can't seem to get businesses in the manufacturing sector. Don't know if its regulation, red-tape or lack of access to capital.

I have no problem if they don't innovate so long as them make a value added product.

[paid_influencer]

I think it's still the tail end of the oil and gas revenues, the natural gas and oil are at the top, followed by the I think the sale of downstream chemicals, ammonia and urea, (I think steel is in here) and then I think its food and beverage. Then we have agricultural exports.

Agreed the business sector is holding its own and contributing, but I do think that we have a lot of more retail/consumption oriented businesses while we should have more production and manufacturing. In that context is why I say we not as vibrant as we should be.

My complaint/concern is the fact that when we think about starting a business or entrepreneurship its largely in the retail sector we don't or can't seem to get businesses in the manufacturing sector. Don't know if its regulation, red-tape or lack of access to capital.

I have no problem if they don't innovate so long as them make a value added product.

I don't see the distinction between retail and manufacturing these days. If you buy a loaf of Kiss bread, the value added happens at the flour mill, at the factory, at the truck, at the ad agency and at the mini-mart. They all add something that increases the value of the product. Whether these functions are in-house or being provided by another local company is not terribly relevant to the economy as a whole.

Put another way, who provides the value-added to a bucket of KFC? Arawak, Prestige or Yum Brands?

[MaxPower]

Open up Customer Service Training institutions for Trinis.

We have the Venezuelans to conduct the sessions.