Business Ideas

[bluefete]

^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

IMF Executive Board Concludes 2020 Financial System Stability Assessment with Trinidad and Tobago
October 8, 2020

EXCERPT:

Illustrative stress tests were run subsequent to the FSAP missions to quantify the possible impact on bank solvency in adverse COVID-19 economic scenarios.

Given the unprecedented nature of the ongoing pandemic, these scenarios are associated with significant uncertainty. The results suggest that under further strong deterioration of macrofinancial conditions some banks could breach their minimum capital requirements in 2022.

Banks could also face liquidity pressures in the event of a run on investment funds issued in their groups.

Financial vulnerabilities include rising household debt, sovereign exposures, potential spillovers from natural disasters (including climate-related) or sovereign shocks in the region, and contagion risks between investment funds and banks.

https://www.imf.org/en/News/Articles/20 ... -2020-fssa

[Rovin]

Open up Customer Service Training institutions for Trinis.

We have the Venezuelans to conduct the sessions.

u might be on to something there inno

it shud be govt sponsored free of charge to anybody public member, some qualified ppl who go into a different area every few days or wk ends like a community center\school\even a carpark , employers can send their workers for maybe a 2-3hr session , it can uplift d whole country once ppl willing to learn & consumers not feel they always right ...

[MaxPower]

Open up Customer Service Training institutions for Trinis.

We have the Venezuelans to conduct the sessions.

u might be on to something there inno

it shud be govt sponsored free of charge to anybody public member, some qualified ppl who go into a different area every few days or wk ends like a community center\school\even a carpark , employers can send their workers for maybe a 2-3hr session , it can uplift d whole country once ppl willing to learn & consumers not feel they always right ...

Hello Rovin,

Yes that’s it.

Make it almost mandatory for most businesses to ask for the relevant certificates prior to employment.

I givin allyuh Trinis free ideas.....time to make ah money.

Can even have virtual classes. Remember some may not have tablets and devices etc, so you can always do device rentals at a small fee for those less fortunate.

I can suggest that the courses will cover in depth and detail:

Covid19 Brief
Personal Hygiene
Punctuality
Nutrition
English Language
Work Etiquette
Telephone Usage
Manners
Body posture
Eye contact
Follow up techniques
Etc

Get busy T&T, Give our locals the foundation they need to start off their careers.

You are most welcome.

[maj. tom]

That education already exists. SITAL has a lot of short courses and programmes for many professions.
https://sitalcollege.com/edu/short-courses/
https://sitalcollege.com/edu/corporate-training/

Do employers ask for the certificates? Outside big companies, not really.

[MaxPower]

Hello maj.tom,

Thank you for the info.

Yes, Sital and a few others do offer some sort of a “course” but clearly, and unfortunately, it has very little impact on society.

We must put more effort into these institutions to address the degraded customer service in T&T.

With ambition, determination and a good mind set, one can bring forward presentations to companies to honor their certificates.

[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.

[Edited]

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

[Edited]

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

I made the distinction between retail and manufacturing for our case as our retail sector doesn't export, it's still a business that can support a local and hire folks and such but it consumes foreign exchange.

The manufacturing business consumes as well but it does hire and has more potential for export and possibly earn foreign exchange. Even if it doesn't export the hope is that it can make something cheaper than the imported alternative and reduce foreign exchange demand.

I speak here very simply which is why I would like to see more manufacturing oriented businesses.

Even if not that but any business that can offer a service that can be exported, like remote IT services. Don't know how we'll compete with India or Estonia but....

I know that iQOR was here a while aback and they were recruiting, but they are a multi-national and I haven't seen anything after that.

These are the areas that would be nice to see us get into, it might go a way to making use of the younger educated folks.

[MaxPower]

Oh and when advertising, maybe you Trinis can drop things like “yuh done know” and “boom” and “it’s your boy” so and so.....

That’s very unprofessional and you lose good clientele.

Food for thought.

[Numb3r4]

As with MaxP. sometimes the use of the dialect is a bit much.

At times I find it's as if they are trying to be too local.

[wingnut]

Saw ghanny and brydens looking for transport contractors. If you have your own truck might be a good opportunity

No affiliation with either company, just a heads up check their fb pages

[SuperiorMan]

Is now a good time to be investing in a business in Trinidad? Thinking about it but hearing from some people that it doesn't make sense. Future looks bleak in Trinidad....any advice?

[VexXx Dogg]

Is now a good time to be investing in a business in Trinidad? Thinking about it but hearing from some people that it doesn't make sense. Future looks bleak in Trinidad....any advice?

Depends on:

A. The business.
B. The people you are talking with
C. Your level of optimism

[SuperiorMan]

Is now a good time to be investing in a business in Trinidad? Thinking about it but hearing from some people that it doesn't make sense. Future looks bleak in Trinidad....any advice?

Depends on:

A. The business.
B. The people you are talking with
C. Your level of optimism

Thanks for your response. Hearing it might be hard to get foreign exchange....there's only limited amounts and it might get worse so it would be applicable to almost all businesses.

[Redress10]

Trinidad produces nothing to bring in foreign exchange so ofcourse it is going to be difficult.

If you are a true business person then you shouldn't need forex unless it for manufacturing purposes.

If you need forex to bring in goods to sell then you are also part of the problem.

The best businesses in TT right now are the ones that don't need or use forex.

[VexXx Dogg]

Yes, forex is an ongoing challenge - but there are businesses that are still thriving and making tidy profits.

You have to do your research into not just business type, but location, staffing, supply chain/logistics, and other risk factors.

There are business incubators where experts can help you. Check NEDCO, BDC etc

[Dohplaydat]

Trinidad produces nothing to bring in foreign exchange so ofcourse it is going to be difficult.

If you are a true business person then you shouldn't need forex unless it for manufacturing purposes.

If you need forex to bring in goods to sell then you are also part of the problem.

The best businesses in TT right now are the ones that don't need or use forex.

As a private business, Sacha cosmetics is probably bringing in some of the most Forex right now. At least in the non industrial sector.

[Redress10]

Trinidad produces nothing to bring in foreign exchange so ofcourse it is going to be difficult.

If you are a true business person then you shouldn't need forex unless it for manufacturing purposes.

If you need forex to bring in goods to sell then you are also part of the problem.

The best businesses in TT right now are the ones that don't need or use forex.

As a private business, Sacha cosmetics is probably bringing in some of the most Forex right now. At least in the non industrial sector.

Any business starting up need to not be consuming forex in order to be successful. It have plenty "businesses" in Tt but they are all import reliant. These include the people who even sell burgers at side of the road. The beef patties are imported as well as the fries.

Now if you have access to local beef and maybe even use local sweet potatoes then that is better. The foreign imports will probably still be things such as feed for the cow and fertiliser for the sweet potatoes. You also have to remember the condiments are imported as well. The ketchup and mustard etc. They may be assembled in TT but the raw ingredients require forex.

It's these simple things that people don't understand are causing forex leakages. We need to encourage businesses that don't cause money to leave the country.

[2WNBoost]

Grow peppers.
Make pepper sauce.
Bottle the pepper sauce.
Export the bottled pepper sauce.
Earn FOREX.

[Dohplaydat]

Trinidad produces nothing to bring in foreign exchange so ofcourse it is going to be difficult.

If you are a true business person then you shouldn't need forex unless it for manufacturing purposes.

If you need forex to bring in goods to sell then you are also part of the problem.

The best businesses in TT right now are the ones that don't need or use forex.

As a private business, Sacha cosmetics is probably bringing in some of the most Forex right now. At least in the non industrial sector.

Any business starting up need to not be consuming forex in order to be successful. It have plenty "businesses" in Tt but they are all import reliant. These include the people who even sell burgers at side of the road. The beef patties are imported as well as the fries.

Now if you have access to local beef and maybe even use local sweet potatoes then that is better. The foreign imports will probably still be things such as feed for the cow and fertiliser for the sweet potatoes. You also have to remember the condiments are imported as well. The ketchup and mustard etc. They may be assembled in TT but the raw ingredients require forex.

It's these simple things that people don't understand are causing forex leakages. We need to encourage businesses that don't cause money to leave the country.

Dude we are a tiny ass country, literally almost every business will require importing to an extent. Not saying there aren't industries that can be purely local, but it's difficult and WILL require some government subsidies etc to make it feasible.

FYI Sacha from one face powder product alone, on Amazon alone is probably generating $2M USD a year.

This isn't even counting the 3000+ stores their products are sold worldwide. So likely add another $5M USD at least.

Impressive, but we need a lot more of this, and yes they import a lot of raw materials but a lot of the stuff is packaged etc in their Freeport factory.

[Redress10]

Bro

Wth does size have to do with "imports"? Never hear the term acquisition? Why not own a stake in the companies that produce your raw materials via vertical integration? Unless you are exporting then you can't afford the imports anyway.

The point is this constant practice of importing is hurting the country economically and doesn't make econonic sense. As long as you don't have more exports to cover it you will always be struggling. It's basic economic. For every good we're importing we should export ten times the amount.

Would a business be successful if all it did was purchase stock but never sold anything? Exports are the focus.

That Sacha info may sound impressive but that is also no different to what most manufacturers do in TT. They import raw materials, assemble and package in TT then export. If they begin to own their suppliers then technically they wouldn't be importing anymore because both the suppliers and manufacturers would be TT owned.

[SuperiorMan]

Trinidad produces nothing to bring in foreign exchange so ofcourse it is going to be difficult.

If you are a true business person then you shouldn't need forex unless it for manufacturing purposes.

If you need forex to bring in goods to sell then you are also part of the problem.

The best businesses in TT right now are the ones that don't need or use forex.

As a private business, Sacha cosmetics is probably bringing in some of the most Forex right now. At least in the non industrial sector.

Any business starting up need to not be consuming forex in order to be successful. It have plenty "businesses" in Tt but they are all import reliant. These include the people who even sell burgers at side of the road. The beef patties are imported as well as the fries.

Now if you have access to local beef and maybe even use local sweet potatoes then that is better. The foreign imports will probably still be things such as feed for the cow and fertiliser for the sweet potatoes. You also have to remember the condiments are imported as well. The ketchup and mustard etc. They may be assembled in TT but the raw ingredients require forex.

It's these simple things that people don't understand are causing forex leakages. We need to encourage businesses that don't cause money to leave the country.

Dude we are a tiny ass country, literally almost every business will require importing to an extent. Not saying there aren't industries that can be purely local, but it's difficult and WILL require some government subsidies etc to make it feasible.

FYI Sacha from one face powder product alone, on Amazon alone is probably generating $2M USD a year.

This isn't even counting the 3000+ stores their products are sold worldwide. So likely add another $5M USD at least.

Impressive, but we need a lot more of this, and yes they import a lot of raw materials but a lot of the stuff is packaged etc in their Freeport factory.

Interesting. Is there anything else like Sacha Cosmetics in Trinidad that does that sort of thing?

[Redress10]

Probably any other manufacturer that exports worldwide.

[paid_influencer]

Bro

Wth does size have to do with "imports"? Never hear the term acquisition? Why not own a stake in the companies that produce your raw materials via vertical integration? Unless you are exporting then you can't afford the imports anyway.

The point is this constant practice of importing is hurting the country economically and doesn't make econonic sense. As long as you don't have more exports to cover it you will always be struggling. It's basic economic. For every good we're importing we should export ten times the amount.

Would a business be successful if all it did was purchase stock but never sold anything? Exports are the focus.

That Sacha info may sound impressive but that is also no different to what most manufacturers do in TT. They import raw materials, assemble and package in TT then export. If they begin to own their suppliers then technically they wouldn't be importing anymore because both the suppliers and manufacturers would be TT owned.

that is some next level dotishness right there

[MaxPower]

Friends,

Highly consider a Venezuelan labour force:

Trinis need to step up their game.

[paid_influencer]

Friends,

Highly consider a Venezuelan labour force:

Trinis need to step up their game.

no joke, this is a great idea. Making your business bilingual greatly increases your potential.

[Redress10]

Bro

Wth does size have to do with "imports"? Never hear the term acquisition? Why not own a stake in the companies that produce your raw materials via vertical integration? Unless you are exporting then you can't afford the imports anyway.

The point is this constant practice of importing is hurting the country economically and doesn't make econonic sense. As long as you don't have more exports to cover it you will always be struggling. It's basic economic. For every good we're importing we should export ten times the amount.

Would a business be successful if all it did was purchase stock but never sold anything? Exports are the focus.

That Sacha info may sound impressive but that is also no different to what most manufacturers do in TT. They import raw materials, assemble and package in TT then export. If they begin to own their suppliers then technically they wouldn't be importing anymore because both the suppliers and manufacturers would be TT owned.

that is some next level dotishness right there

What's dotish about it?

Let me hear your smart ideas.

[daring dragoon]

get a few big flat screen, rent a studio, download videos from youtube and search for self defense for women and charge women to come into your "school" to learn self defense and the instructor is online. nobody aint hadda know is youtube,

https://youtu.be/1y5SD7UDiw4

[SuperiorMan]

Friends,

Highly consider a Venezuelan labour force:

Trinis need to step up their game.

Agreed.

[Dohplaydat]

Bro

Wth does size have to do with "imports"? Never hear the term acquisition? Why not own a stake in the companies that produce your raw materials via vertical integration? Unless you are exporting then you can't afford the imports anyway.

The point is this constant practice of importing is hurting the country economically and doesn't make econonic sense. As long as you don't have more exports to cover it you will always be struggling. It's basic economic. For every good we're importing we should export ten times the amount.

Would a business be successful if all it did was purchase stock but never sold anything? Exports are the focus.

That Sacha info may sound impressive but that is also no different to what most manufacturers do in TT. They import raw materials, assemble and package in TT then export. If they begin to own their suppliers then technically they wouldn't be importing anymore because both the suppliers and manufacturers would be TT owned.

that is some next level dotishness right there

He takes a very simplistic view of the entire thing.

Interesting. Is there anything else like Sacha Cosmetics in Trinidad that does that sort of thing?

Not sure, aside from our local food and beverage companies that export throughout the Caribbean (decent market size but not huge) I can't think of anybody aside from Angostura that has a big name internationally.

But our exports overall are definitely falling.

[Dohplaydat]

I just want to add Carnival can be a huge industry if we pushed it properly.

1. Music exports - our artists already make a decent amount from YouTube, Itunes, Spotify etc. But think concerts and fetes, lots of USD to earn there.
2. Monday wear and costume designs
3. Party exports - WOW events, Tribe and many others already hosting vig events throughout the Caribbean and US, good forex earners there.
4. Market the sheit out of our local Carnival and enhance the experience, none of this sheit that it finishing at 7pm or disorganized route planning. 40K persons come down for carnival and each spending an average of 2k USD. That's $80M USD. Aim to double that in 3 years.

A Carnival industry can potentially be earnings us $1B USD every year.

Also, tourism in Tobago is another untapped industry that can earn at least 50% more.

Put a f*cking marina in Tobago instead of an un-needed airport.

[Redress10]

I just want to add Carnival can be a huge industry if we pushed it properly.

1. Music exports - our artists already make a decent amount from YouTube, Itunes, Spotify etc. But think concerts and fetes, lots of USD to earn there.
2. Monday wear and costume designs
3. Party exports - WOW events, Tribe and many others already hosting vig events throughout the Caribbean and US, good forex earners there.
4. Market the sheit out of our local Carnival and enhance the experience, none of this sheit that it finishing at 7pm or disorganized route planning. 40K persons come down for carnival and each spending an average of 2k USD. That's $80M USD. Aim to double that in 3 years.

A Carnival industry can potentially be earnings us $1B USD every year.

I take a simplistic view of things? In a world where countries are exporting artificial intelligence, advanced technology, satellite, advanced robotics and data science etc your solution is that we "export" carnival and events?

Seriously? And your big selling point is the 80m usd that could earn? Not even 800m usd but a paltry figure of 80.
This country imports a billion tt on cereal just on cereal alone.

80m usd is probably what some 1% does make a year. You acting as though that is some significant sum in terms of a country's earnings. Especially for a disruptive activity such as carnival.

Are you actually serious with this suggestion?