How to start a Successful Small Business in The Bahamas?PHCS
How to start a Successful Small Business in The Bahamas?
The Bahamas has always been one of the best places in the world to start a small business or just any kind of business.
The Bahamas have is one of the most visited touristic islands in the world, with sandy and clear beaches.
The Bahamas also favour the growth of several businesses such as resort business, tourism, tech, food processing, banking services, real estate, retail, cosmetics, transportation, ship repair other major services.
Another major advantage of starting a small business in the Bahamas is that, it its cost-effective with those residents or inhabitants free from taxes.
Similarly, it takes approximately 46 days for investors and foreigners to set up a business in the the Bahamas after meeting all requirements. Thus the cost of starting a business in the Bahamas is very cheap compared to other places. It cost approximately $500,000 for non-Bahamians to start a business in the Bahamas and is is free for those living on the islands.
Possible small business ideas to start in the Bahamas
So what are the possible and most profitable small businesses for you to start today in the Bahamas?
There are 5 of them, bed and breakfast businesses, personal chef or private cooking services, cleaning services businesses, tour guide services, and general provision businesses (Market stall).
The listed 5 business are the most profitable in the Bahamas, as most of the customers or clients of these businesses are tourists who regularly visit the beautiful islands and are always willing to spend their cash.
Steps to starting a business in the Bahamas
1). Identify a need
The first task you must undertake if you ever want to start a small business in the Bahamas is to identify a missing need or gap and look for possible solutions to this need.
Since Bahamas is a touristic place, its best to always identify issues faced by tourists or some possible needs of these tourists when they visit the Island. For example, if you observed that most of the tourists find it hard to navigate the island, you could possible think of starting a tour business. Let your small business be that which adds value to the users or solves a major difficulty in their lives.
2). Conduct on the type of business
After you have identified a need, then next step toward starting a business in the Bahamas is to conduct a feasibility study or research to help you understand your business.
Ask a lot of questions about this business you want to undergo. If there are already others operating the same business in your area, try to find out their key to success in running the business. Identify your strengths and weaknesses and turn your weakness into opportunities for your potential business.
What good is it to start a business and u not make a profit, so make sure to carry out a detailed research about this business idea you identify.
3). Choice a business name
Every business in the Bahamas has a name, so you also need to pick a name for your business. Make sure to choose a name that suits your type of business operation.
Don’t forget to choose a name that customers can always remember whenever they think or the Bahamas or when they plan to visit the Bahamas islands.
4). Choice the most strategic location
Let your business be operational in a strategic location. It should where customers can easily locate you and make use of your product or services rendered.
5). Develop a business model for your business
As the saying goes, failure to plan is planning to fail. Always plan in whatever you do in life. This is also an essential step to follow when starting a business in the Bahamas.
The purpose of developing a business model or business plan is to help you map out all the possible cist, profits and damages that you would likely encounter when you pursue to starting the business.
The business plan or model would give you an estimate of who will use your product or services. Where you will buy, where you will sell and what cost would you sell.
6). License your business
As early mentioned, running a business in the Bahamas is less expensive by cost as residents do not pay any tax or bills while non-residents are required to pay a sum of $500,000 to legally be recognized.
However, everyone is expected to license their business. According to the Bahamas regulation called Business Licensed Act (BIA), all business is required to be licensed and pay an annual license fee.
The application for BIA is often done at the Business License Unit under the Ministry of Finance. This usually costs a sum of $100 per license which is often renewable latest by the 31st of January.
Read: How to Get a Business License in The Bahamas
7). Market your business
Now that you have successfully started your business, it’s vital that you market and promote your business by all means of disposals available to you. Promote your business online on social media, promote on local Bahamas newspaper and TV, and promote through flyers and cards.
A functional business with no marketing or promotional strategy is a dead business.
8). Take your business online
The last step towards starting your small business in the Bahamas is to take your business online. Build a website for your business. Have a social media account opened for your business. Remember, the vast majority of the visitors to the Bahamas Islands are tourists. Thus it’s very vital you=u make your business well known online ahead for them to see when searching for potential places in the Bahamas for visitation.
The article has provided you with a possible businesses that you can start in the Bahamas, it also makes known the cost and registration process of starting a business in the Bahamas and also provided you with the step by step guide on what you should follow before starting a successful small business in the Bahamas.
Go through the article once more to grasp the concepts well. Don’t forget to share your thoughts and suggestions on some of the possible business ideas one can start in the Bahamas islands in the comment section below.
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