If I were starting a business post-pandemic for the first time or even the 10th, here are four key characteristics it would need to have.
Low Barrier to Entry
Think digital first. You don’t want to start a venture where you need to rent an office or workspace. Can you serve customers via online tools such as your website, learning platforms and with digital products? Today’s smartphones are all you need to start a business.
Ideas that require stockpiling products are not the best venture for a first-time entrepreneur. Consider drop-shipping and mail forwarders are team members who can help you build a business without having to pay a full-time employee. They will also never have to take sick days or weeks off for vacation.
While some sacrifice is required when starting a new venture, having to invest massive amounts of cash up front gets a NO from me. “Massive amounts” may be relative, however, ensure that you don’t need rob Peter to pay Paul before you make a sale.
Ideas Which Can Attract Money From Abroad
Foreign direct investment (FDI) is the fancy name for money from outside your home country. Many Caribbean islands have small markets and individually that may not be enough to sustain you. It is very possible to stay where you are and build a brand that people abroad want a piece of. As we are thinking digital first, what can you create which can be purchased and consumed even without setting foot on your island?
Another way to think of this is to consider the entire Caribbean and Caribbean communities abroad as your market. Doesn’t that immediately open the possibilities for the type of business you can start and the market you can serve? It sure does.
Create Once and Sell to Many
If you are a coach, then one-to-one service is the way to go. You want to start out with a client to test your techniques and the results you can deliver.
For other service and product focused ventures, you want a product (think digital) that you create once and sell over and over. Having to adapt your product or service for each customer increases the cost of delivery. Unless you are charging a premium for this specificity, then it is important to make a product which can be used by many different people.
Focus on ideas that come from your imagination
Make art. It does not need to be with a canvas and paint brush. Make art from the ideas in your imagination. Creating products that can inspire and solve the problems of others, whether by increasing the joy of others, feeding and healing, is a sure-fire way to keeping you in a constant revenue positive flow.
You will need to learn how to price your art, how to not sell yourself short because it is from your imagination. It has great value.
Need more support to start a business, check out our courses and upcoming webinars at learn.trulycaribbean.net.