This article was published in the Gleaner earlier this year..
If you are one of those persons who are skilled and qualified, yet cannot find a job, venturing out on your own could be an option. Being an entrepreneur comes with many challenges, but promises rich rewards to those who possess the right attributes. In Jamaica, there are numerous opportunities.
The following are a few business ideas that have the potential to take off in 2008 if given the right planning, support and financing.
Renewable Energy
A steady increase in the awareness of the importance of protecting the environment has created a huge niche market that is prime and wide open for innovative entrepreneurs to take advantage of.
Some ideas in this area include:
Solar-powered products and services such as heaters, photo-voltaic systems and consulting.
Conversion to more efficient operations procedures such as energy retrofitting.
Consulting services for companies wanting to move to more environmentally friendly business practices.
Requirements: Sound knowledge of energy and environmental principles would be an asset.
Requirements: Sound knowledge of energy and environmental principles would be an asset.
The Web
There's no doubt that the growth of the Internet has had a massive impact on business. The Internet allows businesses to reach a global audience in ways that were once thought impossible. Web technology has allowed persons to grow their businesses in what would previously be unreachable niches.
Perhaps one of the most lucrative business opportunities for entrepreneurs on the web lies in affiliate marketing. This involves revenue sharing between online vendors whereby compensation is typically based on sales, clicks or registrations.
Mobile Content
Everything from web browsers to digital music libraries are being reduced to cellphone size. All that content has to be created be someone and in a form that fits the specific demands of the multiplicity of phone types that exist in the market today.
This creates a good opportunity for entrepreneurs to get involved in the emerging M-Technology. The worldwide popularity of Jamaican music, for example, should point entrepreneurs in the direction of possible partnerships with local music production companies, to create catalogues of mobile content.
With the ubiquitous nature of cellphones, this should be a sure winner.
Kids and Teens
Regardless of the source of their money, some of the country's biggest spenders are barely out of prep school. Tweens (ages 8-14) have huge purchasing power that should not be taken for granted.
Thanks to allowances, generous grandparents and other sources, Tweens have significant disposable incomes of their own. They influence family spending patterns both directly and subtly every day.
Today's kids have grown up in a booming marketplace of technology and entertainment. They are easily bored and tend to seek multiple sources of excitement. They fill this need with cellphones, computers, music, movies, dining out, designer clothes and accessories.
An entrepreneur with an appealing online presence with strong brand association with a local celebrity will have an edge with these increasingly pop-culture savvy kids.
Residential Cleaning Services
Having one's house cleaned is no longer for the rich. With everyone getting increasingly busy, more people are willing to pay to get the benefits of a cleaner home and more time to do the things that they consider more important.
Residential cleaning services are typically offered one or multiple times on a monthly basis.
Requirements
1. Knowledge of cleaning products and procedures.
2. The ability to attract and retain reliable and competent staff.
3. Good scheduling and organising abilities.
Requirements
1. Knowledge of cleaning products and procedures.
2. The ability to attract and retain reliable and competent staff.
3. Good scheduling and organising abilities.
These are some ideas that should kindle your interest and also provide an opportunity for being your own boss, whichever path you ultimately decide to take; may all your entrepreneurial wishes come true in 2008!
The author is a serial entrepreneur and is president of the Young Entrepreneurs Association of Jamaica. E mail: aldainreid@gmail.com.
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