From sleepless nights spent brainstorming ideas to the euphoric feeling of coming close to
achieving your dreams, most new entrepreneurs can confirm that starting a business is one
of the most daunting or exciting experiences you will ever have. There are many ways to
approach creating your own business. Still, it’s essential to consider your business idea, how
much time you have and the amount of money you want to put into it before making any
decisions. We’ve compiled five easy steps that will help improve your chances of success
when starting a small business.
- Refine Your Business Idea:
Nowadays, anyone can start a business with just the click of a button. The recent COVID-19
Pandemic saw the rise and fall of micro-entrepreneurs who took to social media to cast
their net in the entrepreneurial game. However, establishing a legitimate and profitable
business takes more than simply creating a social media account. The first step is to ask
yourself the following questions:
a. What is the potential opportunity size?
b. Is your idea a trend, fad, or growing market?
c. What is your competition?
d. Does your industry have any restrictions or regulations?
Take some time to write a business plan. ECRS Consultants Limited will guide you through
the process of developing a successful business plan.
- Choose a business name.
What’s in a name? For starters, your business name is a universal facet of your marketing; it
shows up everywhere you do. So once you settle on a name you like, you need to protect it.
ECRS is equipped with the knowledge and resources required to register your business
name with the Companies Office of Jamaica.
- Register your business.
Once you’ve picked the perfect business name, it’s time to make it legal and protect your
brand. If you’re doing business under a name different than your own, you’ll need to
register it with the government of Jamaica. There are numerous forms and requirements
needed to do business on the island, which can be overwhelming for new entrepreneurs.
ECRS takes the hassle out of registering your business by finding suitable forms for you and
completing them on your behalf. Then, all you need to do is answer a few questions and
provide us with the necessary legal documents.
- Register with the Inland Revenue Department
Once you’ve registered your business, you can request two significant numbers: the
Taxpayer Registration Number (TRN) and the National Insurance Scheme (NIS) reference
number. Once you have your TRN and NIS numbers, you can take the next step to register
with the Inland Revenue Department to obtain permission to take various legal tax
deductions. You can obtain your NIS or TCC at your convenience by leaving it in the
experienced hands of ECRS.
- Open a business bank account.
A small business checking account can help you handle legal, tax, and day-to-day issues. The
good news is it’s easy to set one up if you have the proper registrations and paperwork
ready. Leave the paperwork to us by utilising our executive secretarial services.
Now you’re ready to start your own business. Schedule a visit or call one of our agents to
get started building your empire right here in Jamaica.