Uploaded May 2020 | Updated September 2026, 3 days ago
Today I will be going over 5 points to consider when you decide to start your own business. Stay tuned to the end of the video where I go over the best way to finance your business in my opinion. I hope this will help to put you on track to start investing NOW.
Follow Me On Instagram: instagram.com/jaradcliffe?igshid=1ozwrpsselzwe
Follow Me On Twitter : twitter.com/Jaradcliffe2030?s=09
Starting a business doing what you love is the best way to go.Starting a business in something that you are indifferent to will not work you need to actually love doing whatever you are starting a business in. As a business owner you do not have this supervisor over your shoulder to ensure you get your work done. You must ensure that everything for your business gets done and if you do not do it, who will? Even If you have employees then you are now the supervisor in a sense that is responsible to ensure that they get their work done. So, going into business in a field that you do not love will become a bother very soon and you will not want to do it after a while.
As a business owner you may find it difficult to separate your business life from your personal life. Especially your time and finances. Being a small entrepreneur, you are in charge of all aspects of your business. As small entrepreneurs we tend to always chase after the money so we will go to clients at any ungodly hour to ensure that we make that sale. This takes time away from your family and friends. We need to form clear lines of separation between the money for the business and our personal funds. This ensures that you are not always pumping more funds into the business.
In Jamaica to register a business you will need to visit the company’s office of Jamaica. By registering your business, you make it a formal entity with its own name and identity. There are two main ways to register a business: as a business name or as a limited liability company. By registering a business, you are taking the first steps to legal operations. A point to note if you are operating a business in Jamaica that is not registered it is considered illegal.
Registering a limited liability company is a little different because you will need to do an articles of incorporation along with the business registration form. This registration form is the same one that you use for the sole trader and partnership. The company will get all its own information because it is considered a separate person from you. Registering a business is good because it will bring legitimacy to your operations and when you do you are able to open bank accounts for your business to further keep your finances separate.
A lot of us a very social so we are on Instagram Facebook and even WhatsApp on our cell phones. Instead of trying to set up a physical location use what we have. Setup an ecommerce store and operate out of your own home for the time being. Market your product on all the social media platforms. Getting started is going to take some work so what I recommend is to find persons what are doing the same thing as you and follow their customers and sometimes reach out. This will have more persons looking at what you have to offer.
The last thing we are going to look at is how to get financing for your business. If you have a 9-5 and looking to start a second income, then you are only really making enough to live. While this may be true, I still have a bit of power with this payslip. Banks love to know that you are a permanent employee at your place of work, and you have been there for a few years now and your credit is not all that bad. The very first time I decided to invest in a venture I did it through a bank loan at the time I could not even get the loan myself. But I view these loans as a means to an end. When you are taking a loan the payback period the interest rate and the monthly payments are all important things to note. I try to invest in anything that will make at least double the loan payments so if my loan payment is 20k then I try to ensure I make 40k every month. Oh, by the way the type of loans I am talking are personal loans. They are the more expensive loans, but they give you the most freedom to do what you want in my opinion.
Thanks for Watching. Here are some of my other videos
5 Things I learned on my first investment - youtube.com/watch?v=JwvGR_KDYzY&t=01s
Investing 101 | A beginners Guide - youtube.com/watch?v=cdeKv8rgRNw
#jamieradcliffe #businessowner #newbusiness
Disclaimer: All views expressed here are my personal opinions. For more in-depth and specific information speak to a licensed investment advisor.
Disclaimer: All views expressed here are my personal opinions. For more in-depth and specific information speak to a licensed investment advisor.
Today I will be going over 5 points to consider when you decide to start your own business. Stay tuned to the end of the video where I go over the best way to finance your business in my opinion. I hope this will help to put you on track to start investing NOW.
Follow Me On Instagram: instagram.com/jaradcliffe?igshid=1ozwrpsselzwe
Follow Me On Twitter : twitter.com/Jaradcliffe2030?s=09
Starting a business doing what you love is the best way to go.Starting a business in something that you are indifferent to will not work you need to actually love doing whatever you are starting a business in. As a business owner you do not have this supervisor over your shoulder to ensure you get your work done. You must ensure that everything for your business gets done and if you do not do it, who will? Even If you have employees then you are now the supervisor in a sense that is responsible to ensure that they get their work done. So, going into business in a field that you do not love will become a bother very soon and you will not want to do it after a while.
As a business owner you may find it difficult to separate your business life from your personal life. Especially your time and finances. Being a small entrepreneur, you are in charge of all aspects of your business. As small entrepreneurs we tend to always chase after the money so we will go to clients at any ungodly hour to ensure that we make that sale. This takes time away from your family and friends. We need to form clear lines of separation between the money for the business and our personal funds. This ensures that you are not always pumping more funds into the business.
In Jamaica to register a business you will need to visit the company’s office of Jamaica. By registering your business, you make it a formal entity with its own name and identity. There are two main ways to register a business: as a business name or as a limited liability company. By registering a business, you are taking the first steps to legal operations. A point to note if you are operating a business in Jamaica that is not registered it is considered illegal.
Registering a limited liability company is a little different because you will need to do an articles of incorporation along with the business registration form. This registration form is the same one that you use for the sole trader and partnership. The company will get all its own information because it is considered a separate person from you. Registering a business is good because it will bring legitimacy to your operations and when you do you are able to open bank accounts for your business to further keep your finances separate.
A lot of us a very social so we are on Instagram Facebook and even WhatsApp on our cell phones. Instead of trying to set up a physical location use what we have. Setup an ecommerce store and operate out of your own home for the time being. Market your product on all the social media platforms. Getting started is going to take some work so what I recommend is to find persons what are doing the same thing as you and follow their customers and sometimes reach out. This will have more persons looking at what you have to offer.
The last thing we are going to look at is how to get financing for your business. If you have a 9-5 and looking to start a second income, then you are only really making enough to live. While this may be true, I still have a bit of power with this payslip. Banks love to know that you are a permanent employee at your place of work, and you have been there for a few years now and your credit is not all that bad. The very first time I decided to invest in a venture I did it through a bank loan at the time I could not even get the loan myself. But I view these loans as a means to an end. When you are taking a loan the payback period the interest rate and the monthly payments are all important things to note. I try to invest in anything that will make at least double the loan payments so if my loan payment is 20k then I try to ensure I make 40k every month. Oh, by the way the type of loans I am talking are personal loans. They are the more expensive loans, but they give you the most freedom to do what you want in my opinion.
Thanks for Watching. Here are some of my other videos
5 Things I learned on my first investment - youtube.com/watch?v=JwvGR_KDYzY&t=01s
Investing 101 | A beginners Guide - youtube.com/watch?v=cdeKv8rgRNw
#jamieradcliffe #businessowner #newbusiness
Disclaimer: All views expressed here are my personal opinions. For more in-depth and specific information speak to a licensed investment advisor.
Disclaimer: All views expressed here are my personal opinions. For more in-depth and specific information speak to a licensed investment advisor.
