Small Business Owner?!

     In this Blog post, we are going to mix it up a bit. At Jobs & Careers T&T we usually speak about jobs involving a person being employed, but...what if you wanted to be your own boss? What are the skills required of you to be great at it? That's what we're going to be talking about.

     So there is a saying that people learn through experiences. That's exactly the approach we are taking in explaining to you the steps in starting a small business and being your own boss. So keeping it real and local, I spoke to the owner of a really great clothing store at Lall's Shopping Plaza in Debe and she was more than happy to assist.

     According to the owner of WoW Factor Clothing, starting a business is a lot of hard work and very risky depending on the type of business you are looking to venture into. In starting a small business you need to identify your interests, and identify a way in which you and your products can stand out and be different to others. Secondly you need to have the appropriate funds to properly start the entire business and expect a loss for at least a good few months.

    Once you identify your product and you know that you have the finances, you are set. This is the easy part. You really need to have an ideal place for your store. According to the owner of WoW Factor, her clothing stands out in its current location, making her store catchy and trendy. You need to do that. Locate the suitable place for your product.

     And of course your business needs a name. Select one that is unique and suitable. Now every business place in T&T must be registered. Here's how its done.

Business Name Registration

To register a business name your first step is to fill out an Application for Name Approval/Name Reservation Form and submit it to the address of the Companies Registry. The fee for this process is TT$25.00.

The Business Name Act prohibits the registration of identical names, so you can't register a business name that another company is already using. You can search the business names public record at the Companies Registry. This will tell you if someone is already using the name you have selected and where the business is located. There are several different search options you may wish to pursue. Each name search costs TT$20.00

So if you are really serious about starting a business consider the few simple guidelines on top, ask questions and be sure. 

For more information on starting a small business and all the forms visit the TTConnect website at http://www.ttconnect.gov.tt/gortt/portal/ttconnect/CitizenDetail/?WCM_GLOBAL_CONTEXT=/gortt/wcm/connect/GorTT%20Web%20Content/ttconnect/citizen/role/abusinessperson/startingabusiness/registering+a+business

Ending the Blog post off with a quote: 

"Behind every small business, there's a story worth knowing. All the corner shops in our towns and cities, the restaurants, cleaners, gyms, hair salons, hardware stores - these didn't come out of nowhere." - Paul Ryan