Doom and Gloom…
If you are reading this, chances are you’ve already heard the bad news. The inflation rate in Trinidad & Tobago continues to rise. Foreign currency is becoming increasingly difficult to acquire. More layoffs are coming. All the economic indicators point to doom and gloom in 2017. With this said, you too might be on the breadline soon. Oh, we also can’t ignore the fact that after two consecutive quarters of negative economic growth, we declared a recession since back in 2015. The price of oil and gas is down and tourism figures are on the decline. In short, if you are currently depending on the income from your safe, secure job, you may want to rethink this approach in 2017.
Then again, Trinbagonians are very intelligent and highly creative so you’ve already thought about supplementing your income by starting a part-time business. With just a dream, some experience and a whole lot of faith, you may seriously be considering starting a small business. If you get the support of friends and family, you should be fine. The only challenge is that they may also be struggling and too scared of losing the little they have. You must also guard yourself against scam artists, con men and even women intent on stealing your hard-earned income using unscrupulous methods. Having done that, you may have already tried to drown yourself in positive, clichéd social media quotes that say that you can do it. As reality sets in, you would quickly realise that there are many proven ways to avoid inevitable poverty, navigate the negativity and potentially change your destiny.
Yet There Is Hope…
There are a few solutions that can be implemented or at least considered. Firstly, are you willing to retool, rethink and retrain? If so, you can probably find possibilities outside of your comfort zone or current area of expertise. Using YouTube and other online resources, your access to training and development is literally at your fingertips. Additionally, the easiest way to weather this storm of uncertainty is to remember that you can only impact the things which are within your circle of influence or control. Therefore, try not to stress about losing your job but focus on becoming more useful, more resourceful and more productive within your existing work environment. Investing in stocks and bonds is also a brilliant option at this time since you have the opportunity to buy low and hopefully sell high. Of course, this should be under the guidance of an experienced financial advisor.
The idea of starting your own business is actually not a far-fetched one. Historical statistics would suggest that a recessionary environment is a perfect time to start a new business or to revamp an existing business. Better yet, you should consider an online business or take your existing business to an online market. This process is much easier than you might think. Does this mean creating a Facebook page, Instagram account or having a website? Anybody can do that. However, if you want to stand out, accelerate your brand and reach your ideal customers at the best possible price, you’ll definitely need to get the business essentials, professionally prepared from digital marketing experts. This would increase the odds of your success and keep your expenses to a minimum. Can you imagine getting a logo, letterhead, 100 printed business cards, website domain registration, Facebook cover and Facebook profile picture, all professionally designed? Paradox Studios Limited is currently offering all of this for ONLY $1499? This is truly a game changer.
In summary, right here in Trinidad & Tobago there are all the elements needed to be a successful entrepreneur. With proper guidance, solid support and experienced advisors who have been there before, there is hope for those who seek and desire more.