On October 1, 2024, Saint Lucia introduced its first-ever national minimum wage, set at $6.52 per hour or $1,131 per month. Designed to improve workers’ standard of living through fair and equitable compensation, the policy has also posed challenges for some employers. During a breakfast meeting hosted by the Saint Lucia Employers Federation (SLEF), business owners shared firsthand experiences of the wage’s impact while exploring potential solutions. Executive Director of SLEF, Cornelia Jn Baptiste, emphasized the importance of these discussions in addressing employer concerns.
It was a carnival atmosphere in the streets of Anse La Raye last week as the Anse La Raye Infant School staged a reading street parade, reimaging education and literacy in a different space. Principal at the school, Albert Joseph endorsed the event and the innovativeness of the teaching staff in making learning fun.
Read MoreThe National Competitiveness and Productivity Council (NCPC) has achieved another milestone toward fully implementing the Collateral Registry. The Collateral Registry supports the recently passed Security Interest in Movable Properties Act. Economist and Project Leader at the NCPC, Sharma Mathurin said this project is now halfway through implementation with a formal launch scheduled for the latter part of this year.
Read MoreSaint Lucia’s Inland Revenue Department (IRD) and CARICOM, in association with the Organisation for Economic Co-operation and Development (OECD) and the World Bank Group, conducted a four-day regional workshop on ‘Foundational Transfer Pricing.’ The training workshop brought together Technical Tax Administration and Ministry of Finance officials from the Caribbean to learn the underlying transfer pricing principles and discuss potential legislative and administrative considerations to address transfer pricing.
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Covid-19 has created what has aptly been described as the “new normal” causing a blended approach to be adopted by all sectors in society. This has caused the rapid penetration and dependence on ICT for communication, business activity, education, and the list goes on.
This rapid dependence on ICT has undoubtedly widened the digital divide particularly for small island developing states like Saint Lucia with many not having access to technology or appropriate technology to seamlessly navigate this new normal.
Reducing the digital divide is projected as one sure way of increasing Saint Lucia’s competitiveness and sustaining economic development.
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Communication has a vital role to play in fueling economic growth. A well-coordinated strategized and funded national information communication roadmap for Saint Lucia is vital to the economic health of the country.
Read MoreMuch has been said of the potential of the youth, the future generation, their innovative, inventive, and creative nature. The Government of Saint Lucia has placed great emphasis on harnessing this potential by placing the portfolio of the Youth Economy under the direct supervision of the Prime Minister of Saint Lucia.
The Youth economy is viewed as a catalyst for economic growth and national development and is expected to turn the ideas, dreams and hobbies of the youth into viable, sustainable, business opportunities.
Buying, supporting, investing in local products and services will keep our monies circulating within our local economy and create greater opportunities for livelihoods and businesses to thrive. But what are the hindrances to and or opportunities in fully embracing the Love Saint Lucia Campaign? At its core, this campaign is geared at improving the economic growth of Saint Lucia at all levels in society.
Saint Lucia is characterized by a youthful population. This means that thousands of young persons are entering the labour force yearly. As such, job opportunities for young persons are very limited and this has resulted in a youth unemployment rate of 38.4% in 2016. The answer to this crisis lies within entrepreneurship. Young persons are usually creative in their ways of thinking and solving problems. As such, this creativity can be used to create business opportunities for themselves as well as creating jobs for other young persons.
In order to start and operate a business, funding is essential. Securing financing, however, in this tough economic climate can be challenging due to the high risk levels involved in starting and operating a business. More importantly, entrepreneurs are required to have collateral in order to borrow. This, while proving to be problematic for potential young entrepreneurs should not be a deterrent.
Many successful business owners have started their business from scratch with little funding. For example, British business man- Chris Dawson has shown that selling goods from a suitcase can lead to big things, founding The Range (homeware) in 1988. His chain of discount stores made £88 million profit in 2014. Entrepreneurs are usually creative in nature and can come up with innovative ways of funding their ventures.
Young entrepreneurs will have great business ideas but because of lack of capital are discouraged to execute the plan. It is important to note that if the business idea is not comprehensive and well thought out, no amount of money will turn it into a success. Therefore, if an entrepreneur has a business idea but may have little money, that should not be a constraint to starting the business. This may require long days with little sleep. However, those who want it bad enough will make it happen.
The following are some tips on how to start your business with little funds:
Tell everyone about the business. Inform everyone that you know about your business including friends, family, business contacts and past colleagues. Call, send emails, attend free networking sessions also make the business known on social media. Friends and family can help you spread the word, and past colleagues can introduce your company to their professional contacts as well. This type of grass roots marketing can introduce your business to a much larger audience.
Get ready to work hard. When you are starting a business with little to no capital, you must be prepared to dedicate everything that you have into making the business a success. This involves cold calling, handling customer support, dealing with billing and accounting and other parts of the business. You may have to wear many hearts in order to start off the business.
Look for strategic investors. Strategic investors are the best type of investors you could find for your business because their interests align with your start up. In assisting your business, there is some benefit to their business. For example, a hair dresser with a huge salon may give a nail technician some space to set up, either at a concessionary rate or free of charge. This is a way of marketing the hair salon to the clients of the nail technician and thus helping to expand the business.
Start at home. Bill Gates successfully started his business in his garage. Depending on the line of business, a great way to save money is to run your business in a location that will not require you to pay extra rent. It will not look glamorous but will help you to get the job done without spending extra money. In recent years, the Taiwanese government has been encouraging entrepreneurs to start businesses at home. This is a way of helping them decrease on their overheard costs which ensures the survival of the start-up business.
Start part- time. If you will need a steady income to meet your financial obligations, it is therefore advisable to start the business as a part time venture. Do not quit the job until the part time business has a steady flow of customers and profits.
Although it is true that generous funding, a team of investors, or family with deep pockets can make starting a business venture easier, not having money should not be a deterrent. If you are confident that you have a product or service people want, don’t allow the lack of money to dissuade you from your business goals. By pivoting, grinding it out, getting creative, and differentiating yourself, you can bootstrap your way to a successful business.