January | 2022 | Progress Chronicles

BEFORE you open your business bank account do this 👉🏾

1.Register your business. The bank will ask you for your business registration certificate.

2.Make your business stamp. Ensure your business stamp has your business name just as it appears on your certificate. It may be a good idea to wait until your business name is approved and registered before you order your stamp.

3.Make a pricelist for your products or services. Consider all your costs before you set prices. Also be mindful of the increasing prices of your raw materials!

4.Do your research and pick a bank that offers what you need.

5.Find out the minimum first deposit from the bank to ensure you walk with it on the day of your appointment to open your account .

6.Get a recent utility bill no older than 3 months in your name. If bill is not in your name, get an authorization letter from bill owner and a copy of their ID. Ensure their signature on ID matches their signature on the letter.

7.Research the differences between a savings account vs a Chequing account.

8.Book your appointment to open your business bank account.

9.Get your 3 years cash flow projections and letters asking the bank to open your account. The bank accepts this for new businesses that were registered for less than 3 years.

10.Get your logo or letterhead to be used to prepare the letters asking the bank to open your account.

Antoinette Sydney LLB LEC CAMLFC CFRMP is an author based in Trinidad and Tobago.

Blog: https://sydneygroupblog.wordpress.com/

Linked In: https://tt.linkedin.com/in/antoinette-sydney-77093550

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YouTube: http://www.youtube.com/c/AntoinetteSydney

Hi hustlers!

You do not need any money to start these business ideas. The best part is that all of them are in demand, so you should have no difficulty finding clients. Honestly, the only challenge is learning the technical part of these businesses. You may consider performing the service for yourself or a friend or a discounted price at first so that you can learn the process.

1.Business Registration services

Some countries are experiencing something called “The Great Resignation”. Where employees are seeking higher paying jobs or are starting their own businesses. One Caribbean country revealed that about 10,000 new businesses were registered since the pandemic. It seems that during the crisis, entrepreneurs are registering businesses to solve specific problems. You can capitalize on this and offer business registration services. Further research may be conducted to learn the process to register a business in Trinidad and Tobago.

2.BIR # Application

This is related to business registration above. You can offer #1 and #2 like a package or as separate services. A Board of Inland Revenue (BIR) number is required to create a file or an account for individuals and registered businesses to pay their respective taxes. Further research may be conducted to learn the process to acquire a BIR# for individuals and registered businesses in Trinidad and Tobago.

3.Trademark Registration

Generally, when you register your trademark in your country you protect your logo and or business name from being used by anyone else. You can take the appropriate action if you are of the view that someone else is using your registered intellectual property. Further research may be conducted to learn the process to register a trademark in Trinidad and Tobago.

4.Liquor Licence Application

Individuals and businesses such as mini marts want the permit to sell alcohol on their premises. They are willing to pay a service provider to complete the paperwork for them. Further research may be conducted to learn the process to obtain a liquor licence in Trinidad and Tobago.

5.Money Lenders Licence Application

Many people are experiencing financial difficulties and are seeking loans to help them to meet their monthly financial obligations. Person who have the disposable income are prepared to lend money with the expectation that they will be repaid with interest. A money lenders licence is required for loans for a certain amount. You can provide the service of completing the documents to apply for the money lenders licence. Conduct your research to learn all the steps.

6.Business coaching

You can help new business owners to start and grow their business with your business coaching services. This is perfect is you already did #1 and #2 for your clients. Create a monthly business coaching subscription package for your clients. Your monthly income will be more predictable.

7.Online Tutoring

You can offer tutoring services for students who are preparing for examinations at the SEA level or CXC level or CAPE level. The more students you enroll means that you will receive more money every month. You can offer real-time online individual sessions or pre recorded sessions and sell access to multiple students. Create your YouTube channel and share mini tutorials to help your potential students who may sign up with you after they like your teaching style.

8.Video editing

You can offer video editing services for content creators who make videos for social media and YouTuber. Some content creators dislike editing and are willing to outsource a video editor. Your clients may live in different parts of the world and you can use your computer and phone to communicate with them.

9.Scrap Iron Recycling

We have all heard the trucks passing playing the recording “scrap iron, old battery buying”. In one day, you may hear or see at least 2 trucks pass. I have been told that people are selling their cars to buy a truck to collect and deliver scrap iron to the recycling yards. There are big international and local contractors who collect scrap iron and other scrap metal and ship them in containers all over the world.

10.Commercial Cleaning services

Companies have focused on maintain sanitized settings for customers and employees during the pandemic. You may have noticed that the cleaning staff at the bank and supermarket sanitizing the counter when you leave and the grocery. They are usually employed by a cleaning company who was contracted to perform these services. You can start your own cleaning company and work strictly by contracts. This will ensure that you receive predictable reliable income.