E-Business should be seriously explored by Bahamian entrepreneurs because it is a sector that is still virtually untapped in the Bahamas, Marlon Johnson, the Small Business Association’s vice-president, argued yesterday.
Bahamas B2B, The Bahamas’ leading Internet company, offers a variety of business services, including comprehensive e-business solutions.
Not only do more businesses need to launch their services on the Internet, but Mr Johnson said there was a vast opportunity for persons seeking to open new businesses.
“Now is perhaps the best time to be a small business person or would-be entrepreneur, because the reality is that the opportunities are endless, limited only by our imagination, leadership and determination,” he told a Bahamas Institute of Chartered Accountants (BICA) seminar yesterday.
“Almost any sector can be exploited. Most areas are not done well, and we haven’t found a way to really market our business to Internet users.”
Mr Johnson pointed out that “a lion’s share” of the tourists coming to this country have searched the Internet to find out more about the Bahamas – something he says has not been exploited fully.
In the Bahamas, he said more people were becoming Internet savvy, and among the group of younger workers, they have an income that is almost 100 per cent disposable because they are still living a carefree life.
These are the things that persons looking at getting into business need to consider, Mr Johnson said, adding that advertising on the Internet was also important for those already in business.
He said an e-commerce site could be useful for Bahamians who want to purchase goods from abroad without having to go through the hassle of doing it themselves. He added that e-gaming was happening, and is a market that is presently monopolised by a few.
Mr Johnson thought it interesting that a group of accountants wanted to hear about the opportunities available for small businesses in the Bahamas, because he considered them a group who would typically think like employees.
But one accountant pointed out that she had to travel abroad to train persons for the company she worked for here, something which led her to begin the process of forming her own company.
Mr Johnson said that of the many opportunities that are still available, the tourism industry has much to offer. “Tourists are still complaining that there isn’t enough to do,” he added.
Mr Johnson suggested destination planning and wedding planning, land and sea tours, walking tours around Old Nassau, fishing excursions, lunch cruises, jet ski and pleasure craft rental, and nightlife activities.
“Outsourcing is the name of the game,” Mr Johnson said, adding that services such as pest control, limousines, snack bars, native baskets for VIPs, machinery maintenance, and laundry services are in demand.
Another area wide open for new investment was land development, construction and building supplies services, said Mr Johnson.
If a large area of land was purchased and turned into a subdivision with the appropriate infrastructure, there was a lot of potential to make an excellent turnover, he added.
Mr Johnson said building supplies are still in demand and needs are not being met efficiently, with consumers looking for more companies willing to give top quality construction service.
Finally, Mr Johnson told the seminar that there was strength in numbers, and forming investment groups could be profitable for them.
Speaking from experience, Mr Johnson said the investment group he is a part of, Infinity, started out with less than 20 people who put in $1,000 and an additional $200 per month.
He said it can be used for financial and human capital, and it was necessary to find like-minded partners for the investment group to really work.
By A FELICITY INGRAHAM Tribune Business
