With members of the Rotaract Club of Montserrat.

Notes From My Rotaract Club Visit – Before You Start a Business

Thank you to the Rotaract Club of Montserrat for having me as a part of their special week of activities.

We had a chat about entrepreneurship and how to grow a business in the current economic climate. Using many of the constraints of a small island like Montserrat, we brainstormed on the types of businesses that could flourish here.

I was happy to share some of the strategies that we use to grow my company and its brands.

I was happy to give them copies of my book Start, Grow, Thrive: Build a Business to Last and In Plain Sight.

Here are my talking points:

1 – Look for opportunities with a low barrier to entry. (No rent, no stock, no massive upfront costs)
2 – Focus on ideas which can attract funds from outside the island.
3 – Create a business where you create once and sell to many.
4 – Focus on ideas that come from your imagination. Leveraging your intellectual property will keep you in a constant revenue positive flow.

They were given several business scenarios and had to decide which of these 3 Ways to Grow a Business, were the best option.
1 – Increase the # of customers.
2 – Increase the average sale price of your goods or services.
3 – Increase the frequency at which your customers buy from you.