Business plays a vital role in the life and culture of countries. In today’s society people are willing to assume the responsibility and the risk for a business operation with the expectation of making a profit. Most businesses develop a new product, a new market, or a new means of production.
This report outlines the steps required in setting up a small Business in Antigua and Barbuda. As a guideline we came up with a business in which we would manufacture a commodity for sale locally and regionally. The name of our business is called Wadadli Jamz. By using this company it would give a clearer picture and understanding of the steps involved. The steps that are outlined in the report are as follows:
Come up with a good business idea
Write a business plan (Approach lending institution for funding) Decide on a winning name for your business
Choose the form of business you are going to start
Get a business License
Register for taxes
Prepare to have employees
Buy other kinds of business insurance
Get your business records off to a good start
There are different forms of business in today’s society. The group company Wadadli Jamz is owned by four individuals therefore the form of business being used is partnership. In this form of business the owners generally decides on the product, acquires the facilities, and brings together the labor force, capital, and production materials. If the business succeeds, the partners reap the reward of profits; if it fails, all the partners take the loss.
A business must acquire a business license before they can operate legally within their country. In Antigua business licenses are issued by the high court of Justice. Taxes are apart of every country, in Antigua a business must register to pay taxes. The institutions that issue these taxes are Medical Benefits scheme, Social Security and Inland Revenue.
In most businesses employees are an essential part of the structure and development of the business. When starting a business you must prepare to have employees. Develop a method in which employees are hired. Each employee needs the skills and qualifications for the type of business you are operating. Operating a business is being able to take risk. One-way of to handle these risks is to insure the business. Getting business records off to a good start will make it easier to manage the accounting and payroll of the company.
Our business idea came from Mr. Lucien Pilgrim’s love for jams. He developed this craving from his childhood years when eating crackers and home made jam at his grandmother’s house. As he grew older he looked for that special taste in jams at the supermarket. During his visits to several supermarkets he realized that there were more imported jams being sold than jams made with local fruits.
He then decided to conduct a feasibility study about jams being sold and manufactured locally. The results from his study showed that 10% of jams on the market were made locally. On further investigation it was revealed that senior citizens made most of the local jams. These are done on a small scale. The recipes from these jams are not passed on to the younger generation. Mr. Pilgrim then became very concerned that the recipes of the jams he loved since childhood would soon be “buried in the grave” along with our ancestors.
He then decided to start a business where he would keep the recipe and his culture alive. He approached five people from the community to develop his idea:
Jonathan Gilkes – He supplied the fruit trees & Recipes for the Jams Kareem Aska – Accounting and management skills & Successful Business Lawyer Annwareen Ramdin – Marketing experience
They were all interested in his idea and decided to invest by putting in shares into the business.
Our goal is to make a profit while marketing a product via the internet and also our...
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