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| Caribbean Property Magazine Home / January 2009 / 'Caribbean Business ' | SEND THIS PAGE TO A FRIEND  |
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JANUARY  2 0 0 9Issue 24
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| CARIBBEAN BUSINESS Practical Advice for Starting a Caribbean-based Business by Penny Tyas There is no doubt that the dream of giving up a job in dreary UK and moving to the Caribbean holds many rosy qualities. The sun always shines, a warm breeze caresses the skin, the pace of life is slower, people smile at you a lot and everyone seems happier. Chances are, this view you hold so dear to your heart was established on a once in a lifetime vacation. Taking a holiday in the islands is usually the first step to people falling in love with the place, but is it realistic? “Wherever you go, there you are” Anon There are no truer words or sentiments that describe the dichotomy between the life we search for and the one we already have. If you think that moving to the Caribbean will make you less of a workaholic, or your partner more dedicated, then you will be sorely disappointed. The Atlantic will not dissolve our natural traits as you fly your way across it. Whatever you are in your hometown is what you will bring with you to your new location. Changing geography does not mean changing attitudes. Target your target market… Remember that the client base you provide a service to changes with geography. Let’s say you run a very successful wine bar and bistro in the heart of the London – success often depends on giving the customer what they want. The lawyer in a suit may crave sushi and chardonnay after a day at the office, but your client base here in the Caribbean may be after rum and nachos – can you be flexible in your approach?  One business that has been very successful at exactly that is the C&C wine bar in St. John’s, the capital of Antigua. C&C is a tiny hole in the wall operation providing assorted wines and platters of cheese or pate, together with great personal service and a comfortable atmosphere. Part of their success no doubt stems from the fact that it is unique – if you yearn for a chilled glass of something sophisticated after work, then this is really your only choice (albeit a great one). Will you cater to the tourist or residents, locals or expats? Another example of a wildly successful business catering to the large expat community in Antigua is Mr Chippy. Yes, you guessed it right, this is a classic mobile fish and chip van. Great quality fish and chips complete with mushy peas. Not surprisingly, this is run by a Brit and the primary target markets are the Brit on vacation as well as the expat with a craving for a taste of home. It is not just the English homing in to provide nostalgia for the roaming expat; Italians come and open pasta restaurants, South Africans import their local wines, Chinese offer the classic Cantonese take out and Australians open dive shops. The reverse is also true – native Antiguans living abroad, return home hoping to tempt the local palates with an international flare to the standard Caribbean cuisine. Location, location, location… Antigua is my home country – I have lived here for over fifteen years and feel more comfortable here in the islands than in the vast melting pots of Europe. As such, my knowledge about starting a business in this particular location is greater than for other places up and down the Caribbean chain. Antigua is English speaking with many laws and customs continuing from a time before Antigua broke free from its UK ties and became independent. As such it is an ideal place for many Europeans to make a new start and carve out a new future. It is a country slowly but surely pulling itself away from the banana growing, sugar plantation economy and planting instead international and worldly ideas such as banking, gaming, tourism and the internet.  Unlike the British Virgin Islands where citizenship (“belonger” status) can rarely be achieved regardless of how long you live there, or Bequia which by its very inaccessibility makes it a dreamy destination, but not that practical to get to, Antigua has many sound qualities to recommend it: An international airport big enough for the largest long haul jets, an amazing web of wireless internet access making global communication and worldwide business operation incredibly easy, a currency that is tied to the US$ and therefore easy to value, relatively low taxation, a stable government and the opportunity to become a citizen and really belong to the country you have invested in. The French and Dutch islands such as St. Martin, Guadeloupe and Curacao have the advantage of native language if you originate from either of those European centres, and in fact the French islands are still officially part of mainland France as far as currency, laws and immigration status are concerned. For the American looking to relocate, the US Virgin Islands and Puerto Rico afford a nice compromise between a sunshine lifestyle and an easy transition without immigration hassles, but for the Brit abroad there are few places better suited than Antigua. What about the recession I hear you say? It cannot be denied that the global economy has and will affect our island nation. We may be remote geographically, but our alliance with the world at large may be our downfall in the short term. The primary export for Antigua and Barbuda is tourism – a great slogan bandied about a few years ago was “Tourism is everybody’s business.” In a recession, where even the very affluent are pulling in the reins on their spending, going on vacation is not high on the list of priorities. As 2008 draws to a close, hotels and associated service and supply industries are reporting a down turn of some 40% on last year’s figures. November to May is high season here, with the Christmas period being one of the busiest, and yet hotels in Antigua are laying off workers at what should be the peak of the tourist season. | ||
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With hotel occupancy down and fewer tourists in general, the corresponding support industries are feeling the pinch.  Prices have yet to increase, people are still eager to encourage spending where possible, but this may only delay an unavoidable outcome in the future. Antigua is not the cheapest place in the Caribbean, and further price hikes may tip the balance when it comes to where a tourist chooses to spend their dollar. For two years, as the pound grew strong against the American dollar, the Caribbean in general was a relatively cheap destination, but at today’s rates your pound sterling will only buy you $1.50 US. This in and of itself will reduce revenues into the Caribbean as a whole – not the best time to start a new investment perhaps. IF YOU HAVE JUST RECEIVED AN EARLY RETIREMENT PENSION … HERE IS AN OPPORTUNITY TO RECREATE YOUR LIFE IN A WAY THAT YOU WANT IT “If winter comes, can spring be far behind?” Percy Bysshe Shelley (1792 – 1822) After all is said and done, there are still many reasons to live and work in the Caribbean. If weather is a huge factor in your personal level of sunshine and happiness, then sticking it out in the UK will not bring a smile to your face, and in fact the global recession may be a blessing in disguise. Many people across the globe are facing layoffs and redundancy, pension funds are shrinking and retirement may suddenly be looking very bleak. But what if you have just received an early retirement pension or golden handshake – here is an opportunity to recreate your life in a way that you want it. Taking any savings and plunging it into a new business scheme, especially in a foreign land, is always a gamble – speculating all you currently own for a possible sunny future is a risk and must not be taken lightly. However, many people who have diligently invested their hard earned wages in stocks and bonds and pension schemes with their associated low risk potential are now being faced with a much smaller income than they had every right to expect. Safe investment in your future might need to come in different forms now.  Going back to the beginning, if it is true to say “wherever you, go there you are”, then equally, “whatever you are now, you can still be” in whichever location you choose. If your circumstances in UK, Europe or USA are bleak, sitting in rain and cold and grey surroundings, wishing for the life of Paul Gauguin or Ernest Hemingway and a little sunshine in your life, perhaps the one thing that you truly can change is geography. “The world breaks everyone and afterward many are strong in the broken places” Ernest Hemingway, A Farewell to Arms, 1929 YOU CANNOT MAKE YOURSELF REDUNDANT, AND ANY SUCCESSES ARE YOURS TO OWN I mention Gauguin and Hemingway for very good reason – as artists, writers and craftsmen everywhere have found, although working for oneself may be daunting with its lack of financial security, in the current economic landscape it can actually be refreshing not to risk your whole existence on the potential prosperity of an employer. You cannot make yourself redundant, and any successes are yours to own. If you are lucky enough to have a skill that not only pleases you but is also worth something to others, then pursuing this on a Caribbean island might be just the future for you.  The slow pace of life which, in pursuing a business career can be frustrating and difficult, is likely a blessing to the artist or author who sees inspiration within the banana leaves and hummingbirds, the earth tones of sand and coral, aquamarine, emerald, lime and sunshine. Taking time to view the world in its clarity and purity, away from the pall of pollution, the blaze of neon lights - watching nature, watching you – is the ultimate lifestyle and work style many crave. And, countless people have gone before you and done exactly that. Gilly Gobinet is one of the Caribbean’s best known artists and illustrators. Originally from the UK, she settled in Antigua in 1984 and has become internationally renowned for her watercolour portrayals of the flora and fauna of the islands. Recently she has also published books on Caribbean cooking, cocktails and favourite places to visit. Not only has Antigua given her inspiration, but it has also given her a home and livelihood. Another example of successful artistry is Cedar Pottery. Imogen Margrie and Michael Hunt have made Antigua their home for many years. Michael is a returning Antiguan who met Imogen at Art College in the UK. Since settling back in the Caribbean they have produced items for the home such as wall light sconces, ceramic mugs and fountains, as well as works of art such as sculptures and carvings. IF YOU FIND YOURSELF OUT OF A JOB WITH A SEVERANCE PACKAGE …INSTEAD OF SEEING THIS AS BEING TRAPPED, JUDGE YOURSELF AS HAVING JUST BEEN SET FREE Are You Free? There is a story about how to catch monkeys in Africa. Make a hole in the side of a tree, just small enough for the monkey to reach into. Bait the trap with nuts and other delicious treats and sit back and watch. The monkey can squeeze its hand in and steal the nuts, but now with a clenched fist it cannot pull out again – it is trapped. Luckily for the watcher the monkey is not bright enough to drop the things he has and therefore become free again.  Many times I have heard over the years how, “I would love to travel and live in the Caribbean, but I have a house/job/dog/dishwasher and I just can’t leave.” Well, guess what, if you find yourself out of a job with a severance package that will keep you going for a while, instead of seeing this as being trapped, judge yourself as having just been set free. The biggest mistake made by anyone eager for a life in the islands is to invest in a place you have only seen through tourist eyes. Setting up a new life is no easy task wherever it may be, so you need to ask yourself several questions, such as; are you prepared to find new places and faces, make new friends, change your eating habits, give up old ideals and replace them with new ones? Time will be the test to see if it suits you, and giving yourself time to find these things out is as excellent an investment as you can make. If you are looking for a new venture in the Caribbean, consider speculating on yourself and your own abilities, and if you are seeking a lifestyle change, then perhaps right here in our glorious Caribbean is where you fill find your dream. Author: Penny Tyas arrived in the Caribbean by boat in 1988, having left England to sail around the world. To date Penny has crossed the Atlantic three times, but keeps finding herself back in Antigua, where she now lives with her 7 year-old son. Formerly a charter chef and sailor in the British Virgin Islands, Penny now runs her own business, Paperworks, providing Accounting, Tax advice and Business Services to local business owners including expats and Antiguans alike.  Email : Penny Tyas | ||
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THE GOOD LIFE AT A GREAT PRICE..JUST $99,000
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