How to Start a Business in the Bahamas

Once someone has an idea for a success business in the paradise we know as the Bahamas, it is about time to get the ball rolling. Starting a business can be a very daunting task especially with all of the planning and chaos that occurs at first. By keeping everything organized and asking all of the right questions, this process becomes much easier. The biggest tip is to take things one step at a time rather than attempting to cram all of the information in at once.

Reserving a Business Name

The first step in starting a company is to reserve the name of the business. Once it is found to be available, then all legalities can ensue. There are many papers to be filed and agreements to be signed; all of which will require the business name.

Taking Care of Legal Business

Once the name is chosen, a lawyer must prepare then notarize company documents. Later, a stamp duty must be obtained and all company documents must be filed with the Companies Registry. Once these steps are out of the way, a National Insurance number will need to be obtained in order to apply for a business license. Once the business license is complete, a company seal is next in line.

Finding Employees

The search for potential employees should begin as soon as possible. This allows a business owner to take plenty of time in finding the perfect team to run his or her business. Bahamas classifieds offers a quick and easy way to make an announcement regarding the availability of jobs at the new business. This process should never be rushed; the employees of a business are the faces and voices of the establishment, meaning that only the best candidates should be hired.

Deciding on a Location

The business will need a physical address, once everything is in the works. If the business is being built, this process should be started much earlier. A rented or purchased building that is already standing allows for a quicker setup. Depending on the needs of the business, there may not be a building available that suits it.

Preparing for a Grand Opening

An opening date should be set so that a grand opening can be planned. Grand openings offer lots of publicity for new businesses. Before the opening, the store should be fully stocked and more than enough employees should be scheduled to work. They should be well trained before the opening, as it will hopefully be a very busy day.

Advertising and Building a Buzz

Locals and tourists should be excited about the arrival of a new business before it opens. Building hype with plenty of advertising (including deep discounts to the flock of new customers) gives a new business respect and support before it even opens its doors. Future customers should know what the business will offer, how it will be different from the competition, what the price ranges are, and what they should expect as far as customer service is concerned. With the many different advertising platforms and mediums available, it is easy to get the word out.
 

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Wednesday, 14 November 2018
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