Entrepreneurship

Economic Empowerment. Is one way of how people work to create wealth by business ownership.

At JACO, we aim to provide some of these resources online that would enable the Jamaican diaspora to make decisions in investing in education and obtaining valuable information to led start-ups business enterprises an effective way to promote empowerment.

We want to make sure that hardworking Jamaican have the necessary resources and opportunities they need to improve their lives and A GREATER CONTRIBUTION TO JAMAICA AND THE WORLD

Ten steps to starting a business

1. CONDUCT MARKET RESEARCH – Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s the to gather information about potential customer and business already operating in your area. Use that information to find a competitive advantage for your business.
2. WRITE YOUR BUSINESS PLAN – Your business plan is the foundation of your business, it’s the roadmap for how to structure, run and grow your new business. You’ll use it to convince people that working with you- or investing in your company- it’s a smart choice.
3. FUND YOUR BUSINESS – Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.
4. PICK YOUR BUSINESS LOCATION – Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick and mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
5. CHOOSE A BUSINESS STRUCTURE – The legal structure you choose for your business will impact your business registration requirement, how much you pay in taxes, and your personal liability.
6. CHOOSE YOUR BUSINESS NAME – It’s not easy to pick the perfect name. You’ll want one that reflects our brand and capture your spirit. You’ll also want to make sure your business isn’t already being used by someone else.
7. REGISTERING YOUR BUSINESS – Once you’ve picked the business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.
8. GET FEDERAL AND STATE TAX IDs – You’ll use your employee identification number [EIN] for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business, some- but not all states require you get a tax ID as well.
9. APPLY FOR LICENSES AND PERMITS – Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.
10. OPEN A BUSINESS BANK ACCOUNT – A small business checking account can help you handle legal tax, and day-to-day issues. The good news it’s easy to set one up if you have the right registrations and paperwork ready.