The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE willingness to take risks and using attorneys as “confidants” were among the points stressed as keys to creating a successful business during Scotiabank’s Small Business Seminar, which featured a panel of successful Bahamian female entrepreneurs.

The panel discussion on ‘Women in Business - Success Secrets’ kicked off Scotiabank’s Small Business Week, which is under the theme ‘Celebrating Small Business’.

Panellists included Joan Albury, chief executive of The Counsellors; Rionda Godet, partner at Halsbury Chamber/owner of Nassau-based Ridge Farms; Latoya Hanna-Moxey, owner, of Maven Candle Company & Minka Swimwear; and Glennette Reckley, Scotiabank Bahamas’ senior manager of compliance and legal services.

Mrs Reckley said having an attorney to consult on legal matters was important for persons starting their own business.

“I honestly believe that any businessman starting out should have a lawyer as a confidant to ask legal questions. Many times we get into opening a business with just the idea, but we don’t think about all the small little things like a business license, the particulars of a lease if we are renting, purchasing real estate, or bringing on a private investor,” Mrs Reckley said.

“Having a lawyer as someone you can call on and ask for advice could help you tremendously in the long run, and also help protect you from liability,” she added.

“We are living in a time when you may be surprised at who comes up and says they thought of your idea first, you didn’t copyright it and it is their’s. You could have customers come into your store, slip and fall and you didn’t have any liability insurance. If you have an attorney, they can make you aware of all of these things so that you can protect your business.”  

Joan Albury, head of the marketing and communications agency, The Councellors, stressed the importance of research.

“The most important work that you must do is research, because you need to know who your customers are, what they are saying about your product and who are your competitors,” said Mrs Albury.

“We have to use our research in our marketing effort. Another secret is passion. When you are getting into business, the most import asset is really your passion, how you feel about it. That is why even today I’m still in the business.” 

Attorney Riona Godet, whose Ridge Farms specialises in 100 per cent natural jams, pepper jellies, tomato and pepper sauces, as well as salsas, noted that it was important for fledgling entrepreneurs to have the strength to deal with disappointment.

Latoya Hanna-Moxey added that it was important that entrepreneurs not be afraid to take risks.

“Don’t be afraid to take risks,” she said. “When you understand and are confident in your product and service, you have to be confident enough to know that it’s going to succeed.

“You have to believe in it, and you have to make people believe in you, and that happens when you believe in yourself. I think once you have established that it will pave the way for whatever is to come. You have to go through the hard times and the pitfalls. You have to experience it all to learn and appreciate that success in the end.”  

Addressing a question on how small business owners could access the necessary financing, Mrs Hanna-Moxey said there were a number of grants available for them to access, noting, however, that it was important to have a solid business plan when looking to access financing.

Speaking from her own experience, Mrs Godet said  small business owners could simply start where they were.

“Start with where you are at, start with the resources that you have now. The business will grow, the customers will come. It’s going to be labour intensive and it’s time consuming, but customer service and knowing your product is key,” she added.