Five Tips to Create a Thorough Business Plan


A great business plan is the best way to start a business. It prepares the entrepreneur for the many obstacles and avenues that may come up and be utilised. A great business plan will pave the way for funding my means of bank loans and investors and will outline everything from the business name to promotional marketing, market share to the sales strategy. A great business plan is like having your own personal guidebook to success, expanding on the avenues for growth and highlighting ways to avoid failure.

To ensure your business plan is effective, take these tips on how to tailor this useful document to your individual needs.

1) The Industry

When you start out on this important document, you should begin with outlining the industry that you plan to run your business in.

Define what the company will do. If it’s a shop, what will it sell and how is it relevant to the industry? If it’s a service, then how will your service benefit the industry?

Have a clear idea of exactly what products or services you plan to sell. If you want to open a shop, then find out why your stock will sell well, how it fills a gap in the industry or why it is unique? If it’s a service, then ensure you understand every aspect of the service and what education or training it might require.

2) The Market

In your new business venture, who will your customer be?

Do your research to discover the details of the demographic you plan to sell to. Knowing your customer means you can tailor your business to service them effectively and market your product or service to their needs.

DO you know the scope and size of your target market? Is it a mass market or a niche market? Are there trends in the market and if so what are they? How will you capitalise on these trends?

Who is the competition? What other brands, products or services are out there competing for the attention of your target market? What do you expect your share of this market is? How will you capture this share of the market?

What marketing and strategies will you employ to capture your share of the market?

3) Operation

This is the nitty gritty part of the plan now. Where are you planning on locating your business and why? What facilities will you need and can you afford?

What will your staffing requirements be? What will your sales strategy be?

This part is where you define exactly you might need to achieve your business plan.

4) Management

If your business will require staff, then you will need to put a management plan into place. A management plan will define the organisation in terms of the hierarchy of the employees; who is the boss, and who reports to whom?

Will your business require a company strategy of owners, shareholders, directors and committees? IF so how will you decide on these roles and who will you choose?

What benefits, incentives and rewards will you employ to get the most out of your staff in terms of productivity and loyalty?

5) Finance

Here is the fulcrum that you plan rests on. This part of the plan will outline how you plan to source funds for start up, how to generate income and how to manage cash flow.

Will your income be steady all year round or will you have periods of high and low financial activity?

Will you have enough income to employ promotional marketing strategies and if so, what will the budget be?

By the way, do you want to learn more about Business? If so, I suggest you check Promotional Items and Promotional Gifts.

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Jamaica Promotions Corporation (JAMPRO)

Beyond its image as a tourist destination, Jamaica is a place to do business on a global scale. JAMPRO is that gateway which connects the world to Jamaica, enabling entrepreneurs from around the globe to tap into the wealth of trade and investment opportunities available in the country.

JAMPRO – Jamaica’s investment and export promotion agency – was established in 1988 to stimulate, facilitate, and promote the development of trade and industry, and export and investment activities in all sectors of the island’s economy. The agency drives this process through focus on a number of targeted sectors which include the creative industries (film, music and entertainment), manufacturing, tourism, agri-business, information and communication technology, mining, and professional services.

JAMPRO has two focal points – investment and trade promotions – and has two local offices as well as an office in London serving Western Europe. Jamaica Trade & Invest also makes use of embassy facilities. In recent years the agency has put an extra focus on local direct investments to encourage Jamaican nationals to invest in Jamaica and has also committed to improving the business climate and the investment attractiveness for the country, in partnership with other government agencies.

In facilitating investment, JAMPRO guides investors through the necessary steps to making their projects possible, and also walks them through the approvals process and stays with them even after their investments are operational.

Operating under the direction of the Ministry of Industry, Investment and Commerce, JAMPRO’s continuous mission is to promote Brand Jamaica, attract and land jobs and wealth-creating investments to Jamaica and secure lucrative markets for quality Brand Jamaican products.

The agency is committed to ensuring sustainable development arising from foreign direct investment into the country – both in terms of the environment and in the deepening of the absorptive capacity of the economy by encouraging growth in local direct investments… Continue

Tax Administration Jamaica

Corporate Profile

Tax Administration Jamaica (TAJ) was established on April 1, 2011 under the Revenue Administration (Amendment) Act 2011 and began operating in its current form on May 1, 2011.  TAJ is a consolidation of the former Inland Revenue Department (IRD), Taxpayer Audit and Assessment Department (TAAD) and Tax Administration Services Department (TASD).

Operating as a government funded department, the primary goal of TAJ is to collect domestic taxes, duties, rates and fees payable in accordance with the law and to do this in such a manner that will sustain confidence in the tax system and its administration.

The organisation has the responsibility to:

  • Audit, assess and collect domestic taxes
  • Promote voluntary compliance through various service channels and educational programmes
  • Enforce tax Laws
  • Provide property management services for Tax Offices and Revenue Service Centres
  • Maintain a taxpayer registry
  • Process Driver’s Licences
  • Manage the motor vehicle registry

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Companies Office Of Jamaica (Business search and registration)

Our Mission
We are here to enable the legal creation of companies, sole proprietorships, partnerships and industrial and provident societies. To foster trade, commerce and wealth in an environment of trust and commitment to all our stakeholders.

Our Role
The COJ’s role is to oil the wheels of commerce by maintaining accurate and up to date records on commercial entities which are often accessed by the public to check a companies’ current:

Legal status
Statutory compliance

The COJ registers local and overseas companies, and individuals carrying on business in Jamaica. It actively encourages voluntary compliance of companies and businesses with the Companies Act of 2004, the Registration of Business Names Act of 1934 and strives to maintain up-to-date records of all companies and businesses registered. Where necessary, the COJ initiates court action against delinquent clients to ensure compliance with all provisions of the law. It also removes entities which have been wound up and those which the Registrar has reason to believe are not in operation.

Learn more

Jamaica Business Development Corporation (JBDC)

About Us | Print |

The Jamaica Business Development Corporation (JBDC) has been established as one of the premier business support organizations in Jamaica, and is well respected by clients and funding institutions alike.

About the Jamaica Business Development Corporation

A leading player in the provision of business support services for Jamaican businesses.

  • Providing business and technical support services across the spectrum, from guiding business startups to a wide range of consultancy advice for established businesses.
  • Advisors and Consultants who have experienced real-life business management

Mission Statement

‘To pursue development policies that foster sustainable modernization and growth in the productive sector,
effective modernization of the business environment,
cost-effective delivery of technical and marketing services through highly committed,
competent and motivated employees’

Our Goal

Our goal is to help businesses to survive and prosper by providing them with business advice, consultancy and training of the highest professional standard on both generalist and specialist business subjects.

A Network of Cooperation

The JBDC initiative is a cooperative arrangement among Government Agencies and the private sector, associations, academic and research communities.

Over 2000 Businesses have benefited from JBDC’s Services over the years and many have returned to profit from JBDC’s expertise.
The JBDC team and board are comprised of experienced business people, an administrative team second-to-none, 30+ knowledgeable advisers and consultants and operating from a modern office/ training suite in 14 Camp Road, Kingston, Jamaica, JBDC is the place which will deliver the help you require to make your business flourish and prosper.

JBDC Service Standards

At the Jamaica Business Development Corporation, we continue to strive for cost-effective and user-friendly means to make business information easily accessible to the micro ,small and medium business community in Jamaica. When you contact us, you will find a knowledgeable and courteous staff, dedicated to effectively meeting your business information needs.

We strive to make our services known to you.

  • We treat you with courtesy and respect.
  • Our service is provided in the official language of your choice.
  • We answer phone calls promptly.
  • We respond to you within two business days, upon receipt of your request in person, by telephone, fax, mail or Internet.
  • We provide current information, on government business-related products, programs, services and regulations that is accurate, helpful, relevant and timely. If you must be referred, we provide you with the telephone number of the contact which will best assist you. We encourage you to report back on unsuccessful referrals.
  • If we are unable to provide an immediate answer when you first contact us, we will obtain an answer to your question(s) and provide an estimate of the time required for us to get back to you.
  • We strive to serve you through the method of your choice: in person, by telephone fax, mail, e-mail or through the Internet.

If, for any reason, you are not satisfied with our services, we encourage you to let us know and we will do our very best to correct the problem promptly.

Our commitment: providing quality information to the business community.

The Jamaica Business Development Corporation is a solution orientation service to information on business-related topics pertinent to entrepreneurs, small businesses and start-up companies.

Becoming An Entrepreneur

Kareen Cox is a career writer for the Jamaica Gleaner. A few years ago she wrote a very good article entitled “Becoming an Entrepreneur” in which she outlined some of the characteristics needed to be a successful entrepreneur. Here is an except from the article:

“…before you make the life-changing decision to start your own business, you should carefully weigh the advantages and disadvantages.”

“In addition, you will need to determine whether you have the personality traits that are needed to ensure your business is a success. Successful entrepreneurs tend to have [these] characteristics:

Strong leadership
Administrative skills
Sales and marketing skills
Financial know-how
Self-motivation skills”

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What you need to know before starting a business in Jamaica

The success of your business is dependent on many things including:

1. A carefully crafted business plan

2. Demand for your product or service

3.  Location and/or timing

4. Funding/Capital

5. Understanding your market

6. Developing and retaining a loyal clientele

If you are in the process of starting a business here are a few resources to consider:


Jamaica Business Development Corporation

Entrepreneur offers guidance on starting a business in Ja