Tips to Starting a Successful Business in Cayman Islands
Every entrepreneur dreams of creating a successful business. When you own your own business, you get to be your own boss. The freedom and flexibility of being an owner is an indescribable experience; especially in the Cayman Islands where the opportunities to build and grow a success company is unlimited.
However, there are a few challenges and obstacles hindering businesses from becoming successful. This article will discuss the few challenges and obstacles many businesses in the Cayman Islands face, as well as, how one can help to eliminate these obstacles, strengthen our economy while helping local businesses.
Caymanians are not supporting local businesses on island.
The residents of the island typically purchase their resources overseas and therefore rely too heavily on imports, which hurts the local economy.
Local entrepreneurs are not receiving support and other businesses are more focused on destroying versus building you up.
Once in the work force, instead of working together, they are aggressively push you out of the competition.
Those who are given authority abuse their power or exercise it unfairly.
What You Can Do to Help
The solution to this problem is very simple. It all starts with you.
We can all work together to help Cayman’s local economy grow and flourish, benefiting entrepreneurs and consumers within the island.
To begin, everyone should support local businesses on the island. If you need a new car, visit the local dealership. When you need clothes, visit the local clothes outlets. There are many local shops on the Island that will fulfill your needs and provide you with the necessities you are looking for.
Approximately 80% of businesses in the Cayman Islands are owned and operated by expatriates, who are persons temporarily or permanently residing in a country other than where they originally came from. These business owners have made the Cayman Islands their home to build their dream business. They understand the importance of working together and supporting other companies who have the same wants and desires as them, which is to create strong and successful businesses.
The local market is a competitive business, and everyone wants to get ahead and be the best. It makes sense therefore to try to beat the competition and ruin other businesses. However, doing this would hinder your chances of building a flourishing business. It is time to be smarter and wiser. This is our home. We need to work together to support the local businesses here and the young hopeful entrepreneurs who come to the Island to build their dreams here.
When this country was first established in the early 1800’s, due to its remote location, we relied heavily on what was found on the island and the surrounding sea to support our population. This is the root of our culture; to help one another and to be smart with the resources available to us. We must always remember this. As a whole, the country’s population has over 200+ nationalities and we have all contributed in making Cayman Islands the great country it is today. The one the world knows and loves.
That is our goal here at CayVisions. When we first began, we did not focus on making a profit for ourselves. We focused on something much larger and more important. We wanted to help local businesses on the island flourish and grow. To help the local storefront shops, mom and pop operations trying to make their dreams come true of becoming successful entrepreneurs. To help the corporate sectors needing businesses, so people on the island would have jobs and stable incomes to support their families. To keep the law firms running strong, which is the place where many young lawyers go to for employment after many years in law school.
CayVision’s mission is to help businesses in the Cayman Islands reach the next level of success so that entrepreneurs can achieve their dreams and goals. All the businesses in our economy are part of a bigger picture. If we worked together to help each other, our economy would be much healthier than what it is today and it will help create a strong foundation for our future.