The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

GRAND Bahama Chamber of Commerce President Ralph Hepburn has welcomed the island’s growing number of small businesses but warned entrepreneurs that copying successful ventures and crowding already saturated sectors could undermine their own chances of survival.

Mr Hepburn, who became Chamber president in March, said more entrepreneurs have been entering the market, some in established sectors and others with new products and services.

He said the Chamber has been trying to reach new business owners through seminars, committees and outreach programmes designed to help entrepreneurs navigate the process of establishing and operating businesses.

“Since I've been in office since March of this year,” Mr Hepburn said, “I am seeing a number of persons that have been coming on stream to open new businesses, some going into existing markets, some doing new things and looking at ways that they can complement other businesses.”

He said the Chamber has also encouraged new entrepreneurs to join the organisation so they can access support and reduce difficulties as they establish their businesses.

Mr Hepburn said the Chamber wants to explore closer cooperation with the Grand Bahama Port Authority and the government so entrepreneurs can be connected with the organisation from the time they apply for business licences.

He said the proposal could see business licence applications accompanied by applications to join the Grand Bahama Chamber of Commerce, with the Port Authority involved in Freeport and the government involved in settlements elsewhere on Grand Bahama.

Mr Hepburn stressed that neither organisation is currently required to do so, but said the Chamber wants to explore whether such an arrangement could be developed.

He said small and medium-sized businesses are important to Grand Bahama’s economy, not only because they provide income for their owners but because they can stimulate wider economic activity and provide convenient services within communities.

However, Mr Hepburn cautioned entrepreneurs against assuming that another business’ success means the same model should simply be replicated.

“For a long time I've always advocated for more diversity of offerings and not so much of persons doing the same thing,” he said. “We cannot be copycats who just see something that looks like it's successful and we want to do the same thing, but find ways to compliment that particular business.”

He pointed to sectors such as hair and beauty, where numerous operators may be competing for the same customers, and urged entrepreneurs to look for innovative ways to participate in established markets without merely duplicating what is already available.

Mr Hepburn said entrepreneurs should instead consider services that complement existing businesses, including online marketing and delivery operations that could help established companies reach more customers.

Rather than immediately seeing a successful operation as a competitor, he said prospective business owners should consider whether opportunities exist around that business.

Mr Hepburn warned that too many similar businesses operating in the same area can leave entrepreneurs fighting for the same limited customer base and revenue.

“So, diversity is very important,” he said, “and we need to look at our market and make sure we're not trying to oversaturate the market with the same offerings.”

He said oversaturation ultimately divides revenue among businesses offering essentially the same thing.

“In that vein,” Mr Hepburn said, “you're reducing your income stream because it's going to be shared with you and the other person.”

He encouraged entrepreneurs to study the market before investing, identify gaps and consider businesses that support or complement existing enterprises rather than simply adding another operator to an already crowded field.

Mr Hepburn said the Chamber remains encouraged by the number of entrepreneurs entering the Grand Bahama economy and regards small businesses as vital to the island’s continued economic activity.