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Talking to business leaders is one of the greatest parts of my job. What drives them? Clearly, one might think it's money, but often it’s passion, fulfilment, and simply enjoying what they do.
I might add that it is sometimes, sadly, matched with disappointment, frustration, and financial loss. It’s not easy. Find the business idea, find the skilled team, premises, and finance. Oh! Then find the customers and keep them.
If that is not enough, there is a plethora of rules, regulations, and registrations needed. Once you’ve registered with the JFSC, checked whether you are in a regulated industry, dealt with the Soc-Sec requirements, applied for a business licence, and set up your ITIS payments, there are specific licences to consider (and whether you are an architect, child carer, or sell food and drink—many of these are required).
You should also think about permissions for non-entitled-to-work employees, employee liability insurance, business insurance, health and safety policies, employment contracts, Combined Employer Returns, bookkeepers, accounts, IT, equipment, and, of course, a bank account. Frankly, you’ll be too busy to run a business!
You’ll need help, and there have been some great improvements. A good amount of advice is available for newcomers to business (and for those who made it up as they stumbled along years ago). In the words of Jersey Business, “starting a business is incredibly exciting, but there’s also a lot to get your head wrapped around.”
No kidding! Fortunately, they have some brilliant advice and toolkits available: Jersey Business it’s worth a read. Their ongoing work in reducing barriers to business and increasing productivity are areas that should be encouraged and applauded.
Indeed, the Government itself is rightly doing its part in La Motte Street and online toowith its ‘Start up a business’ step-by-step guide.
Despite this, it’s not all in one-stop-shop – it’s spread over a few different departments and locations. You have those areas that will test your patience too –if it feels likeI’m looking at you – planning– that’s probably because I am.
One part of the Government says it wants fewer barriers to business and encourages growth, while another holds you to ransom over how many expensive bike racks or storage lockers you must provide, which will never be used. Some of the nonsensical requirementsI’ve heard in the last month beggar belief and are the very antithesis of encouraging business growth.
While we’re here, the reality is that happy, brilliant, fully trained employees must leave the island for 12 months because they’ve worked in hospitality for three consecutive one-year contracts. This is as ridiculous as the idea that after 12 months outside the Common Travel Area, they will return.
Meanwhile, that employer has expended more energy, time, and money finding another employee.
It’s not easy running a business, and yes, I’ve actually heard someone say, “Nobody forced you to open a business.” But, if we want entrepreneurial spirit, wealth creators, wage payers, and tax income, perhaps we should try to make it a little easier.
This article first appeared in the November edition of Connect Magazine, which you can read in full below..
