Bermuda gives rise to new set of ‘micro-entrepreneurs’
The Bermuda Small Business Development Corporation (BSBDC) calls them micro-entrepreneurs - the dozens of vendors you see selling goods in stalls along the Island’s roads and at community markets.There are a growing number of them and the BSBDC is trying to increase oversight of them, while fully supporting their entrepreneurial spirit.BSBDC business development manager Roxanne Christopher said the law requires a pedlar’s license for all vendors except commercial fishermen and those who sell locally-made products. However, sellers of food must have their kitchen certified by the Health Department.Obtaining a Roadside Vendor’s LicenceMs Christopher said a pedlar’s license can be secured from Magistrate’s Court by filling out an application. In addition the vendor needs two residents of their parish to confirm they are an upstanding citizen and in addition a JP also from their parish must sign their application form. Once submitted it takes about five business days for a licence - if approved.Vendors should then be in a fixed location.Vendors who want to take part in the markets around the Island must fill out an application at the BSBDC and they will be notified within 48 hours of acceptance.The various markets have fees as well that must be paid - ranging from around $20 a day to free - if it is a new pilot market.Pedlars licenses cost about $90 for three years.The Corporation supplies the tents, vendors need only bring their tables and chairs.BSBDC’s Efforts to Support VendorsMs Christopher said the Corporation has taken a number of steps to support Bermuda’s roadside vendors and aims to create more markets Island-wide.She said she has seen several micro-entrepreneurs start out as roadside vendors and go on to open successful retail stores, including a clothing store, cellphone accessories store and restaurant - all supported by the BSBDC and its courses in QuickBooks, financial management, customer service, and other areas.Some are also just comfortable for it to be a part-time business.“Everyone has a different journey,” she said.“One of the messages we are consistent in is that one good way to test the market is to start out as a vendor, especially in these challenging economic times.“Before you put your livelihood at risk or go to the enormous expense of having a retail store, test the market first and see if the consumer is as excited as you about what you are selling - and the most cost effective way of doing that is vending.”“Enormous” Amount of Small Businesses on IslandMs Christopher said small business runs in Bermudians’ blood.“Bermudians have a strong entrepreneurial spirit and Bermuda has an enormous amount of small businesses,” she said.In northeast Hamilton, Ms Christopher said there are about 200 small businesses alone; in Somerset there’s approximately 130 and in St. George’s approximately 120.Including the rest of the Island, she estimated there were more than 1,000 small businesses in total.“There is still room for retail in Bermuda but it has to be in a niche industry,” she said.”Doing the same type of business as your predecessor is not going to make it in 2011. You have to excite the consumer and find a particular niche, and demographic.”Environmental, Other ConcernsMs Christopher said the BSBDC is in the process of suggesting legislative amendments that will impact roadside vendors.She said while the Corporation “absolutely encourages and embraces” vendors, there are concerns, including road safety issues, concerns about environmental damage on roadside areas and verges, and concerns about whether vendors are selling goods that are in compliance with the law and there is no copywrite infringement.In addition, there are payroll tax obligations that may need to be met if a vendor makes a support amount of money.“There has to be oversight and regulation to ensure there are no abuses,” she said. “It’s a very fine line, but a line we are very sensitive about.”For more information visit http://bsbdc.bm/free-market-vendors/