East Enders were given an insight into how to start up and run their own small business at the Bermuda Small Business Development Corporation (BSBDC) meeting.

Finance Minister Paula Cox, board members and prominent businessmen were on hand to offer advice and tips at the first of a series of meetings held at St George's Town Hall last Thursday evening.

Among the topics up for debate were the construction incubator, free market vendors and the economic empowerment zone.

The corporation, which has been running for almost 30 years and is a quasi-governmental organisation, helps and provides technical advice to small businesses, as well as offering a loan scheme.

General manager Michelle Khaldun, who was chairing the meeeting, opened by telling members and delegates about the opportunities and challenges ahead and the work the group does with small business owners and entreprenuers throughout the island.

Ernest Signor, owner of Solid Rock Construction, then got up to speak about how to survive in business ranging from taking on workers to dealing with clients.

"There are so many areas in business that you have to think about, especially construction," he said.

"You take in people and give them an opportunity to learn a trade and that becomes part of their life. I think it is good for people to invest in other people, whether it be their time, effort or money.

"I have had so many decisions to make in terms of cash flow and staffing. When it comes to clients, some are nice and some are rough, and wonder if things are going to work out with them.

"Building a business is like building a house, but you have to develop not only a house in Bermuda, but also develop Bermuda as a whole, because we are in the business of developing houses and people.

"I have had a lot of people I have trained in business and although, at the end of the day, it is about making money, it is also about developing people."

Mr. Signor, who has been in business since 1991, went on to explain about how businesses work from the day to day work to the book keeping and administrative duties.

"There are so many components to the trade," he said. "The incubator zone has taught me how to manage the office as well as the tools. The industry has a lot of challenges when it comes to prices.

"Right now the construction industry quite unstable when it comes to prices and who has got the people to do the job. Prices force the industry to look outside Bermuda for workers, but I am prepared to look inside Bermuda."

Juliette Hoermann, who runs Temptations in St George's, then gave the audience an insight into the pitfalls and dangers of setting up your own business and the help and advice BSBDC offers to overcome that.

"When I went to buy my business I went to see a number of people and I started thinking that everything was going to be alright and then all of a sudden I was told, no, I was too old and no one was interested and I was really upset.

"Then, unbeknownst to me, my husband and a man called John Barnes went to the Small Business Development Corporation and set up a plan and came back and told me they had done all they could for me and to go and see them.

"Right away they made me feel at ease and they sat down and went over my plans and set out my cash flow. They helped me see the bigger picture and told me what I had to do and they said: 'You'll be alright, you have got all the makings for what you need to do'.

"So if it hadn't been for the Small Business Development Corporation I would not have been in business.

"I have been in business for a year and nine months and it is thriving. I still have some challenges, but I know I am on the right track and I will make it."

Anthony Foster, owner of Bermuda Sanitation & Engineering Ltd. and BSBDC member, was the next speaker to take the microphone, stressing the importance of knowing how much it costs to run a business.

"If you don't know what it costs to run your business you should not be in business," he said.

He highlighted managing time effectively and knowing the resources needed to turn your business idea into a reality as key factors in the overall management of a company. He said: "I believe small businesses are the backbone of our environment. As an entrepreneur you have to work a lot harder and you don't have time for yourself or others, only the business.

"You have to ask the question: 'Are you prepared to sacrifice your time with your family?' - that is the kind of thing you have to consider as an entrepreneur. Secondly you have to ask: 'Are you ready to give up your social activities?'

"The BSBDC can examine you to see whether you have the time to be an entrepreneur. Make sure you take full advantage of the BSBDC's time and they can look at your ideas and see if they can become a reality.

"If you are not organised, being an entrepreneur is not for you because you have got to organise your time wisely."

Mr. Foster went on to emphasise the need to pool all your resources together effectively.

"You need to make a plan," he said.

"You must be aware of your personal debt and your credit.

"When you are talking about being a full-time entrepreneur you realise your life may have to change.

"The BSBDC makes sure your business starts and can be sustained - the information they give you cannot be given in college courses.

"If you start out right, you end up right - in order to compete and to keep your prices in line with the market you have to be creative and to do something different outside of the box."

The board and speakers then took questions from the floor, including the issue of whether to employ Bermudians or foreign workers and how to multitask the activities you do as businessman and on the shop floor.