How to Get Rich in the Bahamas
In this article, Foreignconnect.net tries to answer the question by publishing How to Get Rich in the Bahamas
Below is How to Get Rich in the Bahamas
Are you an entrepreneur who wants to increase their revenue streams for a little stability? Have a 9 to 5 and want to start a side hustle? Or do you just need some extra cash? Whatever your employment status, I have put together a list of 12 ways you can make additional income as a Bahamian entrepreneur, or Bahamian in general.
The Central Bank of the Bahamas recently reported that the unemployment rate in New Providence is 11% (with the Bahamas overall at 10.7%). Compare that to Canada which comes in at 6.11% and the United States which has an unemployment rate of around 4%. Admittedly, our market is quite different from our North American neighbors. The opportunities, limitations, and economic barriers are startlingly different as well. Therefore, when this question was posed to me, I thought it was important to conduct research and to explore local “side-hustle trends”. With that said, let’s jump straight into the list!
As a mathematics tutor, of course, I am going to start here! If you excelled in a subject in high school and/or college or have a particular skill set, teach! Tutors make anywhere from $15 – $50 per hour.
Must-have: Patience and knowledge of the material. A degree in the subject or relevant experience is desirable.
Many Bahamian entrepreneurs and artists are actually full-time teachers. Why? Because you finish the day at 3-4 PM (usually) and you have entire summers off. Admittedly, the salary for teachers in the Bahamas leaves much to be desired, but it is a steady income for creatives.
Must-have: Passion (please!), at least a bachelor’s degree in the subject, and a teaching certificate (usually).
Sell Your Stuff
You can either sell items on Facebook Groups like Mama’s Marketplace, in local consignment stores like Rack Consignment Boutique or at a good old-fashioned yard sale. Can’t bother with any of these options? Sell your gently used clothing or household items directly on your personal Instagram or Facebook pages.
Must-have: Internet connection or accessible venue (depending on your choice) and haggling skills (because you will get haggled!).
Host a Workshop or Class
If you are a subject matter expert in a particular area, teach on it! If you do not want to commit to tutoring or being a full on teacher you can host a workshop or class. Venture Coworking and Incudesk are great options for hosting workshops. You can also look into online options. Google is your friend!
Must-have: Knowledge, a marketing plan & public speaking skills.
Make or Grow Something
Bahamians are so creative! I see custom candles, handmade jewelry, clothing, purses, straw-work, and the list goes on. I am also happy to see so many farmers participating in Farmers’ Markets. If you make crafts or true, true Bahamian products, you can sell them at a local craft fair (Jollification is one of my favorites!). If you grow food or make/repackage food products like jams, nuts, or dried fruits, you can sell them at one of the weekly Farmers’ Markets, which are actually becoming quite popular. For more information on local Farmers’ Markets
Must-have: A green thumb or a single creative bone in your body, customer service skills, and marketing skills.
Write a Book (or eBook)
Want to make money while you sleep? Write a book or eBook and sell it on Amazon or on your website’s store. If you need a ghost writer or editor, contact Terrenique Bastian at iPromise Media. I self-publish my books through CreateSpace (now Kindle Direct Publishing).
Must-have: A story or something to teach, an engaging writing style or a skilled ghostwriter, and professional-looking document formatting and printing.
I do not personally do any foreign exchange trading; however, I have friends (in the Bahamas) that have been very successful in doing so. I will try to gather more information on this option as it has proven to provide quite modest returns for these individuals.
Must-have: Internet access. (Will update as I receive more information about trading in the Bahamas.)
Provide a Service
Suggestions include: messenger service, delivery service (please deliver my groceries to my door!), resume writing or editing, business plan drafting, copy writing, speech writing and the list goes on. Think about your current list of skills or your current business structure and how you can expand your offerings across all income levels.
Must-have: A skill, creativity and willingness to work.
The printable market is a growing market and one that should not be overlooked. If you are a teacher you can sell your lesson plans and assignments on Teachers Pay Teachers. If you have a tourism background or love to visit various attractions and restaurants, you can create printables for tourists and locals. If you have an accounting or financial planning background, you can create expense trackers or zero-balance budgets. The options really are endless and I encourage you to get into this!
Must-have: Knowledge, ability to condense information, graphic design background, graphic artist assistance or strong visual aesthetic. (I do a lot of my work in Canva or in Microsoft Word.)
Manage Social Media Pages
In the world of the digital consumer, businesses know that they need a digital footprint; however, most are too overwhelmed with the day-to-day management of their companies to give their social media accounts the attention they so desperately need. That’s where you step in! To get into the market, volunteer to manage a page for a friend or family member’s business. Track and present your metrics (i.e. followers gained, engagement, etc.) and then pitch your business to larger or, at the very least, paying customers.
Must-have: A strong visual aesthetic, some design experience, a strong command of grammar, customer service skills, and an understanding of key analytics.
Start a Dropshipping Business
Dropshipping is a business model whereby you sell products without having to carry the actual inventory. Essentially, you have a virtual storefront where customers purchase directly, but you do not house the inventory.
Must-have: A practical dropshipping business idea, a strong and/or supportive social media following or strong marketing skills and basic knowledge of the dropshipping business model and supply chain management.
Become An Influencer
Have a social media following of 3,000+? You may be able to pitch your platform to companies as an influencer. There are some established names in the Bahamian industry with 10K+ followers, however, recent research suggests that micro-influencers (1,000 to 10,000 followers) are also effective and sometimes more so as their platforms are often more relatable to the consumer.
Must-have: A strong and growing social media presence, a completed media kit, basic marketing skills and (ideally) an authentic, relatable brand.
Well, there you have it friends: a curated list of ways to make a little extra income in this here Bahamaland. Please let me know your thoughts in the comments and if I missed any options in the list.
Here are a few more tips:
- Save more, spend less.
- Cut your expenses.
- Get a second job.
- Never stop learning.