Hopeton Morrison, Business Columnist

This week, Sunday Business introduces a new money advice column to help you understand all the intricacies of financial transactions and investments that everyone else pretends they know about, but you never really quite understood, like credit card management, those bank fees, where to go for financing for a start-up business, and the like. Credit union manager Hopeton Morrison will give you the answers, or tell you where to find it, starting this week.

Dear Hopeton,

It was good to read your column on small business start-up tips in Sunday Business. With your experience I would appreciate it if you could mail me the names of some franchisers and their areas of interest.

Dear Reader,

That request is a tall order indeed. There are thousands of franchisers available worldwide that match almost any interest you have - in fast foods, restaurants, hotels, landscaping, photocopy services, pet services, and hundreds of other industries.

Extensive coverage of franchises

Entrepreneur magazine carries extensive coverage of franchises in each of its monthly issues. In fact, it carries about two issues each year that are dedicated solely to franchises including one that ranks the top 1,000 franchise opportunities worldwide. That magazine is available locally in several pharmacies and bookshops.

Also check out Inc magazine which, though not as extensive in its coverage as Entrepreneur, speaks to excellent approaches to starting up a franchise. These, by the way, can also be accessed online.

Which brings me to a third source of information: the internet, a virtual goldmine on franchises. Just enter 'franchise opportunities' in any of the popular search engines and you will be presented with hundreds of thousands of franchise opportunities.

Dear Hopeton,

I read your article and found it very interesting but I find a problem with a lot of people that address these issues of young people starting businesses. There is no mention of money. I went to teachers' college and studied home economics. I do have a skill, but I have not been able to get a job. I have always wanted to start my own business. I thought of the obvious clothing or wholesale shop but I would truly like to operate an upscale restaurant or coffee shop.

Dear Reader,

If you find that you cannot find a job after three years of teachers' college you may as well take your chances with your own business. It would take a book to explain all the pitfalls and steps to successful entrepreneurship, but here are a few for you to consider.

Businesses such as a restaurant or coffee shop will require significant capital investment which you do not have. I hardly see a financial institution offering you financial support at this time unless you can fork out collateral and show some experience. Even among development financing institutions that encourage micro entrepreneurship, many do not lend for first-time start-ups.

It really might be easier to start a clothing or wholesale business than a restaurant. Find a mentor who is in the line of business you eventually enter.

If you go the route of a restaurant, that I believe could pose more challenges. Seek to get some experience first by working at the local and international fast foods in Jamaica, for example, Island Grill, Burger King and KFC. You won't make a lot of money but you will gain a lot of experience. Don't consider those jobs below your qualifications. It is experience that you are seeking.

You could also seek a job in the hotel industry, again to gain valuable restaurant experience.

Finally, if all else fails, it might be best to invest in further training. Two options are Heart Runaway Bay Academy and the Hospitality School, University of Technology.

Hopeton Morrison is general manager of St. Thomas Cooperative Credit Union Ltd. Email: hmorrison@stccu.com.