Business Ideas? What could St. Croix use?
Hello everyone, I plan on relocating to St. Croix next year, I've been working hard the last 3 years to save up enough to open a small business. I plan on having around 50 to 60,000 saved, I'm only 23 sorry it's hard to save at my age! 😉 Is there anything on the island that is a major inconvenience or something extra the island could use? I'm just trying to get ideas, I'd rather make a couple of jobs than take one. Thank you for any ideas! 😎
Good morning spencey820, and welcome to the forum! Wow...nice savings for such a young age. Good for you.
This question gets asked about twice a year. Do a search, and be sure to change the default to all dates, and you will find lots of ideas. However, I would caution you that just because a business is needed, it may not fit YOU. Everyone wants a donut shop or a quick oil change place, stuff like that, but if you don't know a thing about cars or running a food service, you'll just be throwing your money away.
You should think about what you know how to do, what you're good at, what you enjoy along with what makes sense and will be profitable. Also, keep reading this forum, and you will run across numerous threads, in just the last few months about all the businesses that are closing here on St. Croix. Some of those businesses are new, but some are older, more established, and they are even having a rough time. Now is not the time to invest your hard earned savings, in my opinion.
Having said, you really should do something with that money other than just sit in a savings account. Talk to a financial planner or trusted family member who has done well financially. I'm a big fan of real estate. You could buy yourself a property, with some rental units for income and start a little real estate empire of your own, building up as you go. Real estate prices are lower now than they have been in years, particularly in the states. Just ONE idea. Plenty of others.
There's a sign business for sale here - and the people who own it are eager to leave the island (they love it, but life is taking them elsewhere). I think that would be a great opportunity. The owner would train you and you'd be off and running! All kinds of people need signs! It's listed on MLS - Jack Cappielo is the listing agent.
Thank you Juanita and Kim, much appreciated 😎 😎 Kim do you have a link to the listing? Also Kim are you a realtor on the island? Thank you!
Must be good at something to scrape up a heap of cash by 23. Starting out with a modest duplex, you could live in half, rent half, while you figure out how to add to your nest egg.
I'm just trying to get ideas, I'd rather make a couple of jobs than take one. Thank you for any ideas!
Start with what are you good at, or, what do you enjoy doing, otherwise it’s work. Most folks that are truly good at something can find a market almost anywhere and in any economic climate. Capability, industry and a good attitude will serve you well on STX, or most anywhere. Good luck in whatever you choose to pursue.
Metal worker / fabricator. I’ve been waiting 3 months for the only guy on STX to build 10 stainless steel plates for my roof rafters. Since Walsh Metalworks closed up years ago, getting anything fabricated here is a nightmare. Thank the good lord we haven’t had any major wind events this season... so far🤞