BEDC’s “Tourism Business Matters” Seminar
On Tuesday [Oct 8] over 90 people attended the Bermuda Economic Development Corporation’s [BEDC] seminar entitled “Tourism Business Matters”.
This two hour seminar was held at Penno’s Wharf Terminal in St. George’s and began with a welcome and overview of the seminar from Raymond Lambert, Economic Development Officer for St. George’s. Mr. Lambert acted as moderator, introducing the presenters for the evening.
First to present, was OBM International’s Regional Director for Bermuda and The Cayman Islands, Mr. Colin Campbell, who reviewed the National Tourism Plan in detail. Mr. Campbell indicated that the plan was developed with input from local stakeholders and focused on implementable solutions and opportunities for Bermudians. He stated that the opportunities that existed included leveraging Bermuda’s strengths, like the historical legacy, unique cultural and natural resources, high repetition rate and the close proximity to major key source markets.
Mr. Campbell also set out eight strategic objectives to reinvent the Bermuda Tourism Industry:
- 1] Create competitive positioning
- 2] create new demand and reduce seasonality
- 3] rebalance air vs. cruise
- 4] Increase visitor spending
- 5] improve quality of the tourism product
- 6] build pride and create jobs
- 7] support business development
- 8] create economic, social and environmental sustainability.
The second presenter, Mrs. Erica Smith, Director of the Economic Empowerment Zones Agency, shared how the BEDC could assist with getting new tourism related businesses started. Mrs. Smith gave some tips on how to finance the business, starting with “bootstrapping”, utilizing whatever resources you have at your disposal to get started to a review of the BEDC’s Loan Guarantee programme. The loan guarantee allows an eligible business owner to apply for half of their loan to be backed by BEDC up to $200,000.
Mrs. Smith also reviewed the BEDC’s newest product that was launched with Capital G, the BEDC and Capital G Micro Loan product. This product is needs-based and designed to assist businesses with inventory purchases and/or capital items directly related to increasing sales or services. Capital G has set aside $100,000 in funds to finance businesses including vendors and the loan is 100% guaranteed by the BEDC.
The second half of the seminar was dedicated to presentations from St. George’s entrepreneurs. Mrs. Isabelle Ramsay-Brackstone, owner of Lili Bermuda was first to present. Mrs. Ramsay-Brackstone gave an enthusiastic presentation which conveyed her passion for her product and role as a perfumer. She shared that part of her strategies for success included capitalizing on Bermuda brand which is a “priceless asset”.
Mrs. Ramsay-Brackstone encouraged business owners to “nurture a culture of excellence by providing impeccable products and services”. She rallied the attendees, advising “never sell yourself short and to make all business decisions as if you have a million dollars in your pocket.” Attendees showed their appreciation for Mrs. Brackstone’s enthusiasm with resounding applause.
The next presenter was Philip Seaman who shared his dream of restoring and repurposing an old derelict building that sat vacant on his family property. Mr. Seaman provided a pictorial presentation of the process of converting the corral for a small church that stood in the lot in the mid 1800’s, into the beautiful Clarence Street Loft, a self-contained unit complete with internet, cable, and a cell phone, that sleeps four.
Mr. Seaman stated that “the Clarence Street Loft not only meets the needs of tourists demands, it has been a catalyst for other bermuda businesses: on-line property rentals, restaurants, taxi services, cell phone companies, museums, shops, and grocery stores.” Mr. Seaman encouraged attendees to consider going back to the days when Bermudians rented out their own homes to tourists. He offered that if we revisited this culture, then there would be no need to look for large hoteliers to build hotels to accommodate travelers. He stated that Bermudians need not wait for help to come from overseas, but instead should rely on the local resources that are readily available.
Closing out the presentations, Mr. Mark Soares, owner of Bermuda Yacht Services, gave attendees some insight into the business opportunities that exist in the marine tourism industry. Mr. Soares identified that there are several types of vessels that frequent Bermuda: tall ships, research vessels, visiting cruising yachts and super yachts. He reviewed the seasonality of each type of vessel and provided a list of business opportunities that exist which ranged from fuel services, restaurants, internet, machinist work, tours, sightseeing, travel services to name a few.
Mr. Soares offered that he started his business after recognizing the gap in the industry for a dedicated concierge service for the visiting vessels. He stated that he has worked diligently with the Government to help to reduce some of the barriers that exist that would prevent visiting vessels from staying in Bermuda longer. As a result of his work, vessels are now able to stay in Bermuda for 90 days which means more of an opportunity for the owners of the vessels to contribute to the local economy. Mr. Soares offered although some progress has been made there is still more work to do and invited the attendees to get involved in helping to reshape the marine tourism industry in Bermuda.
At the close of the seminar, Michelle Khaldun, Executive Director of the BEDC, thanked the presenters and participants for coming out and encouraged attendees to get actively involved in reshaping the tourism industry in Bermuda. One attendee remarked that they “learned a great deal about St. George’s and the potential for its future.” Another attendee indicated that as a result of the seminar, “ I was able to generate ideas to improve my business as well as get a better sense of what is happening in St. George’s…”
For more information about this or other seminars contact BEDC at info@bedc.bm
