GEORGE TOWN, Exuma – The very best time to start your own business could be in the worst economic times, business leaders revealed recently.

Speaking to a rapt audience at the first Halsbury Chambers free legal clinic in Exuma, one expert after another echoed a similar sentiment: an economic slump could be the most fertile ground for start-ups. They cited ideal conditions for leasing space, finding good employees who might have been displaced, securing affordable services or supplies and building relationships at a time that new entries into the market are welcome.

Bankers, executives, the president of a large construction and pool company, a publisher and radio station owner spoke as if with one voice: Start with a vision, study the local market, find a product or service no one else is supplying, prepare a serious business plan, get sufficient capitalization, but don't be afraid of economic markers.

"There is tremendous opportunity for business development right now, especially in Exuma, and Bahamians should be taking advantage of it," said Philip Simon, Bahamas Chamber of Commerce executive director.

His advice: Think the idea through, understand risks as well as benefits, determine what it is you are trying to sell.

"If it's just the product or service, then don't bother. You have to sell the experience," he said.

Once launched, never stop researching, networking, improving. The single biggest mistake new businesses make, he said, is undercapitalization.

Simon was part of a panel on 'Empowerment through Entrepreneurship' that included event platinum sponsor, along with Bank of The Bahamas International, Dwight Hart of 98.3 The Breeze FM and The Exuma Breeze newspaper, Went-worth Musgrove of British American Financial, Amie Bowe of Mail Boxes Etc. and Peter Whitehead, President of Gunite Pools and Osprey Development.

"Exuma is filled with opportunities for those who want to go into business," said Hart, a native of Exuma who returned home after being granted a radio license in 2005, but not before trying other businesses and failing, then putting his media experience to work in a market desperate for attention. "This is the time to get creative and provide those services that people need." Amie Bowe, of Mail Boxes Etc. agreed, saying that having a business is like having a baby. "Your business has to be nurtured," she said. "You have to recognise the broad range of responsibilities required when owning your own business."

British American's Musgrove emphasized that Bahamians need to make their money work for them, instead of simply working for money. "Exumians need to make smart investments in land, in annuities, in things that if bought today will pay off in the future."

Peter Whitehead told the crowd gathered at the St. Andrew's Anglican Community Centre that Bahamians need to think of themselves as visitors. "See what you see, and see what's missing, and fill it," he said. "The best time to invest is in bad times, because good times come back." It was Whitehead who was sought after as a mentor and whose words hit home with many. Starting with a truck, a telephone and a small office (and a brother he says is smarter than he is), Whitehead has grown Gunite Pools and Osprey Development into a company capable of handling the largest construction challenges developers can throw at them, from sinking the underwater observatory at Coral World and its tower to erecting a dome through ingenious balloon-rigged means at Atlantis. Success, he says, was the result of setting an example, in his case by leaving for work at 6:30 am, often putting in 12-hour days and never expecting an employee to work harder than he does.

The Halsbury Chambers Free Legal Clinic in George Town was the progressive firm's first clinic held outside of Nassau. Previous clinics in the capital have drawn more than 300 participants. The clinics provide opportunities for attendants to meet with lawyers without charge for limited sessions, but also, says partner Nerissa Greene, to help reduce the perceived barrier between the public and the legal community.

"We were very excited to come to George Town, our sponsors were very supportive and the response from those who attended was so great that I feel confident we will be back," said Greene. The event included topics from real estate and entrepreneurship to generation land, quieting titles, wills and trusts and was sponsored by 98.3 The Breeze FM and The Exuma Breeze newspaper, Bank of The Bahamas Inter-national, British American Financial, BTC, Colina-Imperial Insurance, Dilly-crab Realty, Grand Isle Resort and Spa, Mail Boxes Etc., and Seaside Realty.