Harry Potter, handymen and hats: Cayman’s entrepreneurs

The variety of Cayman’s entrepreneurial community was on display at the Small Business Expo held at Hotel Indigo Grand Cayman on 21 Oct., with everything from health and wellness to home repairs, fashion and children’s sleepovers providing business inspiration.

The Cayman Compass spoke to some of the people behind the brands to find out how and why they took the leap into going into business for themselves.

Paradise Slumbers

Setting up a themed slumber party might be a delight for children but a headache for parents, which is where entrepreneur Gena Munoz Collins come in.

Munoz Collins has worked for the past 23 years at Cayman Airways, first as a crew member and more recently in the cargo department. Three years ago, in her spare time she founded Paradise Slumbers which creates children’s sleepovers with themes including “Frozen”, “Lilo & Stitch” and “Harry Potter” as well as pirates, unicorns and “Fortnite.”

Children sleep in tents decorated with fairy lights and balloons and receive a treat-filled goodie bag along with a personalised drinks tumbler. Depending on the theme, “there may even be a special appearance by Elsa [from “Frozen”], said Munoz Collins.

“They don’t even know it’s happening until the song comes on, and then it’s ‘wow – it’s Elsa!’ and the crowd goes wild,” she added.

Like many small businesses, it was inspired to fulfill a particular need.

“A partner and I were thinking about organising sleepovers and parties, and we got tired putting all the beds together,” she recalled.

“Then we saw people doing this type of thing on TikTok, which seemed like a great idea.”

Setting up as an entrepreneur in the Cayman Islands is a straightforward process, she said, but it takes a lot of hard work.

“I work a 12-hour shift and then I go to my warehouse afterwards,” she said.

“There is so much that happens behind the scenes that people never get to see,” added Munoz Collins. “The long hours, the physical work, the sacrifices, the financial challenges and the determination it takes to keep going, even when you are exhausted. I work hard but I do enjoy it. It’s a labour of love.”

Beauty Shape

Gigi Nikolaeva has worked full-time as a realtor in Grand Cayman for 14 years, but her interest in beauty and wellness led her to establish her own business, Beauty Shape, six years ago.

“We opened during COVID which was obviously very challenging right at the beginning,” she said. “But I wanted to bring all these treatments to Cayman because I personally experienced them 10 years ago and everyone noticed the difference.”

Nikolaeva, who came to Cayman from Bulgaria 18 years ago, offers a range of treatments including body contouring and infrared resistance training, and said that she’s learnt a lot from running her own business.

“There were quite a few challenges to start with and there are still some challenges,” she said, “especially when it comes to staff, such as work permits and finding qualified staff on island. So we still face some challenges in those aspects. But in general, we learned so much over the past six years and we just keep on moving forward.”

The Bottom Line

Accountant Ravyn Rankin-Grant took the plunge into working for herself full-time just over a year ago, after running The Bottom Line, her accounting and bookkeeping business for small businesses, in her spare time since 2022.

“It was terrifying and amazing all at the same time,” said Rankin-Grant on giving up her full-time position to run her own business. “I do have a little one, so it’s great to have the flexibility with her, and being able to create an income all by myself for my family.”

A major plus is being more in control of your own life, Rankin-Grant said. “Having that peace of mind of a stable job is what a lot of people hang on to. But that can be false as well, because if the company has to make adjustments, that’s what they’re going to do. But it’s really what you have a risk appetite for.”

Her brother and mother were both there to support Rankin-Grant at the Small Business Expo, which she was attending for the second year.

“It’s great for networking,” she said, “as well as getting to meet fellow business owners and fellow and prospective clients and just getting a bit of exposure.”

Caimanas

Katie Euter founded her lifestyle brand, Caimanas, three years ago to “celebrate island life” with a range of customisable shoes, hats and leisurewear. The inspiration came from her own frustration at being unable to customise clothes and shoes to make them exactly how she wanted.

While Caimanas, named after Cayman’s original name, currently sells exclusively online, it is opening its first retail outlet in Elizabethan Square, George Town, in the next few months.

Euter started Caimanas as a sole trader, carrying out market research to gauge demand for customisable clothing. Once things were in place, she moved from sole trader status to a limited company. The process was very straightforward, she said and she had praise for government’s support for small and medium-sized businesses.

“I feel that they do a lot, such as waiving some business fees for small and micro businesses, so they do have some incentives,” she said, which has saved her hundreds of dollars in outgoings. “It’s good because that does remove some of the administration costs, because when you are a one-man band initially … you need as much forgiveness as you can get.”

She added, “It’s easy to be an entrepreneur, but it’s not as easy to be a successful entrepreneur.”

Handymen Can

C.J. Moore spotted a gap in the market when he set up Handymen Can, a business that carries out repairs and improvements to commercial and residential buildings on a one-off or regular basis.

“The company is an offspring of our construction company, which primarily does larger fit outs,” explained Moore, “Handyman Can came out of that when we saw the need for smaller jobs, such as a lightbulb … or a small paint job or hanging a picture. We’ll come out and do that for you.”

The great thing about running your own business, said Moore, is knowing that, “You’re going to get out of it what you put in. The opportunity is definitely there.”

What Moore would like to see in Cayman is a targeted approach depending on the size of business.

“Instead of having something that fits all business sizes, you instead model it based on the size of the business,” he said, saying that work permit fees could be a case in point.

“A micro business owner who is trying to start off, doesn’t having a lot of work or contracts yet, but he has [to pay] the same work permit fees that the larger company is faced with,” he said.

“Likewise, you know that the health insurance is one thing that is not within government, but certainly I feel that is something that the government can or should take a look at, because when we think of small business on this island, a large percentage of their expense … goes into health insurance and work permit fees. Along with the cost of doing business in Cayman.”

Mars Candles

Running a small business in Cayman can be “difficult, but rewarding,” said Fernanda Esquivel, manager of Mars Candles. The business, which has been operating for 10 years and is owned by Caymanian businesswoman Marlies Irra, expanded three years ago into making custom-made candles, with everything handmade.

“It’s rewarding because you get to know a lot of people and businesses within the community, so you’re always aware of what’s happening on island,” said Esquivel.

“But it’s also a little difficult because Cayman is very expensive. So, you have to be aware of that when you’re trying to sell something because it needs to be affordable for everyone. You don’t want to be selling a candle that is $100. No one wants to buy that,” she added.

Esquivel advises would-be entrepreneurs to focus on the paperwork as well as the business itself.

“It’s not that difficult [to start a business], but you have to be aware that it can be complex,” she cautions. “You have to be sure of what you are going to be offering … But it’s going to be worth it.”