Going Solo 25. Project FX

I wrote last year about the need to “Pivot and Adapt” as a solo entrepreneur. Of course, I had no idea that we were all going to be knocked sideways by Covid-19. Both my companies, Lime and Loggedoff have been hit by the pandemic, but thus far, not as badly as they might have been. I’m thankful for that.

Brexit

In the shadow of the virus, the post-Brexit transition period is creeping to an end. At midnight, Brussels time, on the 31st of December 2020, the UK will be out of the Customs Union and single market. The UK-EU relationship will then be defined by “the deal”, which has not, as yet, been agreed. Let’s just say that things are not as clear as business would like them to be.

My client list in Lime is mostly UK based, so should not be adversely affected. Loggedoff has both suppliers and customers in the EU, so I’m expecting some disruption. From a purely business point of view, there is nothing at all difficult about ensuring a smooth transition. However, Brexit is an intensely political issue, and I have no doubt that the politicians will make an enormous production of the whole thing.

On a personal level, Mags and I are correctly registered in Cyprus pre-Brexit, and are assured that we need do nothing more.

Cyprus

60 years ago today (1st of October), Cyprus became an independent Republic, free of British rule that began in 1878. The UK still maintains Sovereign Base Areas on the island. Tourism is an important part of the economy, as are “silver pounds” from the large British retiree population. Brits buy holiday homes here, and many retire here.

FX

Purchasing a property is a sizeable transaction, and the currency in the UK is different from the currency in Cyprus. That means there is a currency exchange and a money transfer. My career is proof that whenever money moves or changes form, there is a margin. Mostly, people use their bank for this, without ever really knowing what they’re being charged.

I have been talking to old friends in the business, and we are going to have a look at how we might service this market. This is not a groundbreaking concept, there are options online and in specific markets, but I think we can do better here on Aphrodite’s Isle.

So - next week, I’m going to brush my hair, get my mask on, and go see some people. It’s not selling. Like everybody else, I hate selling. No, its solving people’s problems. Everybody likes solving problems, don’t they? Even if the solution is selling a service. ;-)

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