Most aspiring
business persons might think that to start up a small business u will still
need a lot of funding. On the contrary, it is possible to start up a business
without needing a lot of capital. Even then its still possible for a
multi million dollar to crumble without the right foundations.
First, select the type of business that you would want and
would fit in your budget. For example the most trending businesses in Uganda
include salons, fast food restaurants, farming, clothes, etc really need a maximum 100,000/=. The secret to this is that you just need to identify enterprise
that would cater for peoples everyday needs, hence you are guaranteed market.
Secondly, start the business plans. Plan the accounts, write
lists of equipment that you need, etc. this helps to avoid unnecessary expenses
and also check credit department burden in case you took a loan. This is also
the stage.
Next, apply for a business license. This is to make your business
your own. You must have a name for your company so that you might receive
patent rights to your products. It also makes you available for the National
Social Security Fund. You won’t have to worry if KCCA is shutting down
unlicensed businesses but this also means you will be required to pay taxes.
Now the real hard work starts with you marketing your
product so that you can get customers and profit. Open websites, advertise and tell
more people about what you are doing. If employing labour is needed, make sure
it is one that has high efficiency in the production of your products.
Therefore, do not sit and wait to collect a lot of capital
for a big company, starting small can bring better results faster.
By Sheba Joy
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