One of the main challenges SMEs faces is access to capital or partners that can inject cash into their businesses. 

However, a new crop of entrepreneurs has shown that other resources can be leveraged to start a business.

Christine Turamuhawe, a Makerere University Business School undergraduate, says she started her business with an internet connection and social media pages.

“I began my business by sharing my idea with my social media followers, offering cleaning services to those in need and it is from that post that I got my two clients from Twitter. One paid sh40,000 and the other paid sh30,000. I have not looked back since then.”

Turamuhawe is the founder of CJAY Home Solutions Limited, a 2-year-old business that was started with only an internet connection and social media pages.  

She was speaking during a panel discussion at the second edition of CenteThoughts, a thought leadership forum by Centenary Bank aimed at empowering the youth with startup business knowledge. 

“Building partnerships and nurturing trust with suppliers can also be a stepping-stone for small business owners and those that wish to start one. Developing these relationships can enable you to get supplies to start with on a credit basis, and one can pay back in instalments,” the 3rd year undergraduate student noted.

In Uganda, starting businesses is often associated with finding financial capital which leaves many youth, even skilled ones unemployed. 

The Youth unemployment rate is expected to reach 2.5% by the end of 2021, according to Trading Economics Global Macro Models and analysts.

This is a clear indication that there is more to be done by the key players to create a conducive business environment for startups to emerge and develop for the benefit of the country’s employment growth rates.

Japheth Kawanguzi, the Team Leader at The Innovation Village, a launch pad for startup innovators, advised those that want to employ themselves and create to solve people’s problems to attract money.

 “Young people should identify problems around them and think of the solutions even before thinking about financial capital to start a business.

Monetization of startups begins when your idea creates and adds value or solves people’s problems. 

Having money is not a guarantee for business success, but commitment and starting with the available resources can be a preliminary point for those with limited financial support,” Kawanguzi said.

 Michael Jjingo, the General Manager Commercial Banking at Centenary Bank, advised the 165 Zoom attendees and over 2000 viewers on Facebook who wish to venture into business to first discover their passions and then think about business. 

“It is possible to start a business with no money at all. You need to discover what you are passionate about, establish its contribution to the current market, then draft a plan to action which you can use to evaluate yourself against,” Jjingo said.  

“Financial institutions such Centenary Bank are ready to support the youth with ideas as long as there’s a clear plan, experience, ready market, and track of record-keeping for the already existing small businesses,” he added.