What you need to know about starting a business

As the year is coming to close, some people have already made goals for the coming year. One of them is to start a business.  If you want to have a successful business, there are things you first need to observe.

Prof. Augustus Nuwagaba, an international consultant on economic transformation offers you general tips for starting a business

Do research.

 You should know that the business you are undertaking. Find out what right product is needed in the area where you intend to start a business. You might go with opening un an alcoholic beverage yet the majority of people there are Christians or Muslims.

Scan the industry.

 How many people are there? How competitive are they? How do they get their material? How do they go about it? Circumvent those problems

Don’t fear

Some people have good ideas but then fear blocks them from actualising it. In business, the higher the risks the higher the profits. There is no business where you will get money without risking. So, overcome your fear and go for your dream.

Keep records

Some people make a mistake of not recording anything simply because they are starting out. So, they carry out transaction without any written document or record anywhere. Before you start out a business, first have books where you will note your transactions even if it is the first and might look  “unimportant.” Records will help you know what raw materials you need and their costs. They will also help you know the salaries, taxes and whether you are making profits or not.

Use of professionals

Since you are doing business for the first time, chances are high that you might get a job out of your league and sometimes resources. Once you get a job, don’t try to do that job because you want to get all the money. You are going to that job badly, the quality is poor and you will not get any other job. It is better to get professionals who are knowledgeable in that area. You won’t lose anything.

Compliance

Don’t assume because your business is wonderful and can help so many people, that everything will go well with you. It is important to note that your business must comply with the law if you don’t, Uganda Revenue Authority will come and close you. Besides that, make sure that you get the necessary compliance your field is pertained to like-financial compliance and medical compliance so that you can operate freely. Are you compliant with Uganda Registration Services Bureau (URSB), Procurement and Disposal of Public Assets Authority (PPDA), Kampala Capital City Authority (KCCA). Are you on the list of suppliers? One of the advantages you can get is the stimulus package.

Know your customers.

Who is your customer. Be a servant of your customer. If you start arguing with customers- what will you gain? Endeavour to keep your customer at bay by listening and appreciating them. In that way, you will keep in business. If the customer is not there, how will stay in business.