surviving the economic crisis
Jan 09, 2009
It appears that 2009 will be as financially hard hitting as 2008. The difference is, this time you have been forewarned so you may as well get fore armed.
By Lydia Namubiru
It appears that 2009 will be as financially hard hitting as 2008. The difference is, this time you have been forewarned so you may as well get fore armed.
Naturally the first ideal option would be to increase your income. Ethan Musolini, a personal finance consultant and CEO of Success Africa says that for those who already have full time jobs, it is best that you become an investor in an already running business instead of starting up your own.
“If you cannot devote time to supervising the business, you might end up making more losses than earnings. If you can find a trustworthy person who is already running a successful business, loan them money to expand.†He says that a brother of his sells shoes in Owino.
Musolini injected money into the business and the brother pays him a monthly interest. In addition, he will refund his capital loan after an agreed time.
Finding one off jobs (kyeyo) in line with your field of work is another option. As companies try to cut costs, they will be laying off those employees they do not need to have on full time and negotiating contracts with freelancers. There is your opportunity for an after five job.
Food experts say that it is the middlemen not the farmers who are cashing in on the higher prices of food.
Maddy Mucite tells of when she and two friends used to go to villages over the weekend, collect produce from farmers.
After they had collected enough to fill a lorry, they would hire one and bring the produce to Kampala markets and sell it at much hire prices than they bought it. Now is a time to become such a middleman.
A home garden could save you the money for buying fresh greens, tomatoes and onions. In Pakistan, one NGO has embarked on a program called ‘A kitchen garden in every home’ as a means of helping people deal with the hard times.
With a simple vertical garden set up in a sack, even the one room tenant can grow their own vegetables. With more space, you might even grow some surplus for sell to your neighbours.
It appears that 2009 will be as financially hard hitting as 2008. The difference is, this time you have been forewarned so you may as well get fore armed.
Naturally the first ideal option would be to increase your income. Ethan Musolini, a personal finance consultant and CEO of Success Africa says that for those who already have full time jobs, it is best that you become an investor in an already running business instead of starting up your own.
“If you cannot devote time to supervising the business, you might end up making more losses than earnings. If you can find a trustworthy person who is already running a successful business, loan them money to expand.†He says that a brother of his sells shoes in Owino.
Musolini injected money into the business and the brother pays him a monthly interest. In addition, he will refund his capital loan after an agreed time.
Finding one off jobs (kyeyo) in line with your field of work is another option. As companies try to cut costs, they will be laying off those employees they do not need to have on full time and negotiating contracts with freelancers. There is your opportunity for an after five job.
Food experts say that it is the middlemen not the farmers who are cashing in on the higher prices of food.
Maddy Mucite tells of when she and two friends used to go to villages over the weekend, collect produce from farmers.
After they had collected enough to fill a lorry, they would hire one and bring the produce to Kampala markets and sell it at much hire prices than they bought it. Now is a time to become such a middleman.
A home garden could save you the money for buying fresh greens, tomatoes and onions. In Pakistan, one NGO has embarked on a program called ‘A kitchen garden in every home’ as a means of helping people deal with the hard times.
With a simple vertical garden set up in a sack, even the one room tenant can grow their own vegetables. With more space, you might even grow some surplus for sell to your neighbours.