Things to avoid while starting a business
BUSINESS|ENTREPRENUERSHIP
With the outbreak of the Covid 19 pandemic, a lot went wrong. Some people lost their jobs, and others had salary cuts. This didn't leave such people the same. Some lost hope in being self-employed, while others started planning on how and where to find their next job.
With the easing of the lockdown, many people have resumed work, while others who lost their jobs are also planning to startup businesses of different kinds.
Even those who didn't lose jobs have plans to make side businesses to supplement their salary for them to better their financial status.
Silver Mpiima is one of those who lost his job. For the entire lockdown, he has been thinking of what business he can do, to continue living a better life.
Mpiima has decided to venture into the business of selling phones. However, he says he doesn't know much about the business. He plans to learn on job. He adds that making mistakes while doing this business will inform him better about it.
Ignoring research
However, experts say that Mpiima is wrong. He should have researched about the business, to understand the pros and cons of doing such a business before venturing into it, "says Mark Twimukye the Director of Image automation limited.
Twimukye says that venturing into a business without knowing what to expect while doing the business is one mistake people make.
He advises businessmen and women to always research what they intend to venture into before they go ahead and invest money in it.
"Research helps a lot. It gives you information about the business and if it's about a product, research helps you grasp more information about the product so that you are able to use the information to market the product to your clients," explains Twimukye.
Getting loans
Kenneth Kamaya the director of Sky financial services says even when people have spent almost all their savings while in lockdown, getting a loan for them to startup businesses might not be a good idea.
His argument is that acquiring a loan to put in a business that is just starting up, might cause you more trouble because you do not know yet how you will manage to pull clients to support you while doing business.
He adds that it's only wise for someone to get a loan but must have a clear payment plan. But if your plan is to pay the loan using the business you're just starting, then you might be disappointed because the returns might not meet your expectations.
Venturing into a business because others are doing it
Kamya says that it's time people drop the bandwagon thing of doing things because others are doing them.
Such things will fail you as a business person. You will want to compete with people who have knowledge about what they are doing and usually such people have creative ways of marketing their businesses, and you might not be as good as them, "Kamya notes.
He advises people to venture into businesses that they have researched or things they are passionate about. "This will help you devise means of growing your business and even when things don't go right, the passion you have for the business will keep you going," he adds.
Way forward
Have the right people around you
Vickie Hairwe the director of Ebenezar tailoring school notes that sometimes the people we have around us either fail us or make us succeed in what we do.
She urges that having positive people around you is the way to go. "At a time like this, you need to surround yourself with people who will help you to grow your business. They should be people who are doing the same business as you and can give you tips on how to succeed in the business. Even when they are not doing the same business as you, they should be people who advise you on things you can do to become a better business person," she explains.