When people want to start a business in Uganda, their minds concentrate on capital. Yes, startup business capital is essential and hinders many people from starting businesses. However, it’s not the only issue on which you should focus your mind because you can have the money but still fail to build a thriving business.
I know people who had money and started businesses, but their enterprises collapsed within the first year. Why do you think they failed to build a thriving business? The answer is that they felt that when you have startup capital, it is enough to venture into business. Think twice before you start any business! And if you want to succeed in business, here are the ABCs of starting and building a thriving business.
What is the ABC of Starting a Thriving Business?
The success of any business, in my experience, depends significantly on the way you establish it. As you plan to start a business, consider the following points to be crucial:
- Make a niche discovery.
- Think about having a unique product or service.
- Have a memorable business name.
- Make a business plan.
- Register your business.
Make a Niche Discovery
Make a Niche Discovery
I have always received requests from people on the kind of business they can do. Unfortunately, I still find it challenging to figure out which enterprise is suitable for everyone. The onus is always upon you to discover a viable business idea. I have already listed down here some low-cost home business ideas. Though this list is not exhaustive, it helps you awaken your mind.
If you find yourself lacking in generating a business idea, I have written several articles on how to identify and develop viable business ideas. Please read these articles to help you:
One, How to Identify the Right Business Ideas
Two, How to Assess the Business Ideas You Have Generated
Three, How to Generate Business Ideas Through the Brainstorming Technique
However, having a business idea alone is not enough. Usually, most people know the kind of business they can do. What they may not know is whether the concept will work or not. And this is where the secret of starting and building a thriving business is. If this is the situation you find yourself in, please take a breath.
One of the first steps to consider before starting any business is to make a niche discovery. Your success depends significantly on how well you go about this aspect. For more information on niche discovery, its importance and how to carry it out, please read this article: Make a Niche Discovery before You Start any Business.
Think to Have a Unique Product or Service
Vegetable Business
One of the reasons for failing to start and build a thriving business is not having a different product or service. Uniqueness is key to business success. However, most people in Uganda are lazy to do their research. They jump into any business because they see other people operating it. It’s risky indeed.
Before starting your business, ask yourself how the product or service you intend to offer will be different from others. Uniqueness could be with the product or service itself. It can also be how you aim to provide a service or product. If you need to learn more about the importance of having unique products, please read this article: Unique Products: How Uniqueness is Key to Business Success.
Have a Memorable Business Name
Business Name
The name you choose for your business can lead you to success or failure. Your business name is always your first impression with your clients. They see a sign with your name and either remember it or forget it. A business name identifies who you are and what you offer. It helps customers find you and refer others to you. So it’s essential.
Because business names have power, you should be careful when selecting a name for your business. Business names can be emotional. Names like FACO, for instance, can offend or attract clients. I have heard people associating it with the word F___. Sorry, I cannot mention it, but I think you get the point right.
When selecting your business name, choose a sticky name to help you build a thriving business. A catchy business name is one that customers can easily remember and attracts attention.
Make a Business Plan
It’s always beneficial to start a business with a plan. If you’re already in business and don’t have a business plan yet, think about creating one. Starting a business without a plan is one of the reasons why people fail to build a thriving business.
Never start a business without a business plan. Creating a business plan is not hard. You can do it yourself if you learn a few things. Alternatively, get someone to develop it for you. It will save you a lot.
The business plan will help you to achieve the following:
- It helps you research the products/services, targeted customers and competitors.
- A business plan helps you know how much money you need for the business.
- It enables you to get finance. If you’re seeking funding for your business, banks and investors need a business plan to ensure that your business will be successful and profitable.
- It helps you to know where you’re going and how to go there. It also enables you not to run your business blindly. With a plan, you work out the business goals you want to achieve and the strategies.
- A business plan helps to have control over your business. You can step back to see what works in your business and what needs improvement.
- A business plan helps you to know the risks involved and how to prevent them.
Although it’s essential to have a business plan to build a thriving business, it’s equally important to know that it isn’t a document you write once and store in a drawer. You have to review it and keep it up-to-date when circumstances change.
For more information on planning, please follow our blog posts on business planning.
Register Your Business
Having gone through all the above processes, you then register your business. For more information on how to go about it, please read this article on starting a business in Uganda. We can be helpful when you need a company seal.
What is the ABC of Building a Successful Business?
Successful Business
- Be fearless and have the enthusiasm to run your business.
- Start small to go through the learning curve.
- Equip yourself with business skills.
- Be ethical when running your business.
Be Fearless and Have the Enthusiasm to Run your Business
One of the challenges of starting a business is overcoming the fear of getting started in the first place. It is so prevalent with people who are used to a monthly paycheque. Another challenge when they finally succeed is a lack of perseverance and enthusiasm.
With business, you have to persevere in building a thriving business. For you to be able to persist, you must have a lot of enthusiasm. Read our article for more information on Successful Business – Your Success Depends on your Mind and Enthusiasm.
Start Small to Go Through the Learning Curve
One of the mistakes most Ugandans who want to start a business make is the temptation to start big. They invest a lot of money to start a business. It is risky to begin large, especially if this is your first venture. And when you do so, you risk losing all your hard-earned money.
Therefore, I would advise whoever intends to venture into a business to start small and grow gradually. If you do it this way, it helps you to go through the learning curve and to build a thriving business.
Equip Yourself With Business Skills
Business Skills
It is hard to build a thriving business if you lack business skills. It is critical to know your abilities. It is also essential to comprehend the skills you intend to learn or delegate to others. Focus on learning new skills over time if you lack them. Alternatively, you can either hire employees that are strong in specific areas or engage the services of professionals. The following are the business skills that you need for your business.
- Communication skills – one of the ingredients to business success is your ability to communicate effectively to your customers. When you develop assertive communication, it helps you build a thriving business.
- Strategic planning
- Delegation skills
- Negotiation skills
- Leadership skills
- Sales and marketing skills
- Analytical skills
- Team-building skills
- General management skills
- Cash flow management skills
- Financial management skills
- Time management skills
Do you want to know more about each of them? Get a book and read. But we shall also discuss them one by one on this blog.
Be Ethical When Running Your Business
Business Ethics
Ethics consists of learning what is right and wrong and then doing the right thing. When you are in business, you must develop business ethical standards. It’s when you will build a thriving business.
However, most Ugandans fall prey to unethical business behaviours, which have led many to collapse. One of the business ethical values that spoil businesses is honesty. Be honest in your dealings to survive in your enterprise. Possess other values like respect, responsibility, hard work, reliability, consistency, open-mindedness, efficiency, etc.
Conclusion
Starting a business is not easy, and it has never been easy. But building a thriving business is also another challenging aspect. For you to begin and create a successful business, you should take into consideration the above points.
If you have a question or additional information to share, use the comments section below to ask or comment.
thanks
Thanks, Mr Charles Kiyimba! As for me, I have picked what I wanted from your article and I am only here to appreciate your tireless efforts. Be blessed.
Thank you. It’s good to hear that the article has helped you.