BELIEF IS IMPORTANT TO BUILDING A STRONG SUCCESSFUL BUSINESS

Majority of people like quick returns. The law of business demands you INVEST, GROW your business for sometime and then the business will REWARD you with passive income for life.

Unfortunately, some people want to put their money into business TODAY and start getting rich  TOMORROW. That is not BUSINESS, that is GAMBLING.

Go for BUSINESS and

INVEST WISELY BY TAKING MODERATE RISKS, GROW YOUR BUSINESS AND BE CONSISTENT 

BUSINESSMAN PATRICK BITATURE UGANDA'S 2ND RICHEST MAN TALKED ABOUT TESTED WAYS OF MAKING MONEY

I will quickly tell you something about making money because having money is crucial for success. Of course you can be successful even without money. You can sit in a corner and say, “I am successful.” It’s up to you.

My interest is in seeing you get rich and in my view, there are largely 4 ways of making serious money that you can have and say, “I am successful.”

First, you can own a successful business. This is an easy way to make money. If you are employed and you think you are going to be very rich from employment, you are just joking; it will not work. However, running a business is taxing. You think about it all the time; you carry it in your head; you go to bed with worries. And of course we know that several businesses fail. 

Of the 500,000 businesses that are being registered or not registered formally, that are starting up in Uganda every year, almost 80% of them fail in the first year. That doesn’t stop them from starting up again the following year. 

Hence, business is one of the ways to become successful but it demands a lot of time, hard work, skill and a lot of other variables. Anything can go wrong or right in that business. You’ve got to horn your skill in it.

Another way of making money is through property. This is a classic vehicle of creating wealth worldwide. It has lasted since time immemorial. It has always been and shall always be. Many people talk about it but do nothing about it. But if you want to become wealthy, you have got to get into investing in land and buildings. But don’t go in and get out very quickly. Go in and stay for a long time. You must have the stamina to stay in there. The longer you stay the more your properties will generally appreciate and that’s where you will make your money.

At one time, the government was selling houses at 100 million shillings each in Nakasero and Kololo. It was largely colonial people and government officials who had been staying in these houses. All these people wanted was goodwill and the goodwill was at 100 million shillings. I didn’t have enough money so I started borrowing. I managed to buy 10 properties in Nakasero and 10 in Kololo. I started paying back the loan. And the whole town was talking, “Oh, Bitature is finished. He borrowed almost a billion shillings.” True, I was getting worried; my wife was on my case. I was struggling with the interest. But eventually, I managed to finish paying back. Today, any property on one acre in Nakasero is going for 1.5 million dollars plus. Now who is laughing at who?

Investing in properties is a magical way of making money; there is nothing like it. People think, “Bitature made a lot of money in telecoms.” I probably have made more money in property in Uganda, Kenya and Tanzania. As someone aiming for success, you’ve got to be able to see a chance and take it. I saw mine in properties and I grabbed it. Once you’ve succeeded, even the banks that were making it hard to lend you money will begin begging you, “Sir, how much do you want to take?’’

The third way of making money is through the stock market. It’s not yet fully developed in Uganda; it’s a new phenomenon in our region. We have only 8 Ugandan companies listed on the stock exchange. Some are cross-listed from Kenya. But this vehicle has made fortunes for people all over the world. Unfortunately, in the past some people have lost money through buying shares in some companies and so they are shy. But all said and done, don’t look short-term. Overall, the stock market always works. And don’t think you don’t have enough money to invest in the stock market; a million shillings is all it takes. Take your one million and invest it.

When you invest in shares, don’t be on a hurry to get out your money; just like properties, first stay in. I am a director at New Vision and I always advise my shareholders not to take so much in dividends but rather to leave the money and let it first grow. When we had just bought shares, some of them were insisting that since we had made a big profit we should share our dividends. I said let’s re-invest the profit and build the value of the shares. Those shares have moved from 300 shillings per share to over 1,300. That is more than 4 times. So the one who put in 1 million has made over 4 million in less than a year without doing anything. Some people think it’s like a lottery but it’s not. It’s just a smart way of making money. There is a lot of money to be made in stocks and the market is just opening up. So let’s get enlightened and start making money that way.

Everything about money is about numbers but the maths you need is the simple times table; one up to twelve. The rest – A’ level maths, university maths – is all useless when it comes to creating wealth. Just remember your basic maths; simple percentages and formulas. Of course reading also helps to nurture the brain. I talk about social IQ. As for the academic IQ, it stops there. There are many educated people with 3 degrees but who have got nothing to present as security for themselves and their families. Go to Makerere and ask 60-year-old professors if they own houses. It is sad that some of them still have mortgages or haven’t even thought of owning houses at all. And for some who have taken a step to own houses, they’ve built or acquired residential houses, which doesn’t make them assets because they are not bringing in income. I think that is getting priorities wrong.

Work hard and invest, let us dream big and take risks. Story by Denzel Shantel August, 2017 

KEY FACTORS FOR SUCCESSFUL BUSINESS GOAL ACHIEVEMENT

5 WAYS TO GROW YOUR BUSINESS

5 REASONS THAT CAN HINDER YOUR BUSINESS GROWTH AND YOUR SUCCESS

This blog intends to give you helpful ideas if at all you are planning to start a business or you are operating one already.   These inspirational thoughts are meant to be engaging and valuable to make you prosperous in business.

You probably know WHY it is important to own and operate a business in this era of Magufulication.  Unless you have a fully satisfying JOB that can cater for all your needs, keep you out of DEBT, utilize your TIME fully and you never COMPLAIN.

If you are not in this LUCKY group which rarely none of us belong to, THEN you need to own and operate a business with prospects to GROW and make you SUCCESSFUL.

Unfortunately, majority of businesses aren’t growing and their owners aren’t successful because of these 5 reasons.

1.      Failure to have a specific market clientele

It is important to identify your specific customers. Who are you targeting? Many small businesses when asked to mention their specific customers fail to do so. They tend to think that anybody is their customer. No, it doesn’t work out that way and this kills many small businesses.

If a business doesn’t have specific customers or special target group its chances of success are minimal. This is the reason why even BIG companies have different products/services for different market segments.

You need to identify your target market, who are your specific and special customers and this will help you know where to find them, how to reach and to serve them even better.   

2.      Failure to have an effective marketing strategy

The main reason WHY we are in business is to make PROFIT which comes from SALES we receive from CUSTOMERS. Having as many loyal customers as possible assures us of having a stream of more and more new customers.  

As in reason number one above, failure of having a marketing strategy distorts the growth of a business. Many business owners don’t have a MARKETING STRATEGY leave alone having it in writing. They operate BLINDLY.  

Because of this reason, they negatively have the notion that since I have a good business already “CUSTOMERS WILL JUST COME”. Bad enough even if the customer walks in, they presume that the customer knows what they want.

A good business has to have an EFFECTIVE MARKETING STRATEGY that will retain existing customers and bring in more and more new ones. A strategy that will utilize existing customers to create more leads. A strategy that will lead to REPEAT business.

If you don’t have a WRITTEN MARKETING STRATEGY or are in need to REVIEW an existing one please feel free to consult us here at biasharainspirations for more help.  

3.      A one man’s SHOW business

No one operates a business alone. Businesses and business people need others to succeed. Every individual has 24 hours from which there is time to work and time to rest.

For a business to grow successfully, it takes TIME and EFFORT. You also require the EXPERTISE of other people and structure for a smooth flow of operations.   

A business that relies on one person only for it to operate is doomed to failure.  Such businesses encounter operational glitches in the absence of their owners because decisions cannot be made or goods/services cannot be delivered.

This is the reason why successful businesses apart from having proper functioning structures still spend money on automating some functions such as payment and customer support operations.

4.      Lack of  Financial Records

A business of any size has to maintain proper financial records. Unfortunately, many small and growing businesses do not have financial recording system of any form in place hence do not keep proper financial records.  

This leads many small and growing businesses to failure. A business owner should be able to track cash flow, the value of assets, manage liabilities, expand capital and pay taxes a task that is easily possible when one has proper financial records.

You could give a lot of lame excuses like the cost implication or time involved or lack of awareness and education but for your business to grow and succeed, you need to account for every shilling you gain from and spend in your business.

Besides, in modern day Tanzania where businesses have to comply with Tax regulations you cannot avoid the need to have and maintain proper financial statements and for you to qualify for a loan you should operate at least for 6 months a proof you can best present through your financial statements.

We currently have simple and affordable accounting software applications for small and medium businesses which can be customized to suit your specific business requirements.  It is useful to act NOW before it becomes compulsory.

5.      Starting a business without DETERMINATION

It is bad that some people go into business without a CAUSE. They are simply in business because they don’t have any other option. As such, they do business without passion and willpower.

Such type of people just respond to the business orders of the day lacking the discipline to drive their businesses  towards growth and success.

For your business to grow and you to be successful, you should know exactly WHY are you in business? WHAT do you want to achieve both in short and long term? WHERE do you see yourself in 5 years time? Answers to such questions will help you perform better and help you realize self-esteem in your business. 

AN OPPORTUNITY KNOCKING FOR MWANZA GIRLS AND WOMEN TO LEARN HOME DECORATION SKILLS

Home decoration is an art just as much as a profession requiring dedication, knowledge and expertise. If you wish you to become a PROFESSIONAL in HOME DÉCOR then this training is for YOU.

There are a lot of benefits that you will gain from becoming a home décor expert as handicraft business is growing popular all over the world.  

Most handicraft products are made by reusable raw materials such as bottles, cardboard boxes, magazines and this provides  accessible cheap affordable raw materials, minimum startup and more importantly helps to recycle waste making the environment clean.

Since income generation depend on the quality of skills that you have besides the resources and investment, then you will have the chance to start and grow your own business make more money through gainful self-employment.  

You will also have the opportunity to contribute towards economic development as Tanzania aims to become a semi-industrialized economy by 2025.

Selling unique products or decorative handicrafted items can increase our export rate, create employment, transform local raw materials into useful products and hence boost economic growth.

This upcoming TRAINING EVENT will give you the opportunity to learn and acquire 6 great skills Shaggy-mats/Carpets, Pompom-mats, Bottle-decoration, Wall-hangings, Lampshades, Khaki-papers and Bead-works. 

You will also gain basic business and management skills to manage your own business including how to price and charge for your products and services, doing branding and finding for markets.

The Trainer Grace Wambui is a Food Consultant and a talented home décor, CEO and Founder of Shaggy Mats Africa based in Nairobi Kenya.

Grace has great passion and dedication in her work and has helped train hundreds of thousands girls and women in home decoration skills in East and Central Africa. 

Her most recent training was in Zambia on the 23rd June where she conducted training to empower Zambian women in the North Western Province.

What type of MJASIRIAMALI are you? Are You Simply a Survivalist or an Entrepreneur?  

We decide to engage in entrepreneurship due to different reasons and motives. Some saw a new opportunity, others wanted to do a certain business differently, others wanted self-employment or self-actualization, others aimed at making more money and wealth yet others simply wanted to help others succeed.    

Entrepreneurship is like a wilderness, where the strongest survive while the weak ones live in continuous danger of elimination. There are so many reasons causing 7 out of 10 small businesses to fail, some of these reasons include poor location, not offering the right solution/product, competition, poor planning and poor management just to mention a few.

Knowing your motive and the reason why you are in business can contribute greatly to your success. Here are six types of entrepreneurs.

6: The Survivalists

Forced by circumstances they decided to venture into entrepreneurship. Some completed school or college, tried looking for jobs but weren’t lucky enough. In order to keep themselves busy and survive they decided to start businesses.

They mainly sell to survive. Suppose they land into an employment opportunity, they are likely to quit entrepreneurship and accept employment. Majority of these businesses rarely succeed.

5. The Copycats

A good number of us belong to this category and that is why we are often caught up in pyramid schemes and scams. We see the success of others and try to emulate it so as to ride in the tide as well.

Majority belong in this group because we see the success of others and tend to think we can succeed the same way.  We are easily tempted as in lottery and pyramid schemes and scams where chances to succeed are rare.

A copycat would think if Mary started an M-PESA business on our street and she is getting good money, I will as well start one and beat her. Sadly, most copycats fail early because they lack not only the skills needed to manage their businesses but also commitment.     

However, a few who are lucky to survive are those who think outside the box and “modify” the idea instead of merely copying it.

4. The Jack of All Trades

These are real hustlers who chase for money through any possible business opportunity. They operate anything from a butchery, M-PESA shop, Wholesale Shop, Saloon, Liquor shop or any paying business. Some operate their chain of businesses under one roof

They do these because of fear of failure. Should one business department fails then there is always another one. They will trade in anything as long as there is money to be made.

They however find difficulties surviving beyond ten years as scaling and adapting to changes in technology becomes a challenge.

3. The Social Entrepreneurs

Social entrepreneurs emerge where a social need needs to be met. When the government cannot meet all the needs of its citizens, the needs of people remain and social entrepreneurs attempt to meet these needs through products and services that they offer.  

Social entrepreneurs play an important role in almost all sectors including renewable energy, health and education.    

These businesses will survive for as long as the problems continue to exist and until the government fills up the gap. Social entrepreneurs can survive for eternity provided they keep up with the changing dynamics of society.

2. The Opportunists

As the name suggests, an opportunistic entrepreneur recognizes an opportunity and moves quickly to capitalize on the situation.

We see them in many situations for example a photographer in a big conference or graduation event, selling umbrellas during a rainy season, printing and selling T-shirts in a particular event etc.   

These entrepreneurs are smart enough to sniff out well-timed money making opportunities. They know how to jump in and jump out at the right time.

They are smart in making decisions a factor that contributes to their success or failure. They have to continuously keep looking for opportunities for them to survive. 

Their success may be short or it may initiate another one or become a life success. Majority of small businesses are created by opportunistic entrepreneurs.

    

1. The Innovators

Innovative entrepreneurs are born in the process of doing what they know and do best. Their success is not in how much they make but the impact their solution or product have to society.

A good example of an innovative entrepreneur is Patrick Ngowi of Helvetic Solar Contractors considered as one of the brainiest young African entrepreneurs according to Forbes Magazine. He is the CEO of Helvetic Solar and who started business nine years ago after receiving a loan of 2.3 million from his mom.    

Innovators will always survive until another better innovation comes out in the market. Businesses started by innovators are by far the most secure ones although quite a few still don’t live to see their second birthdays.

Final Word

What is your motivation in becoming an entrepreneur? Understanding your motivation as an entrepreneur can be the key to growing your business and reaching whatever milestone of success you are striving to achieve. So be honest with who you are and work towards your full potential.

ONE THING YOU DO THAT ANNOYS YOUR CUSTOMERS

Avoid These Mistakes That Annoy or Chase Away Your Customers

You are in business to serve customers  and in return they expect to receive much value as possible from each penny they pay.

You are not right, customers are and they expect to be treated as kings and queens. More so they expect to have maximum satisfaction from each shilling they pay out.

They might be very intolerant at times wanting answers to their questions which they ask with the expertise of a PhD holder yet you are a just a form 4 leaver.      

You might be familiar with a list of common SINS. But the question is; "Are you GUILTY of committing the 5 most ANNOYING sins to your customers?" Let’s find out.

1. POLICIES THAT DON’T MAKE SENSE

Have you ever walked into a restaurant at 11 am badly looking for a breakfast meal and then what the waiter points at is a sign that reads “WE DON’T SERVE BREAKFAST PAST 10 AM”? How would you feel? That’s the same way your customers would feel when you create policies that don’t make sense to them. Other dumb policies that annoy the customer are:

    1. NO ADVANCE PAYMENTS

    2. CREDIT CARDS NOT ACCEPTED

Why this is annoying

Such rigid policies are just annoying.

Solution

Stamp out all your dumb policies

2. THE SIN OF KEEPING CUSTOMERS WAITING IN QUEUES UNNECESSARILY

Waiting in queues is not good at all. Your customers have other important things to do apart from coming to your business premises. They come for a purpose and would like to be given prompt attention and off they go.

Why queuing is annoying

Wastes everyone’s time and creates anxiety. Your customers have already had enough sitting in traffic jam for hours coming to your business premises. Don’t create another mini-traffic jam for them in your premises – it is really exasperating!

Solution

With advancement in technology, it is high time you automate most of your services. Regular payments can be done using mobile money transfers while basic queries can be handled on socio media.   

3. YOU ARE BUSY EVEN WHEN THE CUSTOMER WALKS IN YOUR BUSINESS PREMISES

More have been said time and time again on this. Customers expect to be treated like bosses when they walk into your business premises and not like unsolicited intruders.

Why it gets them annoyed

It’s bothering to see people ignoring you as if you are an intruder who has just walked in yet you are a CUSTOMER. Customers want to go to places where they are welcomed and given all the attention they need no matter how small or big their budgets are.

Solution

You can change this habit by strictly ADHERING to BASIC Customer Care principles. More importantly, you can employ an office administrator to improve business relationships with the incoming customers.

4. THE SIN OF FAILING TO RESPOND TO QUESTIONS ON SOCIAL MEDIA

You maintain a socio media presence and update your social media pages yet you don’t take time to respond to questions sent in by your audience. You think that the enquiries are generated by robots and not human beings!

Why it gets them annoyed

In the digital age customers use social media to interact with brands. Brands that don’t interact with their clients on social media are often seen as MEAN, UNCARING, UNFRIENDLY, AND RUDE, ANNOYING…you can keep adding more adjectives to this list.

Solution

Invest in social media management. You can either spend 60 minutes every day on social media responding to questions or hire a full-time assistant for the job.

 5. THE SIN OF HIDDEN COSTS

This is annoying and unprofessional. You hide some costs to trap the customers in but then once they accept your offer you come up with additional costs and conditions. You tell them “You have to pay for a compulsory maintenance fee once a month or year.” Or “You have to buy extra bundles or upgrade to onother package blaa...blaa....blaa”

Why it gets them annoyed

Customers get annoyed because they feel like you’re taking advantage of their vulnerability and ignorance. They think you’re trying to con them off their hard earned money and destroys TRUST.

Solution

Have in place a transparent pricing policy. Add an asterisk sign (*) next to your marketing price. Then provide detailed explanation of the terms and conditions for the deal beforehand. Let the customer make an informed choice.

 Final Word

Well, what other annoying scenarios have you ever come across? What other mistakes do you think business owners keep making every day? Share your good thoughts here with us  at biasharainspirations.

WHAT ARE YOU PLANTING?

Parts of a business plan

Let’s assume that we are all farmers having only two different options to farming. Will you prefer subsistence farming like growing maize or commercial farming like growing coffee?

What is your choice, maize or coffee?

Well, it takes only about 90 days to harvest maize, but a long 6 years to start harvesting coffee.  

The truth of the matter is, most of us  will rather plant maize. Who in the world has the 6 years to waste waiting for harvesting?

But look! Maize comes and goes yet coffee will continue its prime production for about 10 years and may live on for 60 good years.

You will harvest your maize, eat or sell just in a few weeks, but coffee produces again and again for   years.

Here comes my POINT.

I have noticed that good things in life take a LONG TIME to materialize.

If you have a SMALL AMBITION, you can achieve that TOMORROW.

However, if your DREAM is BIG, then you’ll need a little bit LONGER time.

It may take 90 days to harvest ONIONS, but it takes 15 years (or more) to harvest PINE TREES.

What are you planting?

If you need a JOB, you can get one NOW. However, if you want to build a COMPANY, it takes TIME, FOCUS, DETERMINATION and ENDURANCE.

Just like an OAK tree that takes 20-30 years to produce its first acorns, so are GREAT GOALS and AMBITIONS.

To achieve your BUSINESS IDEA ensure you have it documented in a PLAN. A good BUSINESS PLAN acts as a ROAD-MAP to your DESTINATION which is your GOAL.

At biasharainspirations we can help YOU write an effective BUSINESS PLAN for your BUSINESS. Feel free to contact us.

5 Ways to Raise Startup Capital without Taking Bank Loans or Giving Up Equity

Potential business people and creative thinkers will often have amazing business ideas, but they put them on hold due to lack of funds. They know that their idea(s) will not go far off the ground unless they have some funding behind them.

Access to start-up funds remains a nightmare to many would-be successful entrepreneurs. Most banks will not agree to loan a business that is at the “idea” stage and when they do, the amount of interest rates they surcharge can send an already struggling business to an early deathbed. So what options can one pursue? Today I will discuss 5 debt-free ways to raise start-up capital.

1. Crowd Funding

Crowd funding is simply conducting a mini-fundraiser where you convince donors and people of good will to finance your idea. Unlike the typical church fundraiser you may be familiar with, crowdfunding can be done online.

You simply go to websites like gogetfunding, babandu, m-changa or kickstarter and upload a very inspiring story of you and your business. If your proposal appeals to people and involves them emotionally, then you will have higher chances of getting fully funded.

The good thing with crowd funding is that it’s free money and you don’t have to worry about the burden of repaying it with punitive interest rates. The only downside is that crowdfunding is quite competitive.

2. Bootstrapping

You don’t always have to start the business with capital that covers all needs. You can start with whatever little you have and try to survive within your means.

In that case, you will be ploughing back the profit and growing your capacity without necessarily going for loans. Although bootstrapping is not easy, it can be a safe starting option especially given the fact that risk of failure is always there during the first few years of operation.

Just figure out how to do everything within budget and efficiently because even if you raise money through other means it will still run out and you will still have to operate with what is available.

3. Offer Cheap Consultations

Everybody is an expert at something. Even if you are a school drop-out, you can still be an expert at say cooking, dancing or even knitting. If you are a form 4 drop-out you can offer expertise in say Early Childhood Development learning, animal husbandry or even basic mathematics – and so forth.

One way to raise money for your dream startup is by tapping into these talents and skills and offering cheap consultancies. Altogether you end up making some money from these engagements and get an opportunity to create long-term relationships with potential clients which could even save you a tonne of shillings that would otherwise be spent on initial marketing budget.

4. Take Up Part-Time or Short-Term Employment

There is nothing wrong with working and saving money. In fact, this is the method most successful entrepreneurs today used to start their businesses.

Toiling for your money will help you not be wasteful. In addition, you will have time to learn some of the best practices of running a business and you can even use the opportunity to create essential contacts.

There are even more benefits to be reaped if you get employed within your respective industry because that way you will be earning a salary as you learn a few insider tricks.

5. Raise Money from Potential Customers

This is a simple but smart strategy for financing a business. You simply approach a few of your potential customers, showcase your products to them and convince them to pay an up-front fee or deposit to get the job done.

For instance, let’s say you have an idea of this great website that would help company XYZ to operate more efficiently. So you simply approach company XYZ, show them a demo of the website and once they place an order you request them to provide a deposit.

Here you can use the language of “I will give you a 20% discount if you pay an upfront fee.” Once again, a very simple trick that can go a long way in helping you overcome the challenge of raising initial capital.

Final Word

There are many ways to raise start-up capital out there, but unfortunately most ordinary people don’t know about them. Feel free to consult us for help or share your ideas with us at biasharainspirations.