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FAQs...
Welcome to our Frequently Asked Questions section. If you have any further questions regarding business, entrepreneurship or investment; please send us a message.
Q: How do I find an investorfor my business?
A: First things first: You need a business plan that will show anyone who loans or invests money what they will get in return. Generally, by actually writing the plan you will come across the mistakes or holes in some of your thinking. You will also begin to think through your operations, required staffing for those operations, marketing strategies as well as your cash flow and profitability, all very vital for a successful business enterprise.
When you think you have done your best, it istime to getting (a group of) advisors/professionals to look through your plan. Then and only then are you ready to go looking for money. Too often people go see the "people with money" before they are ready and wonder why they are not taken seriously. It's only after you have put in serious effort that people will take your idea seriously. If the business plan is feasible and you are committed, IRIS will look with you.
You can down load business plan templates to guide you formulate your business plan. (bidnetwork link).
Q: How can I get to participate in IRIS networking/learning events?
A: It is still true that birds of the same feather flock together, and iron sharpens iron. IRIS organises a number of networking events that bring starting and growing entrepreneurs together, as follows:
a) The IRIS BiD Breakfast: Held every last Friday morning of every even month of the year, the IRIS BiD Breakfast is hosted at the City Royal Resort Hotel, Bugolobi, from 8.00am to 11.00am. It is a structured networking and learning event where up to 30 entrepreneurs take time to network, explore opportunities, hold themed discussions with seasoned entrepreneurs and get tips on how they can strengthen their own businesses, on top of a wholesome breakfast. We have guest presenters, from policy makers and implementers like URA, URSB, UIA to CEOs and academicians, among others. Potential investors are present and entrepreneurs get to pitch. With prior arrangement, entrepreneurs hold mini exhibitions to showcase their products. The Breakfast has been going for years!
b) The IRISBizDrink will happen every last Friday evening of every odd month of the year, starting November 2015. It is an informal gathering of budding and established entrepreneurs to network and exchange business ideas in the hope that these informal meetings will culminate into solid market linkages, and opportunities for learning and support.
c) Seminars and Workshops: We will organise seminars and workshops on various themes and skills, ranging from Customer Care Excellence toTeam Building to Operations Management. During the Global Entrepreneurship Week every November we host a half-day seminar on Farming as a Business.
d) Business Clinics: You can ask to join a group of five to have an hour every so often to discuss business management with our in-house experts and fellow entrepreneurs.
Should you wish to participate in any of these events, please get in touch via our website.
In fact, if you write a lean plan or a one-page pitch first, you may find you actually enjoy it. There are several resources available online; however, IRIS Consulting & Training offers advice and training on how you can go about adapting your business plan to the local and regional contexts. Do get in touch via our website.
Q: How much capital do I need to start a small business in Uganda?
A: Accurately estimating how much capital you need is crucial to the success of your business. If you underestimate your needs, you will run out of money before the business becomes profitable. If you overestimate your costs, you will never raise enough money to get your business off the ground. Whether your start-up costs are UGX 50,000 or UGX 50,000,000, you will need solid numbers, cost estimates that will enable you make the right decisions.
There are a number of places where you can get some information, including:
a) People in similar business.
Entrepreneurs who own a business similar to the one you intend to start are a very good resource for start-up cost information. Your future competitors probably will not want to assist you, but entrepreneurs outside your geographic area are often more than willing to help.
b) Suppliers. Suppliers are an excellent source of information when starting a business because they are looking for business from you themselves. Visit a number of suppliers, compare prices, quality and costs, and explore possibilities of getting discounts and other deals such as buying on credit, bulk discounts, special offers etc. The more you save, the better for your business.
c)Producer Associations: Producer associations in Uganda are likely to deal directly with your market niche, and might give you sample start-up cost worksheets and financial statements, names of established business owners and suppliers in the industry, market research data and other useful information. Suppliers' associations are good resources, too.
d)Government institutions. The Uganda Investment Authority, the Uganda Export Promotion Board, the Uganda Chamber of Commerce and the Ministry of Trade and Industry can provide guidance on formally launching your company, registration and getting all the legal paperwork done. This is however more relevant to larger companies.
Q: How should I go about writing a business plan?
A: Your business plan is your compass. It will help you map out a new course, and navigate through unchartered territory. Whether you're writing a business plan for the first time or the fifth time, it doesn't have to be hard.
e)Business start-up guides. How-to start-up guides are available from several independent publishing companies and some trade associations. These guides can be good resources for researching start-up costs, especially in well-established industries. Make sure the guide isn't outdated, and keep in mind that some costs vary widely throughout the country.
As you read, be on the lookout for tips that can help you lower your start-up costs. Reading business start up articles in newspaper and magazine can offer estimates of overall start-up costs and help you come up with itemized lists of the costs you will need to research. Always use credible sources.
f)Business consultants. A well-qualified business consultant such as IRIS can offer excellent advice about start-up costs--and even do a lot of the research for you. IRIS can also help you organize your own research into useful financial projections and scenarios, particularly in the field of agri-business, at a modest cost.
g)Enterprise Development Centres in your area – such as Enterprise Uganda in Kampala, the regional Private Sector Development Centres
All the information you gather will inform your investment plan and thus your financial plan and the capital you will need to start.
Q: Must I have a business plan to start? Can’t I just start? How many of all those business people in downtown Kampala have written business plans?
A: Let’s start from the last bit: how many Ugandan businesses are two generations or older? Very few!! Part of the reason is that things are not written down. Goals and targets and growth strategies are not documented, sometimes not even financial transactions are documented. Thus, once the founder is not around, the business flounders. Examples abound. You do not have to have a documented business plan, but a documented business plan is a guide that marks the road you want to walk. A documented business plan can help you access finance from a bank or other financial institution, it gives your business credibility. It keeps you on track, it helps you evaluate your progress and it could very well lead to the success of your business for you and for posterity.