Questions for Business StartUps

  STARTING A BUSINESS

Starting a business can be exciting and rewarding, however there are many challenges that you will encounter along the way, and that’s even before you open your doors.
A high percentage of businesses fail within their first three years of operation. Good ideas don’t always make good businesses! Businesses that survive and thrive have a number of things in common. This guide will be a great starting point when considering commencing any new business.

Below are some few questions you can ask yourself during the initial stage before starting your business.
You may not answer all of them with a BIG YES or 100% but its good to know where you stand.

Before you start any business you need to get a really good focus on your business idea and just what it is you want to do. Starting a business is risky at best and understanding the problems you will face and working out how you will tackle them before you start will increase your chances of succeeding.

ABOUT YOU
You will be your own most important asset, so an objective appraisal of your strengths and weaknesses is essential. Ask yourself:
i) Are you a self-starter?
ii) Do you get along with a variety of personalities?
iii) How good are you at making decisions?
iv) Do you have the physical and emotional stamina to run a business?
v) How well do you plan and organise?
vi) How will the business affect your relationships / family?
vii) Have you worked for someone else as a supervisor or manager?
viii) Have you had any business training?
ix) Are you willing to take advice and constructive criticism?


ABOUT THE MONEY
One of the leading causes of business failure is insufficient start-up capital. Once you have taken care of your building and equipment needs you must also have enough money on hand to cover operating expenses for at least one year. In addition you should include your salary as the owner and money to repay any loans.
Ask yourself:
i) How much money do you need to get started?
ii) Do you know how much you can contribute to the business set-up?
iii) What are the alternatives in financing your business?
iv) What do you need to do to get a loan?
v) What should you know about accounting and record keeping?
vi) What level of profits do you anticipate?
vii) How much credit can you get from your suppliers?
viii) Are you willing to reinvest your salary / business profits to help your business grow?
ix) Have you talked to your Bank Manager and Accountant about your plans?
x) Have you considered a partner?


ABOUT THE BUSINESS
There are four basic needs for success in small business –sound management practices, industry experience, technical support and planning ability. Few people start a business with all these areas covered.
Ask yourself:
· How does your business idea differ from other similar business?
· What will you name your business? Why?
· What purpose will your business serve?
· What is the state of the industry you are planning to enter?
· Who will your clients or customers be?
· How will you market your business’ goods or services?
· How much will you charge?
· How will you measure your business success or failure?
· Who is your competition?
· Who will be your suppliers?
· Where will you operate your business? Is it a good location?
· Will you have sufficient room to expand if necessary?
· Do you know exactly what equipment and supplies you will need and how much they will cost?
· Have you a plan to control your inventory?
· What technology will you rely on?
· How will your business impact the environment?
· What will the hours of operation be?
· If you are buying an existing business:
i) Are you sure you know the real reason why the owner wants to sell?
ii) Have you compared the cost of buying an existing business with the cost of starting a new business?
iii) Is the equipment / inventory up to date and in good condition?
iv) Is the building in good condition?
v) Will the landlord transfer the lease to you?
vi) Will the landlord allow any structural alterations?
vii) Have you considered buying a franchise?

ABOUT THE PEOPLE
Your staff will be critical to the success of your business.
Your goal should be to hire employees who will be productive
and add value to your business.
Ask yourself:
i) How many employees will you need?
ii) Who will you hire?
iii) How will you recruit / hire?
iv) What qualifications / experience will they require?
v) Will your family be involved?
vi) What wages will you pay?
vii) What training plans do you have?
viii) Should you employ contractors?
ix) Should you have an apprentice or trainee?
Before you employ staff you must ensure you understand how the structure of your business may affect the wages and conditions you will need to provide to your employees.
When you employ staff it is also important that you calculate your costs. The costs will not just include wages but also the ongoing costs of superannuation, workers compensation insurance, leave entitlements and possibly payroll tax. These can typically add 25-30% to wage costs. Other costs that should be considered are those associated with training, equipment, protective clothing, fringe benefits and supervision. Finding and keeping the right staff is often the major challenge in business.

TYPES OF BUSINESSES
Before commencing a business you will need to decide what structure will suit your business. There are significant advantages and disadvantages for each type of structure and you should consult a business advisor, accountant or solicitor for advice.

The most common forms of business structure are:
SOLE TRADER
The business has no separate legal existence from its owner. As a sole trader you will be responsible for the liabilities of your business.
PARTNERSHIP
Is a contractual relationship between two or more people where the profits, losses, risks and assets are legally shared according to the terms of the contract.
TRUST
Is where a business is transferred to a third party who has legal control and has a duty to run that business to benefit someone else.



COMPANY
Is a legal entity separate from its shareholders. A company director has additional legal and reporting obligations.
You should discuss the advantages and disadvantages of each business structure with your accountant and determine which is the most appropriate for you. There are many and varied legal requirements when starting /operating a business. Because businesses are so diverse it is not possible or practical to list every mandatory requirement for all businesses. Businesses will also need to comply with federal, state and local council laws and requirements.

A few extra questions:
i) Are you passionate about entering business?
ii) Could you make more money working for someone else?
iii) Do you have supportive family and friends?
iv) Do you understand how your work / life balance may change?
v) Do you know where to get further help and advice?
vi) If you have answered all these questions carefully you have already done some hard work and serious thinking. The next step is to put all these thoughts into words by creating a business plan.


REFERENCE
A Guide to Starting a Restaurant / Café/ Take-away- Compiled & Produced by the South Australian, Department for Manufacturing,
Innovation, Trade, Resources and Energy © June 2013

HOW TO LOAD YAKA UNITS

BELOW ARE THE COMMON WAYS IN WHICH YAKA UNITS ARE PURCHASED.
Note: Yaka is a prepaid payment system that was started by UMEME Uganda Ltd since

There are several ways of topping up your Units without being disconnected remotely by the programmed machine/POS Terminal.

USING A PAYWAY/EZEE MONEY OR ANY OTHER AGENT

1. Have your YAKA Account Number ready and accurately written down.
2. Pay AGENT for the units you will consume and provide your phone number for a confirmation SMS.
3. The amount you pay must reflect exactly on the receipt you are given, e.g. if you pay for 20,000/=, the message must indicate you paid 20,000/= and the units are calculated accordingly!
4. Take the printed token, then go to your keypad terminal that was installed near the building entrance.
5. Key in the numbers accurately and wait for updating of the units.

USING MOBILE MONEY

1. *185#, then proceed to option 4
2. Choose UMEME TouchPay
3. Choose either PayBill or Buy YAKA 
4. Key in A/c Number
5. Amount
6. Confirm with Mobile Money PIN and accept
7. Wait for confirmation message and then you can load your units into the meter with the provided token number by simply keying them in and it will update automatically.