A side income could save you

Sometimes we get absorbed with our professional jobs and forget that there is life after work. It is important that everyone prepares for such a time. That moment you do not expect any pay at the end of a month. This can only be done by having a side income alongside your professional work. This will also help increase on your income and in case you lose your job.

What kind of business
You can engage in anything that can give you an extra income. Zubedah Kunihira, the director Kaladon Industry Limited, says it is important for you to do what you are passionate about as passion will always push you to attend to your side job.

“You can choose to do farming, since right now it is one of the most income generating activities. This will give you food hence reduce the amount of money you spend on food as well as give you extra income,” she adds.

Good Ephraim, a farmer and teacher, notes that you do not need a lot of land to do farming, a number of people in urban centres engage in sack farming at their backyards, verandahs and earn from them. He adds that an acre of land can also earn you a lot of money if planed well.

At a women’s conference organised by Uganda Revenue Authority to commemorate Women’s day recently, the former Uganda Investment Authority executive director, Dr Maggie Kigozi, noted that there we a lot of gaps in tourism and travel, and education especially on the vocational part. She urged people, especially women to embrace these fields.

Small industry projects
Small scale industries could also be a choice, Moses Mukiibi, a civil servant, notes that he saved Shs4m and bought a durable grinding machine.
“I employed someone to run it during the day and I would join him in the evening and weekend. It was not easy at first but now I earn twice my salary from it,” he notes.

Office market
In most cases, the people you work with do not have time to go shopping, use that opportunity and sell something in your office. It could be clothes, groceries, snacks, drinks like juice, fruits among others.
“As most Ugandans are going digital, you can meet a lot of customers on the internet and sell your products there, this doesn’t need you to have a particular location as you can have the goods delivered to someone wherever they are,” adds Ivan Kiberu an IT expert.

Research
But Kunihira says research is very important because you need to learn about what you are to invest in paying particular attention to what need is in your area, who your customers are, what you are offering, among others.
She adds that job earners usually invest in what they think will work without looking at the practical side of the idea. Seek advice from an expert if not sure.

Balancing the main job and side business

Get somebody you can trust
Jobs are usually demanding as you have to be there fulltime, sometimes you may fail to make it to your side business.
Moses Mukiibi, a civil servant, notes that you can have someone you trust run your business.
“It is better to employ a trustworthy person who will keep your business running when you are too engaged. You can have constant supervision to make sure the person is working.”

Keeping records
“Records could also help you know how much you are making so it will be hard for someone to cheat you,” Mukiibi says.
He adds that abrupt supervision will keep the worker in line as when they know your schedule, they will always do whatever in the time you aren’t there.

Ephraim says you need to follow your money closely as the people working for you need it as much.
Avoid busy syndrome
He notes that even if you are extremely busy, you have to get time for your business because it important as well.
Zubedah Kunihira, the director Kaladon industry limited, says that most salary earners fail in business because they lack business basics; they suck out all the profits not giving it chance to grow.
She adds that some will take a week or two without checking how the business is going which is dangerous.

Keep hands off returns
It is important to let the business grow and then you can start getting money from it when it is stable. It is better you even forget it’s there for the first one year.
Keep adding money and not removing until it can stand on its own.

What to consider before starting up a side business

Daniel Mugalu, an entrepreneur, says when looking to begin your own side business as you keep your main job, there are a few things you need to keep in mind.

He says research about the business idea you have interest in before starting. Get to know the startup capital required, the start of the market, who is to manage the business in your absence and the risks involved.

“If you are to let someone else manage the business, then get to know the business dynamics and the required knowledge especially when the side business is not within your line of profession. This will help you not to be cheated by other people,” he advises.
Find out how best you can stimulate demand for your side business not to just look for it.
He adds that before you pick interest in a side business, ask yourself if you will be in position to balance between the formal job and the side business. Know how to juggle between the two not to lose out on both.
Furthermore, Mugalu, says a side business must not interfere with your formal job.
By Phionah Nassanga

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