Late last year, the news of coronavirus outbreak in Wuhan China was reported by several media channels.
Before we knew it, the pandemic had engulfed the whole world.
Not only has Covid-19 killed people, it has left many economies crippled.
Many businesses have closed, while others are struggling to survive. Because of this, many entities are taking on painful decisions to cut salaries while others have opted to downsize.
In a scenario where you have been affected by the downsizing, wipe your tears and plan for what to do next.
Many times companies send-off people with some packages. If this happens well and good, make use of that package to start small.
In the event that you have been sent home without a package, it is not the end of the world, you can still start small with the little savings.
Mr Nathan Were, Access to Finance Specialist at the Boulder Institute of Micro-Finance, says if your job is gone, find something to do however small it may be. If you wait for your savings to be spent, you could face it rough in the future.
He advises that it is better to keep your cash flow running by taking up anything legal business that can enable you to earn something.
Mr Newton Buteraba, the chief executive officer House of Wealth, a local firm that offers business advisory services says: “First of all in the Covid-19 times, we are going to be doing two things; start by being ready which we have actually been doing while we locked at our respective home.
“During lockdown, no one was spending luxuriously. So in the event that you’ve lost your job, you need to maintain that mode of looking at cash as skimp,” Mr Buteraba shares.
Learn to give money the respect it deserves. So then, which are some of the businesses that you can invest in with your little savings?
He says Covid-19 has showcased boldly that people who are in the value chain of food, stayed transacting.
“Your salon was closed, the bodabodas were told to stop, taxis were not moving, malls and arcades were closed but the markets remained open and people dealing in food items stayed in business,” he adds.
Mr Buteraba’s advice is that it is not too late to invest in the food chain business. Remember because these are Covid-19 times, you no longer need to rent a place to establish a restaurant.
“Now, you can launch your food business from home. If you have a wife or husband who is a very good cook, you can launch a restaurant from home,” he adds.
The mindset has been cleared; it means if you have clothes that you have outgrown, you can launch a second-hand cloth business from home.
If you have someone who has the ability to do tailoring, you can launch the textile from home.
Mr Buteraba says because of social media, make use of your networks to market your business.
“You can be at home, just post a plate with that meal on WhatsApp or Facebook and inform your network of people that you can prepare great chicken, please support my hustle,” he says.
According to Mr Buteraba the initial person who makes an order will tell another and before you know it, you will be having a chain of clientele.
He adds that in such a business, you only need a trusted Boda Boda rider to help you deliver the orders to your respective customers.
“The wife can make Chapatis, and other snacks which are needed by everyone. You now understand your neighbors and know where they are lacking such that you can supply,” he adds.
Mr Buteraba says the other handy business that one can tap into is the charcoal business.
“Energy is very handy everyone needs charcoal, gas for firewood how do you tap into that energy bit,” he pondered?
So, this is the time to think out of the box to do the things you have never done before Covid-19.
Mr Buteraba says the money we get, however little it is, we need to be thinking of how you can start with what you have.
Perhaps, this is the right time to sell off your car and get the capital. Maybe, this is the time for you to sell off that motorcycle and get capital.
He says this is not the right time to borrow because when you borrow right now, it is very chaotic.
“The economy being in a recess means there is little demand other than food, little demand for clothes, rent, and all these other things,” Mr Butereba adds.
To those who have more than one vehicle in a compound, this is the time to sell off one vehicle and share the one you think is in good condition.
If you have been staying in a house of say Shs1m as your rent, you need to retreat a little; moving to a house of Shs500, 000.