Barbara Katende is not only a jolly woman, but she also wears many hats. The coach, mentor, consultant, manager, and corporate trainer, is also has vast knowledge in financial management, and it is this prowess that I looked out for her.
After discovering that many have perfected the art of managing other people’s finances, she spotted a business opportunity of teaching people how to manage their own money.
“All the years we spend at school, we are taught how to manage other people’s money except personal finances. “When I carried out research, I discovered that people had real issues and what I learnt from personal discovery, I shared as nuggets that people started to take on. I shared the same concepts in my book, Money Cure,” she shares about her inspiration and start.
Katende also reveals that if one had six goals but achieved one that would cut across the rest of the goals, they would have excelled at financial management.
“I also started the journey of coaching because I came to learn that people are very private about financial matters and also want results. In addition, the pace is determined by the coach seeing that we learn at different paces and our needs vary from one individual to another,” she explains.
She, however, emphasises the need for everyone to learn financial management because regardless of whether one is a stay-at-home mother or a career person, money is in the equation of our daily lives
However, many people hardly take someone seriously, no matter how exceptional they are in a field until they present academic papers. This drove Katende into pursuing relevant courses and she became a certified coach and investment advisor in 2009.
The beauty about financial coaching is that you do not need much because it is a conversation which can happen anywhere.
“I am also an academician and I am applying financial principles, including investment. However, the biggest investment is passion - the desire to see people get better, pushes me to do even more .”
“It is rewarding to see people understanding that financial journey is a lifelong process and purpose to make decisions to change their status quo.”
Investing in herself is a continuous process in order to stay relevant and Katende says: “Being in business, I look for the most cost-effective way to offer the best. “Why go for costly ventures when I can get the same for way less? So the Internet is my friend here.”
For more than seven years, Katende has and continues to train and coach for Dfcu bank such as investment clubs, Women in Business (WiB) programme. “I walk with women entrepreneurs through the journey of starting to sav as well as invest, to see their money grow.”
I also teach them to grow, as well as diversify their sources of income to remain financially independent.”
She also undertakes organisational, group and personal coaching.
Katende is a proprietor of Money Cure Ltd, which has a background in law, making it easy to get it registered because she knew what was required.
While you may not be as lucky as she was, Katende says:“If you are weary of company registration, you should hire a lawyer to help you out.”
She adds that Uganda Registration Services Bureau (URSB) desginated a one-stop centre where all processes can be done.
“Even if you do not have a memorandum and articles of association, they have samples you can tailor to suit your needs. But you need a company name and you are advised to have three options from which you will pick one which can be reserved for a month, a period within which all formalisation must be done,” she advises.
She emphasises that a company should not be limited to operating just one business but can have several arms under it. “This is part of the training we give to women.”
The joy of seeing people taking charge of their lives is one that Katende prides in. “Being intentional about finances, making positive changes and maintaining them is a worthwhile venture.”
Katende also says that seeing these women diversify their income sources is rewarding.
“When I share, my candle lights many other candles and I celebrate that. We should share more to help others.”
“There are people who pull out after the initial coaching session. It is interesting to note that those that can afford to pay, actually do not. Many turn out to be defaulters,” she laughs it off. But because the motivation is sharing knowledge, considering that she has been teaching for more than 20 years, Katende is able to look beyond that challenge.
Much as she is a coach, Katende has listened to other coaches and has found their nuggets helpful. “As a woman, I beleive I can learn from others. I listen to people’s experiences and draw lessons.”
She also loves the idea that there is a corner (WiB) where women can find help, guidance and someone to hold their hand through entreprenuersgip jouney, “it is encouraging to know that you are not alone.”
Coaching is a relationship that thrives after some time. As such, she uses word of mouth, explaining that coaching can be compared to the work of a doctor or counsellor, “No matter how much you advertise your services, one will only come to you after a referral from a friend or relative.”
Katende cautions women against taking loans to start businesses. “In the first three years, there is barely any profit you are making. From the fourth to the sixth year, you are breaking even. Many business propietors start making profits after the seventh year. This is why it is not advisable to take loans when a business is in its infant stages. Go for it only when it has taken off.”