Why you should start a juice business in Uganda.

There are many reasons you should start a juice business in Uganda.

One of which being the ready market for juice. Given the unfavorable climate, most people are forced to refresh during day. This is positive to your juice business.

Side income is another. Who doesn’t want side income? With a juice making business, you can be able to realize some.

For more of these, you can do more reading on reasons why you need a side business.

Who is this business for?

Anyone who is ambitious enough to take on the challenge. It doesn’t require a lot, better if you have a shop and you incorporate this business in your shop. Those with restaurants and you don’t have this, you are missing out. Remember, this is already in your sector of food and refreshments.

Is the juice business profitable?

Since we do business for profits, it’s worth all our time to look at how profitable the business might be prior to start up. Surely, juice fruit making is profitable. For your case, you need to do research in your area. You can also do the business on a small scale prior to expansion to do a thorough analysis of how profitable the business is.

How to start a juice business in Uganda.

Now that we clearly know what a juice business is all about, let’s take a look at the break down. The actual steps to take while starting off your juice business in Uganda.

Read also: How to start a cosmetics shop in Uganda.

Determine your niche.

What juice exactly are you going to produce? Or are you going to blend different fruits to produce a given recipe. Whatever the case is, what is most important is being sure of what you are going to produce and if it’s marketable. You’ll need to do some research in your area to find out what people prefer.

Some of the factors you should consider while choosing a niche.

• Availability of the different ingredients especially fruits in your area. Your ingredients should be readily available.
• Cost of the different ingredients. Ingredients should be affordable to bring out the element of profitability in the business.

Business plan.

Next is a business plan for your juice business. Often times we tend to forego this. This is one of the mistakes we make while starting new business. But for this, let’s not blunder. You should write a clear business plan to clearly streamline your business.

Some of the elements you should include in your business plan are;

Executive summary:

An executive summary should contain a brief introduction and summary of your entire business plan.

Business description:

This is a clear description of where your juice business will be located, the products or different blends you’ll sell, and who your target customers are, your projected growth, your partners in business, the different opportunities your business offers, and more.

Business goals and objectives including production strategies:

 What do you want to achieve in your juice business and how do you plan to achieve it?

Market analysis: 

Know your competitors, their strength, and weaknesses. This helps you exploit their weaknesses to your advantage.

Organization and management structure:

 How does work flow through your business with the main goal of achieving the business’ goals and objectives.

Sales strategies: 

Sales strategies are plans for promoting and selling your juice to buyers in a unique way from those of your competitors. This can help you can make more sales.

Funding and financial projections: 

You want to start a juice business. Where are you going to get funds to start off your juice business? How much do you expect to earn from your juice business? This is what this is all about. Consider the article for details on how to write a business plan for your juice fruit business.

Create juice recipes.

Now that you have planned your business and chosen your niche, it’s also important you create recipes. If say you’ve chosen to produce passion fruit juice, then you need to streamline and determine the different quantities you’ll use while making the juice, the different flavors you may add to make the juice special and give it a unique taste.

Read also: How to start a dairy farming business.

Get permits and licenses.

The food law may not be so tight in your area. Nevertheless, don’t take chances, get a food production permit to show authenticity. A business operation license is a must in all locations in Uganda. To avoid distance from the authority, better get yourself one prior to start of operations.

Look for supplies.

Fruits. This is all what the juice business is about. Look out for possible suppliers in your area of whatever fruits you’ve chosen to deal in.  This shouldn’t be a great issues given you chose your niche based on this.

Get a good location and premises.

No need to worry if capital is a problem. You can have this side hustle just at the front of one of your businesses. Nevertheless, if you don’t mind, you can have a unique startup. Rent out space and make a juice parlor. It’s a smarter and more demanding start but it pays off in the long run. Give it’s a try.

Start off your juice business

It’s always a big challenge to start off but it pays off when things go well. For your juice business, having all the above in order with your business well planned, start off.

Market your business.

Get your juice business a brand name. Preferably one that gives customers a hint of what you deal in, one that is memorable and easy to pronounce.

Make out banners and stickers of your juice business and post them on vehicles, walls and door entrances.

Brand your juice packaging to give your juice an origin and a nice attractive look.

Create social media pages for your juice business on different platforms such as Facebook, Twitter, and more. Advertisement on the different social media platforms too can give your juice business a boost.

Read also: How to start a cosmetics shop.

Tips to get your juice business ahead of others.

• Have juice ladies to move your juice all around town looking for customers to improve sales.
• Have your juice natural as it’s what most people prefer. Avoid food color or any other additive in juice.
• Cleanliness and quality juice will get you the numbers.

Conclusion.

Juice business is one of the businesses that require little startup capital. Incase capital is a problem or you are a low income earner, you can look into juice fruit business as a way of bolstering your revenues and getting your pockets happy. Some of the things to have in mind is that, things don’t always work out as planned, but with perseverance, they get along. how to start a juice business has been discussed and All the best in your juice business. All the best of luck.

We’ll walk you through the process to register your business in Uganda, what documents you will need, how to fill them out, who can help, and the benefits or reasons you need to register your business.

To start with, it’s appropriate we first discuss;

Why you should register your business.

• It Safeguards your business name through acquiring a trade name.

A trade name can’t be shared. You’ll realize how important this is when you grow your brand. New businesses will wish to have names similar to yours to confuse people into buying their products. Registering your business will get you a name to develop that will sell your products.

• Registration makes a business Obtain a legal Identity/status.

This makes the business’s existence identified and acknowledged by the law. This is important as most customers want to deal with legally known businesses

• It’s easier to market or advertise for a registered business.

Your brand name can be used for reference to your product. It further eases marketing as when you speak it, people know exactly what you are talking about.

• Registered businesses easily access opportunities such as financing, tenders and more.

Registering your business makes it eligible for tendering and looking for market legally and professionally. Heavy buyers like the government band NGOs often prefer to deal with registered businesses as they claim they are authentic.

• Business formalization creates more markets for the business products and services.
• Improved business presence in the market.

Registration gives a business a sound presence in the market and enables it to ably compete with others especially the established ones as all the businesses have the Same status.

In this article, I’ll limit the registration process to a local business for those who locally live in Uganda and a foreign one that is incorporated in Uganda Mainly for those abroad that wish to startup businesses in Uganda.

It’s important to note that;

A business name is a name under which any business is carried out. It’s different from a company as a company is a separate legal entity with its own identity in law. It mainly helps indemnify yourself or your service in trade hence distinguishing your business from others.

Registration of a business name is simple and it is discussed below.

Below are the steps to register your business in Uganda.

Registering a business name.

• Search for the availability of the business name.

This is discussed in detail below.

• Reserve the name.

This shall involve payment of reservation fees and is further discussed below.

• Pay registration fees.

In Return, you’ll receive a certificate of registration of a business name. All this shall be carried out by the responsible body that is URSB. (Uganda Registration Services Bureau)

Read also: How to write a business plan.

How to register your local business in Uganda.

To register a local business in uganda, we start with;

Search for the business name.

This is the first step in registering your business. It’s not tedious as it takes a short while and it’s free. It is to search and see whether your business name is still around. All you need to do is fill in the reCAPTCHA and the business name or identity and search. The responsible agency is the URSB. You can use this link for the business name search.

Reserve the Business Name.

Reserve your business name so that it’s not taken if your intentions are not to register right away. This is after the business name passes the similarity, defensive, offensive, and desirability tests. A reservation only lasts 30 days before registration. This takes a short time of fewer than 3 hours. Uganda Registration Services Bureau charges a fee of 20000 Ugx for this. You can reserve your business name Here

Business/ company registration.

 After name reservation, up next is registering your business. This process requires the following documents;

• Memorandum of understanding

A memorandum of understanding is an agreement between two or more parties written in a formal document. It is not legally binding but indicates the willingness of parties to enter into a contract.

•  Article of association.

Articles of association is a document that specifies the regulations for a company’s /business operation and defines its purpose. This document should be signed by the lawyer.

•  Company forms (these you can pick them from URSB or download them online here

The fees paid vary based on your business share capital.

Obtain Certificate of Incorporation.

This is a legal document relating to the formation of a business or company.

After reservation, you file the following forms

•  Form 20-Appointing Directors & Secretary
•  Form 18-Address of the company, draft Memorandum & Articles of Association.
•  File Form A1 and S-18

You can obtain these forms from URSB or download them online

After filling the forms, attach a copy of valid I.D and a passport photograph, and scan the documents and submit them to URSB. Here is a link for that.

Note: Attach proof of payment while submitting the the forms .

After submission, it may take up to a week then you can pick your certificate of incorporation.

Obtain an Investment License.

This is a license that allows you to sell and market investments. In Uganda, the Uganda Investment Authority is responsible. It can take up to 5 days and it’s Free of Charge.

Obtain a Taxpayer Identification Number (TIN)

The Uganda Revenue Authority issues this out. It can take up to 10 Days at zero cost unless otherwise. You can visit the URA offices or their website for more information about this.

Trading License.

 A trading license is a certificate that permits the applicant to commence a particular business in an area. The local City Council issues this out. It can cost from Ugx 80000 to Ugx 500000 depending on your business. The process of obtaining a trading license can take up to 1 day and usually, the authority checks the business premises to see if they comply with the minimum requirements for that business.

Registration with National Social Security Fund (NSSF)

The National Social Security Fund organization is responsible for this registration. It applies to all employers with 5 or more employees. Usually, it is a cost-free service.

The forms required in the registration are

• Employer registration form
•  registration form.

You can get these forms from your nearest NSSF branch feel them and submit them. After submission, it can take up to a week to have the process completed.

You can also register online at their website.

Make a Company Seal.

A company seal marks documents as official and authentic. It can take up to one day to make a company seal.

Open a bank account in your new company’s name.

Finally, as you know, we are in business to make money, it’s to open up bank accounts for your business after registration in your business names. This is a requirement by most banks when getting a business loan and payment in the bank for the purchase of goods is a good option, especially for big transactions. Have this at the back of your mind.

How to register a foreign business in uganda

A foreign company is incorporated in another country (Uganda). If you have such a company and wish to do business locally, then you must register it locally. Below are the steps to register a foreign company.

Certified copies of Memorandum of Articles of Association or Charter or Constitution and Certificate from the country of origin duly witnessed.

You can pick these forms from URSB or download them online Here

Forms;

24 Particulars of Directors and Secretary

13 Statement of all subsisting charges

List of Names and Address of Persons Resident in Uganda authorized to accept service on behalf of the company

26 Address and Principal Office of Company.

Conclusion.

You now have a lot of information about how to register your new business in Uganda . It’s time for you to take the next step and make it happen! If this sounds overwhelming, don’t worry, we can help with all of these steps so that you stay on track. For more information, contact us today. We’re happy to provide any resources needed from our team of experts who will be available at every stage in the process so that everything goes smoothly without a hitch. Now is an exciting time as you start your business journey, let’s get going by taking care of those first few items listed here!

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Let’s move.

So, to start with,

What is a business plan?

I know this is what some people are already asking themselves.

A business plan is a document that provides the framework for a company’s operations and financial expectations. It includes an overview of the organization, market analysis, product or service description, competitive analysis, financial projections, and other information relevant to running the business.

Why do you need a business plan?

I think this is yet another question you must be asking yourself.

The reasons you need a business plan are many, but I’ll highlight a few most important reasons.

• For proper execution of the business.

The business execution process is the hardest part of the business. It’s time to do what will earn you money. A business plan will help you go through this process systematically as it shall guide you through every single step.

• To seek funds from other people.

Oftentimes, we can’t fully fund our ideas and so we need investor funding. A business plan helps pitch your business to an external investor and prove to them that the venture is worth investing in.

When should you write your business plan?

When I was starting out one of my side hustles, this was a question on my mind. Since it was on a small scale, I thought I didn’t need one.  This is a tendency of many people especially when they are starting out on a small scale. Yes, sometimes you have the plan on your mind but it’s always a wise idea to write it down. So that you can follow it to the dot. In case you are away, anyone can move your side hustle forward as it has a clearly drawn plan. Therefore, in short, the answer is “Always”.

You should write a business plan always. Whether you are starting small or not, it can always help.

Common mistakes in writing a good business plan.

Before we move on to How to write a business plan, its important we hint on the common mistakes while writting one so that we avoid those.

As the saying goes,

‘mistakes are human’

William Arthur Ward

Though oftentimes they lead to business failure. It’s important to try as much to avoid mistakes in business. Mistakes in a business plan shall directly lead to mistakes in the business as you’ll implement a play with a mistake. Therefore I say it is wise to highlight some major mistakes while planning which include,

• Being vague about goals or objectives.
• Choosing the wrong goals for our plan.
• Focusing on too many goals at once, instead of just one or two.
• Not being specific.

The mistakes when writting/ making business plans are many. You can read more about them in our full blogpost about mistakes we make while writting business plans.

The basic steps of how to write a business plan.

The good news as far a writing a business plan is concerned is, there isn’t a need to invent a new business plan format. You’ll use a template. All you need to do is fill what corresponds to your business in the template. You can add more elements to make your plan unique, and in good shape.

Executive Summary.

An executive summary should contain a brief introduction and summary of your entire business plan. It should describe the business, the problem that it solves, your target market, financial sources and all one needs to know. It’s a good idea to write the executive summary last because it’s just the summary of the whole plan.

Its main aim is to give lazy readers a context of what the whole plan is about. One should know what the plan is about by just reading the executive summary

For example, someone who wants to open a rabbit farm can talk about;

• Their experience in rabbit keeping.
• Connections that they have with other rabbit farmers.
• What exactly sets your business apart.
• What makes your business special or better than others
• Your target products and more of the sort.

Business Description/ overview.

In this part, you clearly write/ talk about your business in full depth. Clearly describe where your business will be located, the products you will sell, who your target customers are, your projected growth, your partners in business, the different opportunities your business offers, and more.

The business description should clearly let one know all about your business.

Business goals and objectives.

Goals are guidelines or achievements you want to attain. On the other hand, Objective’s implementation steps to attain the identified goals. The difference between the two is that one (objectives) help you attain the other (goals). Unlike goals, objectives should be smart.

Some examples of business goals would be;

• Increase the total income of your company by 10% over the next year
• Increase overall business brand awareness.
• Reduce production cost by 3% over the next one year.
• Open new offices in your location and more

Read also: The key elements to success for a new business.

Market Analysis / Industry analysis

One of the success factors in business is knowing your competitors, their strength, and weaknesses. This helps you exploit their weaknesses to your advantage.

In addition, you should describe your target market, you can include profiles of your ideal customers.

Specifically, who they are, their favorite forms of the products you produce, and more. Ideally, you should also include a SWOT analysis in this section

In the swot analysis, you discuss the strengths, weaknesses, opportunities, and threats to your business.

For example, for a rabbit farm, an opportunity can be that there aren’t many rabbits Famer in your area.

Your strength can be that you have good knowledge of rabbit rearing.

Your weakness can be that the business is new in your area. Not so many people have experience in the sector as far as veterinary services are concerned.

A threat can be a neighboring upcoming rabbit farm, hate speech in the industry discouraging rabbit meat consumption in women, and more.

Market research is an assurance of your market. It helps you see a gap in the market and suit your product specifically to bridge that gap. And if you don’t have enough funds, this can convince an investor to fund you by clearly elaborating and convincing them that the business is worthwhile.

This section also includes your research in the market. You have to go to the field and look at the current businesses in your area and the trends the market is taking. What flavor are people preferring nowadays, and more of the sort so that you start the business with exactly what people want?

Organization and Management Structure.

It’s in rare cases that you’ll start your business alone. You’ve heard the saying that ” two heads are better than one”. So, in this section, you’ll clearly show how workflows through your business with the main goal of achieving the business’s goals and objectives.

In addition, you can highlight the different talents of your team with whom you’ll launch your hustle.

Sales Strategies.

A sales strategy is a plan for promoting and selling your product or service to buyers in a unique way from those of your competitors. This can help you can make more sales than them. It is meant to provide clear guidance to your sales team on how they are to sell products efficiently.

Under this, you can talk about your;

Marketing strategy, including marketing mix, distribution channels, and promotion strategy. You’re only going to succeed in business if your products are purchased. In a plan, you can only guarantee by having a clear sales strategy that is convincing especially if you are looking for funding.

Funding.

As you are concluding with your plan, the money you need to start your business comes into play. Here you’ll need to draw up a realistic budget based on experience and research. If you aren’t sure, you can give an average figure in terms of worst- and best-case scenarios.

Often times businesses funding can be a contribution from more than one person, if you are seeking additional funds, it’s often wise to talk about how much money you have at the moment. Try to be realistic in this section so that people take you seriously and consider buying your business plan.

Read also: How to raise money for your side hustles.

 Financial Projections.

As you know, we are all in business to make money. Then we should project that in the planning process to determine if all goes well, what our reward would be.  This section clearly shows if the business is worthwhile. If the projections are so big, this is an indicator that the plan is missing some skeleton components of the plan.

This section is based on your sales strategy and its anticipated efficiency to predict your reward in that particular business at a specific time.

Conclusion

A business plan outlines the goals and objectives of your company, as well as how you will achieve them. It’s an essential tool for entrepreneurs to help them take control over their future by mapping out what they want from their business.

When writing your own business plan, it’s important to follow this outline on how to write a business plan and address all points in order to create one that can be used effectively. You should make sure not to forget any key components or get too carried away with details so you end up forgetting the big picture.

Take a few minutes out of your day and come back here after reading these points so that we can talk more! We want to hear from you! What are your struggles with planning? How can we help you? Let us know by getting in contact with one of our experts today. Your thoughts matter which is why we hope to see them soon.

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You’ll have to find business ideas using the methods that will be discussed. Later, sieve out to find the right business idea that fits your needs, personality, and more.

Below are a few characteristics of a good idea.

• It should be possible to start it small. You cannot just mass invest in an idea you are probably not sure about. So a good idea should be one that can be started small. Plus most people don’t have that much money to mass invest in new ideas least proven practical.
• Then the idea should be scalable. If you start it small and it works out, it should have potential to be operated on a large scale.
• It should have existing market or have capability of creating market.
• The idea should be profitable. this is obvius as profit is wha you are looking for in business
• Another characteristic is that It should be unique. It may not completely be but it should have a strong point that it shall be the existing ones with.
• The golden characteristic is that it should solve a given problem. people shall always look for solutions for their problems.

Read also: The key elements to success for a new business.

Below are some of the ways to find ideas and later sieve to the best.

Find a market gap.

Have you ever bought a product in the village at quarter it’s the price in town? Then that brings out the clear concept of the market gap. In production areas, goods are always super cheap as compared to non-producing areas.  Take an example, the price of fish at the shore isn’t the same as in the desert. You can pick goods from production areas and take them to the scarcity areas and make good money.

Research.

Look into popular trends and see what people are buying/interested in these days to find the Right Business Idea. This will give you some fresh ideas as well as an understanding of who your target market is. And the actual form they want the good or service. It will also tell when and if they are most likely to purchase your product or service. With all this information, You are good to go. You can make a decision on the actual ideas you can start or wait a little longer. Though the better part of it is always to start right away when things are tight.

Brainstorming

This might seem obvious and unrealistic. Brainstorming can really help you get those creative juices flowing. It can help you discover something that’s been right under your nose the whole time. You could also use mind mapping or free writing in order to do this step of the process more efficiently. It sounds casual. But yes! It made it number one on the list. You can brainstorm and get really good ideas that you can shape out into billionaire ideas. Give it a try today.

Create a unique idea that solves an existing problem.

Solving a problem is the father of business. If you want money, solve people’s problems. They’ll pay you for solving their problems. If you discover a given problem in the area, start a business that solves that problem. If one has a given problem, say they are sick, they never settle till the problem is solved. So if you can solve the problem, then you’ll earn money for solving it. To Find the Right Business Ideas, look out for problems faced by people. how to solve those problems are the business ideas.

Read also: How to raise money for your side business.

Test your idea with potential customers.

Getting the right business idea is sometimes tricky. It gets complex if the field in which the idea lies is not your profession. You always get issues in planning and estimation to really know how things may work out. Given the economic situation today, it’s not advisable to just bump into a business. It’s always a good idea to test your business with potential clients and see how to improve based on their feedback.

Conclusion.

That’s it! We’ve covered the basics of how to Find the Right Business Idea. But, if you’re still feeling unsure about what your next steps should be, don’t hesitate to reach out and we’ll help guide you through this process step by step. Let us know in the comments below.

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Sell off one of your properties.

Property is positively correlated to money. But not always. You may have some valuable property and no money to start your hustle. Selling it off is one of the ways you can raise money for your side business/ hustle. Especially if you know that you can regain it later. Don’t let it just be there, use it to raise money for your hustle. If you can’t regain it, then you need to weigh the property and the side hustle and choose wisely.

Get a loan from a friend or bank.

A loan is best suited for side hustles that’s are running already. This is because you’ve already tested the hustle and are certain that you’ll raise the money to repay the loan. Nevertheless, a good well-researched side hustle is worth a try with a loan. You can get one from your bank or friend. Remember it is very important to repay your loan very well to easily get one next time you need it.

Read also: Considerations to re pay your loan very well.

Livelihood and poverty eradication campaigns.

A lot of governments and non-governmental organizations especially on the African continent have started these campaigns. They are aimed at eradication of poverty in the locals. They usually give out loans at very small interest rates or no interest. You can look out for these organizations and government bodies. Pitch to them your idea and they provide funding for it at no interest rate or a very small interest rate.

Ask your family and friends.

This is one of the major sources of capital and the best way to Raise Money For Your Side Business. Most people don’t consider this. Your family members and friends have money and are willing to finance your project. This may not always be the case. Some may and some may not but those who do and are willing to help you out can give you something to start with. This is a worthy way of getting startup capital. Give it a try.

Use your savings.

If you have some good savings that you’ve accumulated, this is the right time to bring them out. Your savings may not necessarily cater for the whole startup capital. But can get you somewhere on your start-up journey.

Joint venture and Angel investors

An Angel investor is a person with a big financial muscle that may invest in your business in exchange for equity. These are just like partnerships. You can start a partnership with another person in business. This is a good one if you don’t have enough startup capital. You can pitch out your ideas to people that you think have a bigger financial muscle than yours and are willing to invest with you. Ideas can be stolen, so as you are pitching your ideas to someone, you should be careful about the person you are sharing with. Or else you may lose the whole idea to that person.

Read also: How to find the right business idea.

Venture capital.

This is assistance in business from a well-off external investor to specific businesses that are believed to have long-term growth potential. If you think your business does have this potential, this could be a source of funding for it. The setback to this is the external investor always expects equity in the business and has a big say in business decisions.

Crowdfunding.

This is yet another way to Raise Money For Your Side Business. Crowdfunding is the generation of startup capital for a project through the contribution of small amounts of money by a big number of people. These small contributions add up to big sums of money that can start a project. Crowdfunding is typically done online. Some of the top crowdfunding sites include Indiegogo, seed investment technology, StartEngine, and more.

Government Grants.

A government grant is a financial award given by a federal, state or local government to a beneficial project. Most governments require your business to be running to apply for grants. If your project has a lot of benefits to nationals, the environment, and more, you can apply for a government grant. Grants can be hard to win especially due to tight requirements and high competition from other companies. You need to stand out to easily receive one. Nevertheless, if this doesn’t work out for you, you can try out those other ways of raising money for your side hustle.

Read also: The key elements to success for a new business.

Sweat equity.

This involves the provision of valuable labor to the project. This labor would have been paid for. Therefore, when it’s provided for free, you are cutting down on startup capital. Or you are starting the project and your startup capital is in form of labor that can accomplish the required task. Such tasks could have actually been paid for. This is a good one as you too as the owner can provide this. Family members and friends especially those with no money can contribute this to your startup.

Conclusion.

There are many ways you can raise money for your side hustles. Those that don’t require that you pay back and those that do. For those that require paying back, prioritize repayment to keep your side hustle growing and get it out of debt.

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If you own one that does not make enough commission, the good news is that you can do some things differently from how you are currently doing them to try and make more. This article is for those who don’t make enough, But it’s a good idea to welcome more. So, if you are making a good commission, you can as well read through and improve that and avoid some mobile money-related issues.

Before we discuss how to improve your mobile money commission, it’s important to look at the rules to follow for successful mobile money. These will help keep the side hustle moving forward. These are very important when it comes to capital safety which is directly related to the commission. You can read about the rules for a successful mobile money side hustle here.

These are ways to improve your mobile money commission.

Reconsider the site.

The site is one of the most important aspects of any mobile money business. A good one should be busy and accessible. Your site can be the reason you earn less. Carry out a study and check the number of people that “approach” you daily. If the number is very small, this could be the cause. Try finding a busier site.

Read also: Rules for successful mobile money business.

Advertise.

This is key to every side hustle mobile money inclusive. Most people think mobile money is exceptional and all they do is paint the tables yellow and red. This isn’t enough. Put up a simple signpost and banners showing all the services you have.

Increase your capital.

If customers are not the problem, then it’s capital. Do a survey and find out how many customers you chase with no float or cash. If the number is big, increase your capital so that you work on more customers hence more commission. Mobile money business requires capital of at least 1.5 million Ugx.

Work for more time.

This is another way to improve your mobile money commission. Working for more time means being available to serve customers and make more commission in that additional time you are working. It’s archivable to work from 7:00 am to 7:00 pm. Some mobile money agents work from 9:00 am to 5:00 pm. These leave out a lot of customers that come around at that time.

Note: it’s not advisable to work at night unless you are sure about your security.

Provide the service for all networks.

I’ve visited many agents who work only on one network say Airtel Or Mtn. This limits you to only customers of that network and you chase away most clients who don’t prefer that network. If you are dealing in only one network, expand your business and provide services for others.

If the money for purchasing the other network’s agent lines is the problem, you can use your smartphone.

You can read more about how to use your smartphone with no agent sim cards to do mobile money of all networks here.

Avoid dead transactions.

By dead transactions, I mean a transaction where you don’t get the commission. Transacting is risking and it’s doing business. If you are to do a transaction and earn no commission, it’s like working for free. Before doing a transaction, think twice and if it’s a dead one, leave it out.

Read also; How to start a mobile money business with your smartphone.

Avoid bad debts.

Just like any other hustle, bad debts blow the mobile money business. You may fail to work on many customers due to less cash or float yet money is tied up in bad debts. This negatively affects your commission. Just follow a simple principle. No lending business money and you’ll be good to go.

Balance your float and cash.

At the beginning of each day, make sure you have good amounts of both cash and float to work on all customers. In some rare cases for example if you operate in a place where they do a lot of withdraws than deposits, bias the cash. Let it be more than float. Remember to do this every evening or morning accordingly.

Minimize expenses.

Finally, improve your mobile money commission by minimizing expenses. Depending on how you do your business, expenses are always subtracted from the commission. This reduces the commission. Doing all it can to reduce your expenses can improve your commission. Don’t do this at the expense of the business as it shall negatively impact it.

Conclusion.

Earning a good commission is the main goal of every mobile money business. If you follow these ways well, they’ll help you achieve it.

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This is a free world!

Some people use their spare time to do side hustles but sometimes, you can find that you don’t have enough spare time to do the hustle or you misuse the time and it ends up being insufficient. You have to use the little time sufficiently to do more work. These are the ways you can save more time for your side hustles and get it done in your tight schedule.

Here are the ways to save more time for your side business.

Plan your day.

If you don’t have enough spare time for your side hustle, then probably you don’t plan your day. This is an issue with most people. They don’t plan their day. And probably you as well. All they do is push whatever comes their way with no direction.

“A day well planned is one well spent”. Try to plan your tasks in order starting with the hectic ones and giving them a genuine time frame. See how this works out, you’ll get done so fast and save more time.

Read also; Top 5 reasons why you need a side business.

Buy time by employing someone to do it.

Time is money, then how can you buy some? Is that what you’re asking yourself? You can buy time by employing a professional to do your side hustle. This can save you a lot of it and stress. Think about it.

Take on side hustles that need you in a time you are free.

Some side hustles have specific peak hours when there is high demand for their products. Choose one that has high demand when you are free, and do it only at that specific time.

Take on side hustles that need very little time or passive side hustles.

These are the side hustles you’ll enjoy doing. You only do them once in a while when you are free and for a short time. Most of that little time is spent setting up the hustle. You spend insignificant time doing them compared to the rewards.

Take on side hustles you can do anytime, anywhere, and when you choose to.

These also exist. You can do them anytime you are free and when you want. Choose one of these. Most of these shall require a lot of time starting them but with time, you only do them when you are free and at any time.

Mechanize your hustle.

You can create more time for your side hustle by mechanizing it. You all know that machines do work effectively, and faster. You’ll save a lot of time using machines as they do more tasks and push your hustle forward.

Read also: 7 top facts about side businesses.

Motivate yourself.

Motivation is what is missing most times. Choose a side hustle around what you like. This alone can serve as motivation to be at your hustle. A hobby can be the best for such motivation though it’s rare to find a profitable hustle in your hobbies. You always do better with motivation hence more tasks done at your hustle.

Concentrate /switch off all distractions.

Distractions reduce your efficiency. To get all side hustle tasks done in the available time, do away with distractions such as kids, your phone, and more. This can help you accomplish tasks and remain with some more time for your side hustle.

Train yourself to improve speed.

Efficiency and speed come with practice. Do that to get more experience in your side hustle. This can increase your speed of doing side hustle tasks. You can finish all tasks and save some time. Through this, there is more time created.

Conclusion.

You may never have enough time to do your hustles but try to do the heavy or important tasks first. This way, you can keep your side hustle moving forward as important tasks are done first and minors that can’t heavily inflict the hustle pending.

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This is a free world!