Five tips for a start-up

Dear Caroline,

I have had an opportunity to start up my own business. I floated a concept to a panel of business partners, and one of them has shown interest. My team and I are very clear about the product, but we are green on anything else around start-ups. Where do I begin? What must be done?   Catherine

Hello Catherine, congratulations on selling a winning concept and attracting a business partner willing to invest in what you have to offer. In my experience, start-ups are exciting; they move very fast, everything seems to happen like yesterday, and sometimes, some fundamental aspects are missed in a drive to market etc. These often come back to bite you. I would give you five tips for start-ups:

1. Partnership – you already have one partner investing in your idea. Make sure your contract and agreement are unambiguous, what they bring to the table, and what you bring to the table. I strongly advise getting a good lawyer to ensure your interests are met.

2. Governance – ensure your business is set up correctly and is compliant with the law; again, work with a lawyer who understands what you want to do so that your governance systems are set up to support the business to success. I would also make sure you have a board. The board is an integral part of the business; they are your sounding board and will help keep you focused. You want to get this right; you do not want the Uganda Revenue Authority to be on your case.

3. Start small – gradually grow your business, ensure you understand what you can do, and bring in the talent you need. Affordability is an essential aspect of business growth. Be ready to go the first year without pay; typically, the business owners are the last to get paid, and the staff get paid first.

4. You must use technology in all aspects of your business. Post-Covid technology has come front and centre, and no doubt you are likely to find many of your clients are online and want to have the service/products online. You must factor this into everything that you do.

5. Have fun – while it can be daunting and overwhelming, you must enjoy what you do. This is critical, especially when things become challenging, and you want to give up. Make sure that whatever you are doing, you are passionate about it.

Caroline Mboijana,

Managing Director, The Leadership Team (U)  [email protected]