Live in Uganda is somehow rough for those who do not have enough money on their disposal. Things become more difficult when you are not educated in any way or having a certificate that can help you secure employment in any company.
Based on my knowledge and skills in business administrator and management, I came to understand that sometimes what one needs to get somewhere in life is not to follow the part others are following but to make your own part in the way of creating the freedom you want for yourself.
To start a wholesale business in Uganda, you need to first understand the need of the people who lives around you. You need to underhand what the kind of things the will likely buy and the ones they usually ignore.
You do not want to have your stock in for 2 months without having to sell it off because the more the stay with you the more lost encored by you which is a sign of a failing business.
Take for example when you buy 50 bags of rice which you should be selling the rice bags in two weeks but because of low purchase rate, you were not able to finish selling them in two months.
What do you think will happen to you when you have used the money you need to have used to purchase another set of bags to solve other needs like feeding and paying bills.
You need to understand that their are things in Business that are to be avoided at all cost in other to make the best out of that every business.
Today i am going to guide you on the type of wholesale business you should start in Uganda, how to start it and the preferred locations where you would likely make a great number of sales every day.
I will be citing examples of how you can achieve everything we are teaching here and how to avoid some business problems people faces during their times of difficulty.
Understanding this post will not automatically make you a master of business but will give you tips on how business should work and what you should do when you are feeling low in your wholesale business.
There is a lot of money where is to be made when you learn from experience business persons like me. Uganda is facing a difficult time in terms of economics.
You can help yourself earn the money you want by doing the things unknown to others and things will work well for you.
The best time to make money is when a country is experiencing great economic distress which in the case of Uganda this period is.
A wholesale business can give you the following benefit if you are determined to make it work for you.
- Let You build when others are falling
- Give you the power to control the market
- Give you the option to choose which goods sale in your area of interest
- Let you earn a maximum amount of money.
How To Start a Wholesale Business in Uganda
Here is a break of the step you need to follow in order to start a successful Uganda. In order to take full advantage of this business idea, do not skip any steps that am giving here, you never know which one will give you the most success as you desired.
You may consider making more research about how to start a wholesale business in Uganda. Gaining more knowledge will help you grow.
I will be including more resources that you should check for a broader knowledge of how to build your profitable wholesale business in Uganda.
1. Buy Cheap From China and Sale Higher In Uganda
The success of a business depends on the amount of profit they are able to get dong their sales.
Let’s take as an example, you are in a car selling a business, you bought car A for $1000 in May and spent $100 on the transportation to the warehouse then after 2 weeks you sold the car for $2,500.
It will be a great gain because you made a 110% profit off the car you just purchased for $1000.
This here is a great business and the dream of every business person. Now for instance you made that kind of profit, you can easily buy two of those cars and market them.
Another example I have is that you purchased a car for that same amount which is $1000 but this time spent $500 transporting to your warehouse and later after 1 month sold it at the price of $1700. You will realize that after calculating both your feeding and other little expenses, you will not be able to invest more in your business.
Having a great knowledge of how to buy at an affordable price and sell high is the ultimate goal in business.
2. Sale The Most Important things People Need Most
Selling something that no one wants to buy is just a business that has no features. You should go get these things people would love to buy in your area of interest and start selling them.
This step requires work and analysis, make sure you make very good research and analyze the market on how to benefit on it.
Only sell those items and products people are interested in and no one has actually started selling it there, effort in pushing the business and you will be successful in the wholesale business.
3. Reinvest Into Your Business From Your Profit
When you make a profit from your business, make sure you are reinvesting into it, No business will ever survive without the owner reinvesting almost 80% profit into the same business that has given him or her that money.
Calculate the expenses you will need to make in order to bring other stock into your business, then write down what you need to buy and how much it will cost you.
4. Promote Your Business In As Many Platforms As Possible
Promote your business using Severy media like Facebook and Google. This will help you reach more audiences and expound your business.
5. Expound Your Business Buy by Adding More Goods To Your Products
Try out another kind of goods that you will be adding to the ones you are selling already and make sure that no one else is also selling those ones.
Bottom Line
Uganda is a very nice county, you should take the advantage of the business opportunities there to make changes for yourself.