The wholesale business is quite remarkable in that it involves buying goods in bulk and reselling them at a higher price to get massive returns. The business requires a lot of capital as the goods bought in bulk are expensive, not to mention the rent for the space you will be occupying and the licenses and taxes. Here is a look at what you need to do to start a wholesale business in Uganda.
How much capital do I need to start a wholesale business in Uganda?
To start a wholesale business that deals with commodities such as sugar, rice, beans, and so on, one will need around 2 to 3 million Ugandan shillings. There will also be other expenses incurred, such as rent and the cost of acquiring licenses.
Steps to start a wholesale business in Uganda
To start a successful business in Uganda, one has to do things and the necessary permits one has to acquire. Some of the steps are as below;
- The first step is to know the type of business you want to start and acquire a unique business name.
- The next step is to register your company with the Register Company and later be issued with the certificate of registration.
- Acquire all the necessary licenses from the Ministry of Health and Fire Department. This ensures the safety of your employees and yours and the consumer’s safety, especially businesses that deal with food.
- Register with the local authorities to get a trading license or operating permits.
- For Tax, purposes register with the Uganda Revenue Authority. Once you register your wholesale business in Uganda, you will be given a Tax Identification Number that will be like your account number.
Tips to start a wholesale business in Uganda
- Have a business plan that you will follow to the latter. It will help you manage your finances and not overspend.
- Advertise your business using posters and even on social media platforms. Tell your friends to tell other friends so that your business can grow.
- Study the strengths and weaknesses of other businesses in the same field as yours and get to know how they work with them.
- Look for a location with the target market. Urban places near town centers and shopping malls are some of the best places to start almost any business.
- Offer delivery service at a small fee to help your customers get their goods on time.
- Look for a supplier who offers goods at a cheaper price so that you can get massive profits.
Also, look for one who offers quality goods.
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