State Minister for Microfinance Haruna Kyeyune Kasolo has urged Ugandans to start side businesses rather than relying solely on their monthly salaries.
Haruna Kyeyune Kasolo, State Minister in charge of Microfinance, has urged Ugandans to start side businesses instead of always relying on their monthly salaries.
Kasolo made the remarks while monitoring the progress of the Emyooga project in Kasese district. He advised that much as a monthly salary is breathtaking, it should be used to start up daily income generating activities to boost one’s earnings.
“Try as much as you can to start a daily income generating activity. Salary is useless. That is why it is withdrawn the moment it hits the account. Use your salary to start a daily income-generating activity.”
“Even if you get shs100 million a month, you will mortgage it. You will use it to service loans you borrowed before you received your salary. And you will be in that cycle forever. But there are those workers who even don’t mind about the salary. They have other activities,” Kasolo said.
He explained that much as loans are good to help people and businesses bounce back, borrowers should not acquire short term loans (funds) to start up long term investments.
“Use part of your salary to start a business. Don’t go for loans. Some of you go for a short term loan, then put it in a long term investment. Get a loan and start a business that will bring you money the following day,” Kasolo advised.
In addition, he said once an individual has a side daily income business, it can easily benefit them under the Emyooga program because they can easily acquire cheap loans from SACCOs to inject in their businesses.
He said under the Emyooga Saccos, government has ensured Ugandans have access to cheap loans that they can easily pay back other than having to run to banks and money lenders who he said are loan sharks who are ready to “eat” them up.
“You will get capital from savings and credit from Emyooga. You don’t require a lot of money to start a business. I am Minister for Microfinance but if you find me home, you cannot believe I am Minister. I am a farmer, I have people to fry chapati, I am in bodaboda business, I am in taxi business, I am in poultry business, but for you, you have that pride; you say I cannot fry chapati,” the minister added.
He further said even after setting up one side income, one should not settle for less, they should go on and add other businesses because these will help sustain them in times when one business is affected.
“After your business has grown, think about another business. I heard private teachers crying during COVID-19. Who said teachers cannot have chapati businesses? Why do you have only one job and say I am contented? That is why an MP loses an election and gets out of Parliament after one term. You can’t believe what you see when you meet them. They think being an MP is a job. You need to diversify,” Kasolo said further.