I was recently fired from my job and now depend on my husband to take care of the family. I have two daughters aged nine and 11 and a son aged 14. I searched the internet for any job openings in my field – marketing - but I’ve been hitting walls.

Last week, after talking to a small-time entrepreneur acquaintance, I thought about going into business myself. I am now looking for a viable business to start. I saved up some cash when I was working but of course I’ve been forced to use some of it since my dismissal from work.

What business can I start with say Rwf200,000? 

Janet

The counselor’s thoughts...

Dear Janet, losing a job is very challenging in the contemporary world and no one would wish to undergo such an experience. However, with your capital of Rwf200,000, you are surrounded with a huge portfolio of financial opportunities capable of thriving to build a firm financial foundation.

Today, more women are taking aggressive steps towards ensuring their own financial success through self-employment, which in many cases, involves foregoing few momentary pleasures to decide which objectives you can reasonably pursue. Determining what you’ll ultimately gain from better money management is a strong motivating factor towards formulating your plans and goals.

Medium businesses like a hair salon, boutique, simple mobile phones or a stationery shop, etcetera, can give you the best returns, putting special attention on the validity, location and marketability of the business. Your capital can benefit you respectively if you apply sound money management principles in your investment plans.

Bear in mind that a well-developed plan will allow you to moderately meet some of your current living expenses, build a solid reserve and create opportunities for your money to grow. Apply strong business acumen by acting logically rather than impulsively through setting up a system to monitor and measure profit progress. You don’t need to be a millionaire; it’s the little thing that counts.

Be innovative and give it a try. This will give you a feeling of security to ensure solvency with maximum effort. Be your own economic expert, have self-discipline to think in long terms and remember that every financial decision you make is done in the context of living a realistic and happy future. Yes, money may not be the teller of happiness but buying freedom from financial worry can certainly add to you and your family’s cherished life pleasures.

Your feedback: Readers advise Janet

Try opening a small shop - Ildephonse Murwanashyaka

In my opinion I think a small shop can be a potential business for that kind of money. Do some research, visit shops around your hood and get some experience from those who started with such similar amounts. I believe that can help.

Your capital is low - Anselme Manzi

Honestly, I think that capital is low regarding opening a business. I think you should keep doing some research as you save more to top up on the available capital in order to start a business with a sizeable amount.

Try financial institutions for help - Claude Nshimiyimana

Consult several financial institutions, for instance Business Development Fund (BDF). Such institutions can help you with tips on getting into the right business with your available capital and also help you implement your idea by turning it into a reliable business. Many have succeeded and they started out just like that.

Borrow money to top up - Jean-Marie Vianney Sibomana

Personally, I think you should consider borrowing more money to top up your capital. Rwf 200, 000 isn’t too little but still, it might be for a startup when costs soar and spending is more than you gain. Borrowing more money can help you get into a profitable business because they require heavy capital.

You need to save more - Virginia Nyiranzimana

Self employment is the best option. However, it requires a sizeable capital to start the journey and obviously your available capital is on the low. You should seek for employment which eventually will help you save more money to add to your capital. That way, you can start a reliable business and meet your dream of self employment.

Compiled by Dennis Agaba

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Look for more money - Devota Mukashema

If you’re interested in self-employment, in my opinion, you have to find a way to generate more income to top up your capital. A lot of costs are incurred when starting a new business which can exceed what you have at hand already. Look for ways to get more money, and potential business ideas will be in plenty.

Go for business training - Anita Mutesi

Business trainings would be a better option. Self employment requires a lot of passion, commitment and investment in knowledge. In my opinion, you should consider taking business trainings; this will guide you appropriately and give you the necessary knowledge concerning small businesses.

Find another job - Grace Kaburanga

With all due respect, that amount is very little for a potential business. Seek for another job and first top up the capital at hand. Working for other people is always unpleasant but it’s a foundation for what we want to achieve. Find a job and save more money.

Invest in food - Rebecca Munezero

Consider investing in selling commodities, mainly food related. They require a small amount to start and they are easy to run. Visit food markets and inquire about how everything is done, it can be a good start for you, especially with your available capital. 

Sell fruits - Sharon N

I think selling fruits would work well for you for now. I know a lady who had even less than what you have now but her business has grown because she sells fresh fruits and has built a trusted client base. You should do the same.

What is your passion? - David Ntagwabira

I think the best thing for now is to look at fields you’re passionate about and eventually, that will give you a way forward. Obviously, starting a business in a field you’re not passionate about is a waste of time and money. Take time to do research in your fields of interests.Talk to other business owners - Zabroni Rukundo

Create links with entrepreneurs and other people in line with the businesses of your interest. This, eventually, will help you gain more business ideas and also give you more experience, thus enabling you to take on self-employment. Meeting people is a source of inspiration and ideas.

Try tailoring - Lucy

I’m not exactly sure how much it takes to start your own tailoring compnay but women have started with only one machine and now have full time shops. You could try that.