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akenas_pop-in-bar [2018/07/29 08:10] (current)
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|+||My name is Akena Charles. I am 38 years old. I have a business at Lacor Centre in Gulu Municipality. I own a bar that I have named 'POP-IN-BAR. I came into business after falling out of school when I was in primary seven. Having nothing to do for a living, I picked on the hoe and did some cultivation. When I got some cash from the sale of my farm produce, I chose to do this business. I chose this particular business because this business there is nothing having dead stock. Whatever stock I purchase has a market. Even better it does not require a big start up capital.\\ \\ I am a sole trader. I deal in alcoholic and non-alcoholic beverages. The alcoholic stock consists of beers, spirits in sachets, locally brewed and distilled gins. While the non- alcoholics consists of all sodas available here in Gulu. My preference in being sole is because decision making and implementation do not take long. Benefits from sales are not shared by more that one person. I enjoy enjoying the profits all by myself.\\ \\ I have been into this since 1995 so right now I have seem good experience in the trade. But I started off after some apprenticeship from friends. who were in this kind of business already. They really helped to shape me into this.\\ \\ A stable political environment is needed for a successful business. My business went under great difficulties during the insurgency in northern Uganda. In 1999 for example, a military tank ran into my shop and destroyed the shop and all that was in it. The same year a group of rebels attacked my village and pillaged it thoroughly. My home was worst hit. The social setting of my business this time is conducive. The population is dense; a good many of the are lovers of my products. I am also pleased that we have electricity here. People may want cold drinks, fine I have a fridge to keep the booze cold for them. People in need of cold water or soda have no problem.\\ \\ I chose this location mainly because it is near my home. Walking home at any time of the night does not worry me so much. So lucky am I that even the depot for sodas and beers are just a stone's throw from my bar !!!!!!!!. The economic environment of my location is favourable because a good many of my customers are either wage earners or salary earners. So the flow of money into the bar is relatively at a constant.\\ \\ I know my competitors. There are so many of them here. I often fight off competition by giving some degree of discount to my customers just to keep them coming. But all the same competition in this business is stiff.\\ \\ I market my business through the billboard at my entrance,and also the sign post. I keep good track of my transactions in order that I get a good picture of the business. Record keeping is something I value so much. Otherwise one wallows in business like one who is moving in the dark. The way I see my business, in the next few years, say five,my capital will have increased to the level where I will be a wholesaler.\\ \\ Modern technology has really helped me learn many things especially phones and radios. I use them quite a bit. Unfortunately I have no yet Incorporated use of computers in my business. I believe in some time to come I will purchase one and learn to use it. At the moment I use the phone to pay off bills to my suppliers. I also use it to connect to various suppliers and customers. My suppliers are very valuable to me. In case of need of advice, these suppliers do the best they can to keep me out of problems.\\ \\ Whenever I realise a good profit, I use it to increase my stock. I also use it to improve on my well-being. Saving part of the profit is a culture I can not break. So from time to time I have some money saved. This has enabled me construct a decent living house. I also have fees to pay for my children. It would not be possible for me if I had no savings.\\ \\ I have a business plan. Except tact I need to have carefully written down. In part of my plan I would to expand this small business to include boarding and lodging with a restaurant attached. All in all it has to be somewhat a hotel. I also have a mission statement for the business ie to provide quality and affordable refreshment and entertainment service to my customers. It is my hope that when this mission is accomplished, I will get more and more customers.\\ \\ This business does not go without one giving out credits to buyers. But even so I take great care when doing so. When a customer is drunk it unsafe to give him any credit however small it may be. Many of my customers pay me back but others do not; yet I still welcome them anytime they choose to come back.\\ \\ I have two employees. I could not go through the formal system of employing them because of the financial implications it would have on my business. So I advertised for the jobs by word of mouth, had no formal interview for the candidates but just picked the fist two who came to me. I pay them monthly on an agreed amount. They do me good work. Without them I would be overwhelmed by the tedious work.\\ \\ A good description of my customers is that most of them are men above 18 years. Most of them come from around although at times some come from a long way off. These people select me over others because of the good treatment I give them. In this business there are ethical concerns from the public. The community blame me for being a promoter of alcoholism and keeping drunkards in the neighbourhood. On my part, I advise my customers to drink responsibly. I sell booze to people above 18 years.\\ \\ Being a sole entrepreneur, I manage my business alone but constantly do stock taking.\\ \\ The biggest issue for running this business is taxation by the local authorities and paying compulsory security tax.\\ \\ I see my business as having a bright future because I am focused.|