The Need to Formalise that Small Business of Yours

Uganda is known as an Entrepreneurial Country with various Global Entrepreneurship Monitor reports affirming that. It is very likely that 7 out of every 10 Ugandan employees do run a private business on the side. This could be driven by the low job security, lack of social security entitlements or the desire to earn more money and be more independent as opposed to maintaining  income. However, most of these ‘businesses’ are hardly formal and as a result operate below the radar. Initially this may be tolerated for the sake of testing the market but as they grow beyond certain boundaries, the need to formalise sets in. I share more insights in this Article.