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Saturday, April 11, 2020

SMALL OFFICE HOME OFFICE (SOHO) AT POST COVID19

With the COVID19 gone and business is back up and running in the streets of major towns in Uganda, a lot of changes will take place and one of them is working from home or limitation in movement.
Many Ugandans during the quarantine and lockdown tasted the home office and they think that is one method of work they can explore since the one or so months has yielded the same results and at a reduced cost.
SOHO is an acronym for Small Office Home Office, a term used to distinguish small businesses from mid-sized and large businesses. Technically, SOHO businesses have zero to ten employees, although many of them are one-person shops.
Information technology is a typical SOHO example that includes writers, web/graphic designers, software developers, systems analysts, etc. who can work remotely via the internet
Construction people who work on a contract basis in the construction industry such as plumbers, electricians, carpenters, tilers, masons, etc. who can carry most of the tools of the trade-in trucks or vans and don't need an office
Professional, Scientific, and Technical Services are SOHO examples and include consultants/specialists in various industries including accountants, lawyers, engineers, and everyone who works in a small office, whether as employer or employee.
SOHO businesses have increased the world over with the advent of technologies such as cloud computing and mobile devices that allow home workers to access business information over the internet from home.
Many professionals, including lawyers, travel agents, accountants, and financial advisors, may start operating as a SOHO business. New types of businesses based entirely on the Small Office Home Office model, such as Virtual Assistants, will also be created.
SOHO businesses will increase steadily as the increasing number of corporate businesses embrace telecommuting.

The Need to Operate SOHOs
The main reason why people may want to work from home or in small offices after the COVID19 Pandemic is the freedom they get from:

Reduced commuting: - People who operate SOHO businesses generally don't have to spend hours commuting to work every day. In addition to not spending time in traffic, there are savings in a vehicle or public transportation costs as well as reduced expenses on dry cleaning, child care, etc. There is also a reduced effect on the environment from vehicle emissions.

More family time: - Working from home or in a small office allows people to spend more time with their families, and friends. A home office arrangement is particularly advantageous for stay-at-home moms, given the flexibility in the hours of work.

Less distraction and reduced stress: - Working in a busy office can be very stressful, especially since most large companies have long since abandoned the concept of individual offices for employees and have embraced the cubicle concept, which due to the small workspace, and lack of privacy many people find confining and depressing. Noisy offices can be very distracting for people who need to focus on tasks with minimal interruption.

Comfort: - Working from home is much more comfortable than working in a corporate office. If you decide you want to get up and work in your housecoat or pajamas all morning you can. In your own home or private office, you have the freedom to set up your office environment exactly the way you want.

Being your own boss: - Working from home gives you a certain level of independence, even if you are an employee. If you want to catch up on social media during the business day you can do so without feeling like someone is looking over your shoulder.

Improved health and well-being: - Those who work in a small office/home office have a better work/life balance and are often happier and more productive than those who toil in a corporate office all day. Reduced stress, increased flexibility, and more time for family, friends, and exercise contribute to a healthier lifestyle.

Cost-saving: - However, running your business as a SOHO can also involve considerable cost savings as well from office space rent, stationery, transport, office logistics, furniture, non-essential staff, etc.

Tuesday, April 7, 2020

BUSINESS OPPORTUNITIES AFTER THE COVID19 PANDEMIC

A lot of business opportunities are expected to come up after the COVID19 Pandemic has been controlled and these are expected globally. In Africa, we have always not been prepared for any opportunities after calamities just because we mourn longer and forget that in every problem there is a hidden opportunity.
Opportunities we have envisaged to grow are more in the service and production sectors as highlighted below:

  1. Online shopping and delivery of goods from those in supermarkets to those in food markets
  2. Transport and logistics of procured merchandise to the consumers
  3. Psychosocial Support due to the many changes that are coming with this new situation like people who are losing jobs, the stress of home working, etc.
  4. Internet Service Provision for Home Office and Education since these are going to be the new trends to enable cut costs
  5. Sanitizer and Face masks Production are objects that we are going to live with to avoid any other similar attacks
  6. Health Beverage Production seemed to control and increase the immune systems of Africans
  7. Spirits and Gin Production will increase as an additive to the sanitizers gel, solutions, and the wipes
  8. Computers and Communication Equipment Trading and production is going to increase to cater to the demand of the home and education use
  9. Organic food Production will increase since many of the developed countries have high demand and yet it here in Africa that we can abundantly produce it
  10. Health and Medical Services
  11. Pharmaceuticals Production
  12. Office and Home Cleaning
  13. Occupational Health and Safety at home and workplaces will be needed due to the change in our work methods and environment
  14. Power and Energy Production is crucial because of the increased usage of E-commerce

With any opportunities that come there are also threats that come along which must be dealt with to avoid economic distortions. Threats we envisage to encounter in the post-COVID19 Pandemic are:

  1. The collapse of the infant real estate sector especially middle-income residential
  2. Reduced usage of Public Transport because of home office and layoffs of support staff
  3. Reduced renting of office space and shop space for those that have opted for internet use
  4. Reduced social and nightlife in bars and clubs with government restrictions
  5. Reduction in production and sell of building materials due to the collapse of the real estate
  6. Reduction in the tourism and hospitality sector because of reduced travel since many organizations are opting for E-commerce

This, therefore, calls for orienting your entrepreneurial mindset from businesses that work in the Pre COVID19 to businesses that will work in the times ahead.