How to start a women investment clubs One is every five Kenyan women belongs to an investment club, commonly known as “chamas”. These investment clubs have been in existence since time immemorial.
To avoid some of the mishaps that have befallen otherwise promising investment clubs,it is paramount for one to be cautious before joining one of these clubs.This is the case especially where the clubs are being formed by relatives or friends.You wouldn’t want to get into conflict with your relatives or friends due to poor decisions made whilst in an investment club with any of them.
I have taken time to briefly highlight some tips to be considered before one joins an investment club in Kenya.
Investment clubs in Kenya: 10 Tips
- Identify a group of friends you share similar interests with
- Float to them the idea so that you agree on how to start the investment club
- Agree amongst yourself on the chair and treasurer for the group
- Decide on how often you will be meeting. Ideally it should be once per month
- Agree on the venue of the meeting, whether you will be meeting on a rotational basis in members houses.This in view will keep you from spending your initial contributions in hiring a venue for your meetings
- It is paramount for members to discuss what happens in case one defaults on monthly payments
- All members of the investment club to have a clear understanding of the kind of investments to be made through the investment club. If members feel that there is need for them to invest in property, they would need to decide on the details to be used in registering such property. Avoid at all costs registration of property bought by the investment club in an individuals name
- All meetings should be well minuted to avoid any conflicts among the investment club members in future
- Have someone draft for you legally binding contractual documents for your investment club
- All club members should sign a commitment form to ensure that one doesn’t share the strategies of your investment club with another club.
I do hope that with the above, you are now able to make the best decision of how to go about forming or joining an investment club or several investment clubs