What to Consider when Starting a Business in Kenya – Entrepreneurs are widely recognized as the prime movers of economic development, this are the people who translate ideas into action. Having ideas which are actionable is just a tip of the iceberg, execution is key to make this ideas great concepts and successful businesses. So what are some of the factors that you need to consider before Starting a Business in Kenya? This article looks and the critical factors that may make your start-up a success.
It is quite hard for one to succeed in a business they have little knowledge about. Get to know the in and outs of the industry you are getting into. The best method is to have a business plan in place where it outlines a SWOT analysis (Strength, Weakness, Opportunism and Treats). Get to know if there any entry barriers in the industry and how to overcome them. Get to learn who the industry players are and who are considered the big wigs in that industry. Get to learn about your competitors, what are their strategies, their strengths and what are their weakness and what can you use to your advantage? This will help you develop a much more effective strategy for your business. Then get to understand your market in other words who will purchase your products/service. Other questions to ask yourself is the market big enough to sustain your business?
Capital is essential for any business however big or small. You need to calculate beforehand all the necessary capital that you will require to fully set up the business. Create a budget an operational, service/product and equipment budget. This kind of budget outlines all the company need to start and also a few months into the business before it picks up. After getting to know how much its need to be identify the capital source. Funding can be either from your savings, loans from friends or a bank loan.
Where your business is located matters to your customers. It is vital to choose a location that is accessible to people, a location that has a high population and a location that will give your business an advantage.
Know all the legal requirements for the business and have them ready before starting the work this will ease your way of doing business and you will have your mind at rest. Also get to know any other rule or regulation that may not be outlined but are required. Get yourself acquitted with all county regulations and national regulation each county government has its own set of rules.
A positive attitude will help you in passing all the challenges and difficulties that comes up with any new business. There will be a lot of risks and hurdles you will face in this process and the only thing that will save you is your attitude and a good attitude at that.
The development of a business is not a matter of a day or a week it will involve a lot of time that is spent with hard work. You will be needing the help of some experts. Make sure you are ready to have an adviser or business mentor who can provide with the best advice at the hour of need.
This are just some of the many essentials you would consider when starting your business. It is also critical to remember that some business pick up fast while others take a bit longer. It is vital that you be patient through this process.
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Businesses to Invest in Kenya – Kenya is a good place for both Native and Foreign Entrepreneurs . The economic survey of 2018 has estimated the economy to have expanded by 4.9 percent in 2017 compared to a revised growth of 5.9 percent in 2016. When it comes to Businesses to Invest in Kenya many people give priority to the most Profitable Opportunities available. This blog focuses on such areas in no order of Preference or Profitability.
Agriculture is the mainstay of the economy and provides approximately 75 percent of the population. Right now the concept of agribusiness has a lot of potential investors channeling resources. In 2017 alone the sector contributed Kshs2.3 trillion to the economy. The sector ranges from rearing Chicken, Rabbits, Growing wheat to taping into the Export produce such as Avocados, Tree tomatoes fruits among others. The secret of agribusiness is to go beyond the orthodox Crops and livestock. One also need to invest in the farm so as to maximize on the returns. Also critical is that one seeks the services of experts for direction on the best practices and technical support.
With the Rapid population growth there is huge demand for housing in major cities around the country. This has led to the coming up of towns surrounding the cities and hence increased demand for residential housing. Opportunities for investment exists particularly in the area of upgrading slums and informal settlements, urban renewal, construction of middle and low income housing, manufacture and supply of building materials and components.
With the government making ICT a priority in its economic recovery strategy initiatives and the increased rates of e business and mobile transactions, there has been an increased demand for ICT related service providers in Kenya. Mobile phones are now abundant in Kenya and with devices changing constantly the demand for the latest phones and accessories will keep this sector growing. Internet access has improved as the population is getting more tech savvy. Areas in which investors are keen to look at are Data recovery, Online services, Electronic Gadgets, Software Development, Education and Training.
There are limitless Businesses to Invest in Kenya however this are just the top most sectors that one can look into. If you are looking for more areas to invest in you can Contact Us us for a feasibility study or Market Research.