Business

10 Factors to consider before starting a business in Kenya

Starting a business in Kenya is one of the most incredible things every Kenyan wishes for. The joy of being called a business owner has made many millennials quit their 8-5 jobs to settle for their own.

We go in-depth with well informed knowledge on a Kenyan business level for new entrepreneurs. 

  • Why start a business in Kenya?
  • Factors to consider before starting a business in Kenya
  • What's the goal behind starting a business in Kenya?
  • Factors to consider before starting a business in Kenya
  • Conclusion

Why start a business in Kenya?

There are many reasons that will push people to start their businesses in Kenya. 

  • High unemployment rate 

 With the high rate of people not having a place to earn and put food on their table, Kenyans have gone back to the drawing board with self-employment as a tool to improve their lives.

  • Work from anywhere

It is easy to work at any place of your convenience while you are running your own business. Be it on social media, you can do the necessary in the comfort of your own home.

  • Ability to get people with the same interests

Creating unique products and having people admire and buy them is good enough for every entrepreneur. You can communicate and relate with customers depending on the type of products you are selling them.

  • Take charge

Through your business, you can manage and control what's going on with your company. As the owner, you are responsible for everything that's running under the job you have created.

  • Pursue passion

Starting a business in Kenya should have you loving what you do and creating for others. It would be best if you were naturally business-oriented for a smooth run and outcome. 

What's the goal behind starting a business in Kenya?

The goal is to create job opportunities for those who are less fortunate to get one. As the population increases, so does the cost of living and lack of employment. Focusing on your business increases your chance of benefiting one or more families. 

Factors to consider before starting a business in Kenya

The thought of having what it takes to get you to where you want should worry you less. From tech startups to simple shops, starting a business in Kenya has been made easy with plans. There are some simple factors that entrepreneurs considers, as listed below;

  • Create ideas

As a business executive, the most important thing to start with is identifying what you want and how it will work out. You can ask yourself simple questions only you will answer and be accountable for. To create the ideal job you want, you should have passion for it in the first place.

  • Brand name

As a beginner, you should identify your business with a name that's unique and easy to read for customers. This helps buyers and new users to mark and know your company and interact with you easily without confusion.          

  •  Target market

Try to figure out the idea behind the kind of work or product they want to produce. Set time for field research or watch youtube podcasts that promote marketing trend studies for insights. 

The business world can be pretty competitive, but on the brighter side, everything flows easily once you get the hang of it. You can always try being unique because people find normal boring.

  • Business fundings

Having ideas and being able to fund them is one of the most important things to do for your company. Whether you are applying for a loan from banks such as KCB or investors are chipping in, you should always consider funding your business.          

  • Legal documents

Running a business in Kenya should go hand in hand with securing a legal work permit. This helps your company run its normal operations and gives you the credibility to claim business ownership. There are many benefits in registering your company that will help you as an entrepreneur. Having legal documents means your clients can trust you as someone delivering services to them. You can also save your business from having altercations with the local authorities.

  •  Back up data

Protect yourself from cyber hackers that pose a threat to your important documents. Losing work built from scratch can be quite hectic, and you would want to avoid going through that as a company. Ensure that you keep your data with a high seal of security programs that won't give space for hackers to steal your account.

  •  Build a team

Just like any job, you need employees you can work around as a team. This is a factor to consider as you will be at ease at work knowing everyone has a task to perform. There is a saying that quotes, "Great minds discuss great ideas," and your business should run on this. These are the people that will either improve or degrade your work, so you must put in place rules to abide by.              

  •  Partnerships

It's always advised to partner with businesses that align with your target market. Get one in the same line as yours but with different products that go hand in hand. This way, your clients will receive products that go well together from both of you and benefit your businesses.

When it comes to the shipment of orders, whether in single or bulk form, you can always check out companies such as Sendy for delivery services at a fee for easy management.               

  • Consistency

Starting a business can be quite a task while at it, as it needs a lot of preparation and patience. Some days you will notice your work is going at a different pace than you thought it would have in your imagination. You may be unmotivated since it's your job sometimes, but to achieve great results, you need to discipline yourself with a workable routine.  

  •  Market your business

As an entrepreneur, you should find different tactics to attain new customers daily. From creating banners and posters to e-marketing your business, you can always have users buying your products and that's an important step for you. There's always a way one can advertise their products and get feedback on what needs to be changed or improved. All businesses need to be marketed, which will bring great support from locals and international customers.

Conclusion 

No matter how many ideas you may have with less capital, starting your business in Kenya will never be too late. With appropriate resources and determination, you will be good to go. You can take a few legal steps to get started and make it through the day.  

Always create room for expansion and work effortlessly towards nourishing your brand from small to large scale. In marketing, the dream is always to achieve higher and bring unique ideas into reality. With these tips gained from us, you can never go wrong with your business. Good luck on your business journey!

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Bellah Mukisa
December 5, 2022

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