List of Businesses to Start with 50k in Kenya
Before starting any kind of business, you need to do a risk analysis to identify the possibilities of your investment bearing fruits or failing. Otherwise, you may experience the latter without having a clear plan on remaining at the top of your competition regardless of prevailing challenges.
Do not be blinded by the fact that you have your starting capital and disregard the need to ensure that you start and run your business in the best manner possible. To help with your analysis and decision making, consider following the tips below:
Communicate with successful business owners in your circle
There’s no better place to source business advice than from a person who has gone through the ups and downs of being an entrepreneur.
If you have a family member or acquaintance who is doing well as a business owner, you can talk to them and ask how they’ve managed to remain in their specific industries regardless of the many challenges.
On hearing the difficulties, it will be easier to decide whether you want to go down the same path or not. Also, you’ll have a chance to devise strategies that will stop you from making avoidable mistakes.
Use the internet to obtain information
Through platforms like YouTube, you can watch videos on how the world’s greatest business owners have become unbeatable players in the business world.
This way you’ll understand that success isn’t an overnight occurrence and that you need to concentrate on your end goal. However, do not compare yourself with the entrepreneurs who have already achieved a certain success level, as doing this will make you think that whatever you’re doing currently isn’t enough.
Gain insights from potential clients
Survey to determine your customer’s needs, so that you can choose the best way to satisfy them. Remember that for your business to be in operation, you must devise techniques to keep your customers happy for a long time.
Otherwise, there’s a likelihood that these customers will turn to your competitors in quest of better services, products, or prices. Once you start your business, ensure to collect feedback from the people you serve, in regards to how you can do things differently to match their requirements.
Set business goals
As stated earlier, you must not sway away from your goals, regardless of the number of business-related challenges you’ll experience. This means that you must have a sense of direction to increase your chances of being an entrepreneur to watch. Start by setting goals that are in line with the fact that you’re not an experienced business person. You can change them as time goes by.
Now that you know how to succeed in business, below are some business ideas to consider if you have 50k in Kenya:
You can start your hardware shop with Ksh 50,000, as all you’ll need to spend on is rent, furnishing the room within which your business will operate, and acquiring the business license. As for the stock items, you can come into an agreement with your supplier, so that they allow you to pay in installments. However, don’t keep adding items in stock if you realize that you are not earning as much as expected.
Every person wants their hair to look good, which is why setting up a hair salon or barbershop is a good idea. Whatever you choose, ensure you’ve been well trained to avoid dissatisfying your customers. Remember that your business will be dealing with people’s outward appearance, and you want your good work to be recognized by other individuals so that they can seek your services in the future.
The number of cars on Kenyan roads is very high, and not many owners have the time to clean their vehicles themselves. Starting a car wash business will require you to rent an open space, hire a few employees for a start, pay for water, buy equipment such as buckets and detergents, and obtain a business license. Provided you spend your cash wisely, Ksh 50,000 should be enough as you don’t have to invest in expensive buys.
If you already own a piece of land you can dive into agriculture and start planting whatever can do well in the area where your land is located. For example, you can plant grass and sell it to people who rear cows. You can also concentrate on groceries, such as cabbages, tomatoes, kale, and potatoes, then sell them to the people who leave close to you or supply them to sellers in your nearest market.
Online jobs are rapidly gaining momentum as they offer more flexibility compared to regular office jobs. For instance, if you choose to do online writing or become a web designer, all you need to do is invest in a laptop that will cost you approximately, Ksh 35,000, invest in a home internet connection for Ksh 3,000 per month, and spend the rest on paying for training to be good at the services you intend to offer to your clients.