List of Businesses to Start with 20k in Kenya
Being an entrepreneur can be easy or challenging depending on the efforts you put into ensuring that you make the best decisions. The first thing you need to do is consider factors that are likely to influence the performance of your enterprise.
This way, you’ll start your entrepreneurial journey with enough knowledge, regarding what to lay more emphasis on and what to disregard. One essential thing that you must think about is your financial capability as money is one of the ingredients of running a successful business. For an in-depth understanding below are some insights on ensuring you remain financially stable as a business person:
Determine the source of funds for your business
Regardless of whether you’ll spend a lot of money or not, you must determine where the capital for your start-up will come from. For instance, you can choose to spend your savings, borrow a family member, or turn to a financial lender.
If you choose to seek assistance from other individuals or companies, ensure that you can pay your obligation on time, as failure to do so will affect your business in the long run.
Create a budget
You need to list down the expected expenses to avoid spending more than what you have. For instance, approximate the amount that will go into marketing, obtaining a business license, and buying raw materials or supplies for the enterprise, among others.
When preparing the financial plan make sure to avoid unnecessary expenses, seeing that you’ve not yet generated profits high enough to enjoy various luxuries.
Set financial goals
You need to set expectations, regarding the amount of money that you hope your business will generate for you within a given period. This way, it will be possible for you to analyze performance and decide whether the venture is a worthy investment or not.
Without financial-related goals, you may end up making losses and not even implementing necessary changes to improve business performance.
Work with the amount of money you have
Every entrepreneur wants to invest a lot of money into their business, but it’s not always possible. However, the lack of enough money shouldn’t stop you from starting your business.
Provided you have a workable plan on how to succeed, you’d be surprised at the level of productivity you can achieve, whether it’s within a short period or not. Spend the little you have wisely and it will multiply.
Think about how to get through unforeseen occurrences
There is no guarantee that your business will not be hit by unexpected situations. Therefore, you must have a plan on how to ensure that your enterprise remains in operation regardless of happenings like inflation or political instability. One way to protect yourself is by investing in more than one opportunity.
Here now are some businesses to start with 20k in Kenya
Preparing and selling fresh juice
In the scorching sun, most especially, people want a cool drink to take them through the weather, and what better way than by taking good fresh juice. The best thing about it is that you’ll not incur the cost of adding chemicals that could result in bad reactions.
You can choose to make juices from a variety of fruits and monitor your sales to determine the flavor that’s preferred by most customers.
Starting a day-care facility
The world we’re living in today requires people to work extra hard in a quest to earn money to sustain their families. By starting a daycare business, you’ll give parents a chance to go about their daily business without worrying about their young ones.
All you have to do is rent a room that will cost you depending on its size and location, then spend the rest on toys, books, blankets, and mattresses. All in all, stick to your Ksh 20,000 budget.
Movie and series business
Entertainment is a necessary part of any person’s life, seeing that it’s exhausting to concentrate on complicated jobs or the same routines all the time. You can start a movie shop and ensure you have all the latest films for your customers to purchase.
The average cost for a movie or series transferred to your customers’ phones or other drives is Ksh 30 whereas that of selling a hard copy is Ksh 50. Remember to offer discounts for bulk purchases so that your clients keep coming back to your shop.
Normally, people eat three meals in a day, most of which are comprised of ingredients such as tomatoes, onions, carrots, kale, spinach, and fruits.
Therefore, there is a likelihood that a grocery business will result in massive earnings. You can decide to concentrate on buying in bulk and supplying to other business people or sell to the final consumer.
Selling second-hand clothes
This business doesn’t disqualify based on the amount of starting capital that a person holds. You can start with as low as Ksh 500, meaning that you’ll get many items with Ksh 20,000. Provided you buy clothes that are in good shape and sell them at an affordable price, your customers will be loyal to your business.
Offering printing and photocopying services
You can get an all-purpose printer at less than Ksh 20,000 and spend the rest on renting a room to locate your business. Once the business picks up, you can invest in more machinery so that you can handle more customers.