This is How to start a business in Kenya quick basic tips to help you identify how to get started and run your business in Kenya successfully. The most common reasons of business failure in Kenya include a lack of sufficient research and basic knowledge on starting a business, on this post we shall guide you on simple basic tips on how to start a business in Kenya. As you know learning is a continuous process and thorough research and knowledge on starting a business will always keep you upfront and in a more advantaged position in any business.
Basic tips on how to start a business in Kenya
- Do your research
- Write up a perfect business plan
- Fund your business
- Pick a suitable business location according to your research
- Choose a business structure
- Get a name for your business
- Do legal registration
Do your research
A proper and detailed Business research is the process of acquiring detailed information of all the areas of business and using such information in maximizing the sales and profit of the business. This research helps aspiring business owners to determine which product/service is most profitable or in demand. For example I might be living around a school or institution I will conduct research to determine if a hostel or medium real estate business is viable. After doing this research the best way to determine if it is viable is to talk to the people doing that business or even utilize media resources to find success stories
Write up a perfect business plan
A good business plan is a written document that describes in detail how a business defines its objectives and how it is to go about achieving its goals which is mainly acquiring profits by solving a problem. A business plan lays out a roadmap for the business and it entails the following, marketing, financial& operational standpoints, competition, human resource and other details according to the kind of business chosen.
Fund your business
After writing a perfect business plan that will show you how much money you will spend to run the business until it is established we now jump to the point on funding. Depending on type or size of your business, funding of a business can be obtained from from Personal Savings. (Funding from personal savings is the most common type of funding for small businesses), Business Loans, Friends & Family, Angel Investors and Venture Capital.
Pick a suitable business location according to your research
Picking a business location for your business is not something you should take lightly, location sets the tone for your business. It adds to what customers think of your business. The business location determines how well you will do. location helps remove barrier to sales as the more you are near to the customer the more you are likely to make sales of your product or service
Get a name for your business
Your business name plays a monumental role in a brand’s growth and perception, meaning it can completely make or break a company, It plays a monumental role in a brand’s growth and perception
Do legal registration
For your business to run smoothly in Kenya you must do legal registration and it is important to understand some of the legal registration that may be needed depending on the business you have in mind. Some of the legal registration are listed below;
- Business Name or Company Registration.
- City Council/ County Business Permit.
- Food/ Health Related Permits.
- Fire Safety Certificate
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