Update[18.8.2021]

Choosing the right business to venture into is the most crucial part of starting a business. It will either make you or break you. So, what is the best business to start in Kenya today to make big money quickly? We have narrowed down the most profitable branch or niche for you that can help you start and successfully put into profit your knowledge, skills and ability.

How to choose the right business for you

What do I need to know to run my own business?

Knowledge is power_S.R Ranganathan and information is king. Researching your business interest will help you discover something you or your competitors are lacking. Take advantage of this information and get that money.
Thorough market research (which is often time-consuming) will save You a lot of money in the future. Here are some guiding questions to ask yourself.
How many customers Can You find in Your area (or country)?
How much money can one customer bring to you?
What are your competitors?
What are your competitors’ strengths and weaknesses?
How much do your competitors sell?
How much money do you need to start?
When can You earn your first 100 KSh?
What can make a difference between your business and your competitors?
If you wonder how to choose the right business for you, it is strongly recommended to analyse the market

How to start a business successfully? Go with your passion

First of all, decide on what it is that you do best with the least amount of effort then go ahead and analyze how you can convert that into a money-making venture. Doing what you love is less stressful because it is easier and comes to you naturally. If you do what you love, you never have to work a day in your life! 

Take a look at skills that were once basic and is booming business now. Like photography, painting, dancing and many others. Mention at least one acquaintance involved in these odd activities as their full-time financial sources? Do you love tourism? How about becoming a blogger?

Make a list of all the things you love to do and match them with possible business ideas.

What problem are you facing? What are the most frustrating problems in Kenya?

All successful businesses have to answer this question. What problem are you looking to solve and which solution caters to it best.

Most successful businesses started as a result of problems people wanted to solve desperately. Look at Facebook. The likes of Uber, food delivery apps e.t.c.

The challenge you are facing can likely turn into a successful business for you. Get to research and jot every idea down. You could be the next big disruptor.

Make a list of all the things you love to do and match them with possible business ideas.

Start a business based on your career path

Even the best business ideas in Kenya seems impossible to start if you don’t have the necessary skills to go with them. One of the easiest ways to launch your company is to use and develop the skills and knowledge that you already possess. Over the years, there are jobs, projects, and activities you’ve involved yourself in and have probably developed adequate experience. Give that a try.

Relatively, maybe you have been washing cars for your family members, doing laundry, love cleaning, Going shopping. Whatever it is you have been doing subconsciously for a long period of time for free. Start charging and expand your clientele and see if it sticks.

Check your finances or look at Angel investors

Do you have the financial ability to start your business and keep it running for at least half a year without profit? 

Consider starting a business that will not cost you an arm or a leg as most businesses who took the plunge with large loans have made massive declines because of financial hardships and the Covid crisis. 

If you maintain on going on with your business idea and are confident of its success, you can resource for external funding. Try to apply for small business loans or financing from accelerator programs. Start small and expand with time is the best option. For other small ideas that require less than Ksh.50,000 see Seven best businesses you can start in Nairobi with little capital

Make a list of all the things you love to do and match them with possible business ideas.

Analyze prospects

Goals and ideas that you have in the next coming years should be flexible to your business and vice versa. Do not let your business interfere with your goals, and neither should your goals. If you have commitments like school or work, you should not go full time until the business can match your salary for up to 5 years and sustain itself. 

Your prospects should match both your life goals and the business prospect should be sustainable long term if you don’t intend to be employed forever.

Talk to field experts

Success leaves clues. Approach people in your business field of interest and ask them how what and how they got to where they are. Instead, let them share their experience in the industry and take notes.

If you have no idea, who to talk to, visit the companies’ social media and websites. Acquaint yourself with all the information that will strengthen your business journey.

How to choose the right business for you

Make a mock-up sale

Do a pre-sale of your products to test the market. It will help you to determine your target and show you the relevance of your product to the market. Ask your customers about the price and quality of your services such that you know what exactly to improve.

A test sale will also give you experience with the business. After this, you will know if you have chosen the right trade or product and want to keep up with it or not.

In conclusion, a business becomes a full-time job just like any other employment. You will need to have a lot of patience and perseverance as the start might not project the success you imagined. 

With a great business team and brand identity, you are set to make it in your business venture. A good start will always determine the future of your business.

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