Starting a small business in Kenya: Most people are in love with the idea of owning a lucrative business at some point in life. However, to build a successful business from the ground up will require you to work not just hard but also smart.

5 Key Things to Consider Before Starting a Small Business
5 Key Things to Consider Before Starting a Small Business in Kenya/Photo Source

While starting a successful business is not a walk in the park, getting key things right will undoubtedly make the ride smoother. Here are key things to do before venturing into your life-long dream.

Possess the Skills

Venturing into a business you have little or no understanding of is like driving through heavy fog; you do not know what to expect. Having the necessary skills in the business you want to start places you in a better position to serve clients better.

You can consider partnering with an individual who possesses a particular skillset you don’t.

Research

Having a dream and wanting to actualize it is a sure motivation to get started. Nonetheless, this does not mean you are the only one with the vision.

You will need to find out whether the product or service you want to offer is already in the market. What the pricing is, what you are willingly to do to be unique, among other considerations.

Survey Target Market

A successful business is largely pegged on being able to offer what customers desire, not what you imagine they desire. Survey your target market to understand customer needs and trends.

The information you obtain will help you tailor your business to meet customers’ needs.

Network

Unless you are walking the unbeaten path, you will immensely benefit from counsel from seasoned entrepreneurs, accountants and legal officers.

Take time to meet with industry leaders and get to pick their brains on what they have found out to work and what does not. While seeking counsel, also spare time to failures; they have invaluable information on what they did wrong.

Know Legal Requirements

Find out your local and national government’s legal and tax regulations on your business. Getting in trouble with authorities before your business takes off is a major setback you will want to avoid.

You can also read  How to invest in Kenya: Agriculture, Real Estate, ICT, Stocks

Find out what licenses you need to obtain and how much in taxes a business of your type will attract.

Get our News on Facebook
  • You need an instant unsecured soft loan via mpesa?: Check our Loan Page Here
  • Learn how to buy and sell Bitcoins through Mpesa in Kenya: Read Our Detailed Article
  • Sell your Digital products online in Kenya at: Muthurwa.com
  • Make Money Online in Kenya through affiliate programme: Muthurwa Affiliate
  • To contact us, use our forum community page: http://kyoteapp.com/kenyayote