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