This archive report was first published on 28 October 2021.
October 27, 2020, marked a significant shift in the Kenyan economy, with the COVID-19 pandemic rendering many people jobless. In response, there has been an increase in business start-ups in the country.
According to data from the national companies registry, the number of business names registered between July and September 2020 rose by 95 percent compared to the same period in 2019.
Starting a business is relatively easy, especially now that people can register and set up a business online. However, the difficult part is in running the business to ensure that it becomes and remains profitable.
Key Considerations for Business Owners ¶
- Market demand: It is essential to conduct a market research study to determine if there is demand for the product and if there is enough supply to meet the demand.
- Target audience: Businesses should define their target audience in great detail, including their gender, age group, economic status, location, and online behavior.
- Funding and budget: It is advisable to use the least amount of capital as possible and avoid investing in expensive products when starting a business.
- Scaling up: Businesses should start small and scale up as they rise, avoiding expensive packaging and websites.
- Taxes: Businesses should be tax compliant and remit a portion of their income or profit to the government in form of taxes.
- Competition: Businesses should closely monitor their competitors and strive to offer a unique service or product that sets them apart.
By considering these key aspects, businesses can create a solid business plan and increase their chances of success.
Maureen Ooko is a business consultant with extensive experience in helping small businesses grow and thrive.
