A Detailed Roadmap To Help You Start a New Business in Kenya
Starting and managing a new business in Kenya a great achievement for every entrepreneur looking to do business in East Africa. This is because Kenya is the gateway to East Africa the Kenyan government has been working very hard to improve the ease of doing business over the last few years. Kenya is an attractive market because of the numerous Investment and business opportunities and the middle class has expanded at a very high rate and thus creating more buying power in the population. The Government is very keen on enabling the environment for business owners to create more jobs for the population.
There are two major misconceptions related to starting a new business in Kenya. They include;
- You have to have an impressive amount of capital to establish a new business
- A Business should have to spend a specific time in the market to develop trust among people.
This however does not imply that you should totally disregard both factors at the initial stage of company formation. Have them at the back of your mind and let them not hinder you from making the leap of faith to start the new business in Kenya. A business should also take success stories of other businesses and incorporate that in their strategy. Focus on the success stories in your industry of interest and let that give you the push to make it in the market. In Kenya and other African countries, you will see a lot more businesses, which are adopting success story models in their roadmap to make their business successful. Once you have successfully established the business in Kenya, you can now think about expanding it into the other countries in the region. Successful business in Kenya have a very high possibility of succeeding in other countries since Kenya is considered the region’s business hub
Today, we will share with you a detailed roadmap for establishing a new business in Kenya. These steps will help your business stand out in the market.
Business Establishment Tips in Kenya
Here are the main points about establishing a new business in Kenya:
1. Come up with a comprehensive business plan
A comprehensive business plan is the first step to establishing a new business in Kenya and anywhere else in the world. The plan will help you have the numbers on your fingertips and also help you focus on a particular niche. The plan will also guide you on the targeted audience and marketing activities that will help you stand out from the crowd. A comprehensive plan will also help you avoid some pitfalls that end up been very costly
2. Register your business
The business registration process is important because it helps you make sure that nobody can use a similar business name in Kenya. You may also opt to go a step further and register your logo and trademark in order to fully protect your interests. You can hire a professional to help you understand all the legalities and identify the best entity type for you.
A professional consultant will take away the headache of following up with the relevant institutions to register your trademark and business so that you can focus on other aspects of growing your business. You need to hire the professional business consultant Kenya option that may handle this task efficiently. They will properly manage everything and your business will be stand out in the market among people
3. Hire Competent Employees
The Kenyan Labour Market has a lot of highly qualified talent in all the industries. It is always good to look out for a combination of skill, attitude and drive so that you can have the perfect team to help you grow your business. You may also consider recruiting some key personnel to make sure that they are aware of the latest skill and market trend crucial for your business growth
4. Check Market Competition
The other crucial step is to be up to date with the market trends and competition so that you can adjust your strategy accordingly to counter some of the threats that arise from external forces. You hired team can also help you identify some of the low hanging fruits to help you grow and establish yourself in the market.
5. Create an Efficient & Secure Payment System
It is an important factor for every type of business to have a secure pipeline for the business. All types of business transactions should be handled through the respective system. Consider adopting the most efficient payment platforms to make it easy for your clients to make payments and on the other hand, a system that will ensure that every single coin earned in your business is well accounted for.
6. A Suitable Location is Compulsory
Location is a Key factor to consider. You will need to set up the business in a location that is easily accessible to your target clients, Suppliers and other stakeholders. Make sure that you sign a water tight lease agreement to make sure that you are well protected.
We hope that the steps above will guide you as you make that important step of starting a new Business in Kenya. Feel free to engage for a free initial consultation with one of our experts
