Business Ideas With Little Capital In Kenya
Dreaming of starting your own business but you got a small amount of money to invest? Do you want to be your own boss and start a successful business but you worry about the risk and potential hardship that comes with funding your business ideas? The idea of starting a business is exciting. But many ideas require time, money, and risk.
However, for those who are starting off in life or didn’t have a well-paying job previously, raising capital can be a problem. There are plenty of ways to build your business from scratch with sufficient research, a solid plan, and some extra time, regardless of your startup budget. The thing is… when you have cash, it’s easy to throw money at every single piece of the business during the launch phase, even when it’s not necessary.
For many entrepreneurs, the reason why they don’t pursue their business dreams is because of the significant costs associated with starting a business. However, there are many businesses in Kenya that you can launch today with little or no funding, so long as you are dedicated and put in hard work.
Low-cost business ideas may not be the tantalizing, but they’re safe, won’t break your bank, and will provide you with abundant learning experiences than you’d get working for anyone.
Mombo Sacco has decided to identify examples of business ideas you can start on your own with a small investment.
9 Low-Investment Business Ideas That Make Money
Come on, aren’t you curious of good businesses to start in 2021? What are you waiting for? Here are the business ideas that you can start with little capital
1. Vlogging
Heard of YouTube? You may have come across it. YouTube is a free platform that anyone could join and make lots of money and you might not even have to spend a shilling. If you’re passionate about one specific topic or field and love to write or be in front of a camera, consider starting a professional blog or vlog. Vloggers, should invest in a high-quality smart phone or camera, video-editing software and various lighting equipment’s. All you have to do is look for a niche that’s not as common but marketable.
2. Affiliate Marketing
Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. Basically, you choose a product you like, promote it, and make a profit on each sale that stems from your marketing efforts. Affiliates can promote products on their blogs, social media accounts, website, or in communities. For many, affiliate marketing is a low-cost side hustle that turns into a profitable business over time.
You could set up multiple affiliate accounts (Instagram is still the best platform if you want do this) with different topics. Affiliate marketing is a great way to gain a passive income and it requires very little capital to start with.
The commission rates will vary depending on the company and offer. Some affiliate programs offer a flat rate.
Want to join an affiliate program? Then take the following steps:
i) Find an affiliate program i.e. Mombo Sacco, Amazon, eBay, Jumia, Kilimall etc.
ii) Identify what you want to promote.
iii) You will get an affiliate link.
iv) Now promote that link across your channels.
v) Get commission every time someone makes a purchase or signs up through your link.
3. Daycare Business
Some people can’t afford a full-time nanny. That is why taking care of children when parents are away from home is high in demand. If you have knowledge in early childhood development or just a passion for working with kids, think of offering your services to busy parents. The problem for many parents is finding a unimpeachable daycare. You could open a daycare business in your neighborhood or even in your house to avoid renting another space.
5. Analysis of competitors
Unless you know who your competitors are and what they are doing, you will not be able to survive in the market for long. With this knowledge, you will be able to take appropriate decisions about your company. Their mistakes should be your strong points so as to outdo them. It will also help you in developing a much more effective strategy for your business. If the market is saturated with the type of business that you want to start, then be keen to develop the right strategies to be able to penetrate the market. Gaining a market share should be on top of your mind if you are about to start a business. If not you may have to strengthen the position of your business to gain an entry into the competitive market.
4. Tutoring
What are you passionate about? Do you have a specialized skill that you want to pass on? Then what are you waiting for, you can help others enrich their lives by offering virtual classes. You don’t need a teaching degree or any specialized training to be a tutor. You can either offer private lessons or organize group learning for kids since Covid-19 has really affected physical school learning. The online tutoring service industry is growing rapidly with the continued development of technologies and widespread usage of the internet.
5. Freelancing
Freelancing is definitely one of the best small business ideas in Kenya, especially for individuals looking to start their own businesses from home and with small capital. Becoming a freelancer requires you to have a specialist skill that is in demand and monetizable. Examples of skills in demand with high fees include web development, graphic design, copywriting, software development, business development and virtual assistance (you can do pretty much anything from logo design to writing press releases).
Doing freelance jobs as a part time hustle or full-time job is a great way of earning money. There are a lot of jobs available online such as writing, transcription, data entry, typing, web design, virtual assistance and translation among many others.
There are many platforms to register on like People Per Hour, Upwork or Freelancer, then take on as many freelance gigs as you can get your hands on. To establish your profile and get work you should get a strong profile in place and acquire a decent number of positive.
6. Drop shipping
Drop shipping is a form of retail business wherein the seller accepts customer orders but does not keep goods sold in stock. Drop shipping is a very popular way to start a business with little to no capital. It’s one of the best businesses to start because it’s low overhead, hands-off, and scalable. You don’t need to handle the buyer’s products, you just need to make the sales and pass orders on to your supplier. In fact, it’s one of the quickest and cheapest businesses to start.
There are many companies available, but Mombo Sacco advice would be to use Oberlo or Shopify. Oberlo will automate the whole process when a client clicks the order button while Shopify, you will create an E-Commerce store that sells products listed by suppliers like Ali Express
7. Virtual Assistant
Are you an organized, highly-detailed person? Naturally born problem solver? the life of a personal assistant might be for you. Virtual assistants operate remotely and carry out all manner of digital tasks for their clients. This could include everything from carrying out online research, ordering equipment, processing data to much more.
Being a Virtual Assistant, your duties will be based on your experience. For example, you might be an Office Admin or an IT Technician. The perks? You will work from home, with your own deadlines, with little to no expenses.
This could be the future of modern offices, so keep that in mind! Being a Virtual Assistant, of course, requires professionality when contacted, as you might start working with very short notices, so you will be required to be ready anytime.
8. Social Media Manager
Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. In fact, many Hollywood superstars have their own Executive, who creates content for them and manages all their channels (IG, Facebook, Twitter). Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.
As a consultant, you can help them determine the best tactics, posting schedules and content for their target audience. As their follower counts grow, so will your business. If this is something you think could work for you, then start sending emails, as you will need a lot of networking work to land this kind of position.
9. IT consultant
If you’re passionate about IT, communication systems and computers, you are highly marketable to small businesses that need to upgrade their online security. The majority of IT problems in the home and business environments are the result of software issues or errors (due to accidental damage or attack by a virus or third party).
This software focus means you’ll only need a small amount of specialist equipment to get going. Most local IT support contractors operate out of their own homes and in the case of software/virus issues go to a client’s property to fix the problem.
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