Money Management
November 11, 2024
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The state-backed business loans capped at Ksh50k, with an 8% annual interest rate, means you have the best chance to establish that business you have always envisioned.
Whether you intend to take it as a personal or group loan, you can bring that business idea to life. Only some know where to invest their loans, and this article addresses some of the best business ideas you can explore.
The hustler kit takes shape starting December 1st,2022, enabling many Kenyans to access various loan amounts. Here's a mini guideline to help you navigate it.
Read Also: Ksh500 to 50k: How Ksh50B Hustlers Fund Will Be Distributed
If you are lucky enough to access a Ksh50,000 hustler loan, here are some of the business ideas you can use:
Not a day passes before you hear complaints about ants and termites, mosquitoes, cockroaches, or bedbugs. Even stubborn mice and rodents require urgent fumigation solutions in many Kenyan households. Turning this massive need into a lucrative business is one great way to utilize your Ksh50k hustler fund.
While pest infestation can be broad, the trick would be to specialize in one or two areas. You can then make a foray into expansive fumigation and pest control services once your business thrives.
Handling pest control products requires extra caution. You might have to invest in a short Fumigation and Pest Control training course.
Otherwise, with Ksh50k you will require the following:
Read Also: How to Start a Business; Step-By-Step
Ever dreamt of venturing into professional cleaning services? The timing is suitable for your Ksh50k hustler fund. Many homes, offices, and commercial buildings often require professional cleaners.
Besides cleaning products, you will have to register your business. A simple business name registration costs roughly Ksh1000. But if you train your eyes on more prominent clients, you might have to register a limited company, costing between Ksh15000-Ksh30,000.
A top priority as you start is to get a registration certificate. It doesn't matter if you are the sole cleaner at this point. You will also have to buy cleaning gear/uniform, gloves, masks, and the like. Initial cleaning products might include:
Note: you can go for something other than grander products. Purchase only the essentials in single units as you start. Keep upgrading your equipment inventory as the business expands and you employ additional staff.
Read Also: How to Apply for Hustler Fund
Digital services such as web and graphic design are emerging as lucrative businesses in the world. Your journey with hustler funds will be much easier if you already have some web-related skills and equipment, such as a laptop or desktop computer.
If not, the first step is acquiring basic skills. Next, purchase a computer, and utilise free tools such as DesignWizard, Canva, Adobe Spark, and Gravit for a start. The trick with this business is to go local. Talk to local brands, schools, and offices to see if they need a website or digital products.
Read Also: 6 Money-Making Online Businesses for 2022
Events such as birthdays, graduations, and other celebrations will always need sweets and a cake to punctuate the day. The cake and confectionery business is yours to grab if only you can make it unique from the many that might already be in your location.
While you may worry about a lack of skills, you can use YouTube and other channels to learn basic baking skills for free. Then you can use the Ksh50k to invest in essential equipment, such as:
If you are starting a home-based business, you might save on overhead costs such as rent, electricity, and water. If not, then you will have to factor in the necessary bills when creating your business plan.
Read Also: 5 Ways to Identify a Good Business Opportunity
Food delivery services are a money-making business idea you can bring to life using Ksh50k. Many Kenyans, both at home and in offices, require someone to deliver their food from the restaurant or pre-made meals to their doorstep, and you could be that person.
You will enter a highly competitive business field against industry players like Uber Eats, Jikonis, and Jumia food, among many others, but that shouldn't discourage you.
There is never a limit to people in your local area or town needing your services. All you have to do is advertise your services and provide fast and reliable service. Basic requirements for this business include:
Read Also: How to Start a Business; Step-By-Step
Many Kenyans in major counties and sub-counties are willing to spend money to watch a good movie. However, before you can set up shop, create a good business plan that identifies your business's strengths, weaknesses, opportunities, and threats.
Market research helps you categorize your key customers and the exact place to establish your movie shop. Fundamental essentials you might require are:
Read Also:10 Profitable One-Person Business Ideas to Try in Kenya
Kenyan parents are busy with work and businesses to attend to, and they would give anything for quality daycare to their little ones. If you have the passion and skill to take care of small kids, then this would work well for you.
Some of the essential requirements are:
Read Also: Full-time Employed? 10 Simple Ideas to Make Money on Weekends
Mobile money agencies continue to make money transactions convenient for many people. It's a viable business once you identify the most suitable location. Kenya's most popular mobile money agencies are Equity, Airtel Money, and Mpesa.
Do your research first because the success of your business depends on various factors. These are the network strength of your service provider, location (high-traffic areas attract many customers doing transactions), and security.
Also, read through the acceptance terms and conditions to determine eligibility.
Essential requirements are:
Read Also: Uber vs Wines Spirits Side Hustle: What Does the Math Say?
A car wash business never goes out of style. As newer cars come on the road, it keeps a substantial number of Kenyans in the industry. So how can Ksh50k support this business type? Besides leasing land and acquisition operating permits, you can purchase the following equipment:
Remember mini requirements such as car shampoo, a wash mitt, and microfiber cloths.
Read Also: Me & My Liquor Business: Lessons as Bartender Jumps Ship with over Ksh22k Weekend Sales
The latest consumer research indicates that many Kenyans will not hesitate to buy personal care beauty products, including perfume. Original brands on the market include Chanel, Dior, Givenchy, and Estée Lauder.
They are pricey, which is why many people prefer small refills to meet their supply. So, to begin with, identify only the best original brands, most of which range between Ksh20,000- Ksh40,000.
But you can spend less by starting with as little as 4 to five fragrances for about Ksh6,000. Ten fragrances might set you back about Ksh12000.
Depending on the location, you will factor in rental costs. You will also purchase a business license.
Currently, an ml of perfume goes for about Ksh50. To make a tidy return on investment (ROI), go for refills of about 15 ml and above.
Read Also: No-Spend December is the Financial Reset You Need Before 2023
The Ksh50K hustler fund is a substantial sum of money. You can identify a lucrative business idea, do market research and implement it. The trick is also to build an extensive network that might help market your business, enabling it to grow.
All the best!
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