Money Management
November 11, 2024
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Depending on one income stream, especially employment income is increasingly becoming a challenge for most people in Kenya today. It is natural to try your hand in business, especially given the praise the majority of society gives to risk-taking entrepreneurs - even at the lowest possible level.
One challenge for anyone thinking of starting a business today besides capital is figuring out whether to partner or go at it alone. Many people are increasingly wary of partnerships since there is no scarcity of horror stories of people being swindled by family or friends.
Also Read: 7 Things to Know Before Starting a Business With Your Family
If you are considering running your business solo, there are numerous benefits to it as well as a wide range of ideas to explore. Below are 10 solopreneur ideas to try in Kenya today.
If you have a specialty that you can share and the capacity to teach, tutoring is an ideal one-person company startup that you should consider starting.
Tutoring will typically not require much capital to get started - you will, however, need to be appropriately qualified to land gigs. You will normally receive your payment directly after the session.
Tutoring children is especially rewarding, and if you land the right clients, money is plentiful, plus you may not need any certification. The hours are usually appropriate because classes are typically taught in short bursts and are not held late at night to fit into the kid’s schedules.
Adults might also require tuition in different fields such as languages or practical skills.
While word of mouth is often sufficient to secure a tutoring job in your area, you can also reach out to your social media contacts to market yourself further.
The food industry is always growing. It requires some good capital, not only for the operational costs but also to obtain the necessary licences. You will need a business permit from your local county government and a certification from the health and sanitation board within your locality. Although some people might try to operate without these, it is best to comply with the set guidelines for smooth and ethical operations.
Your eatery could take different dimensions depending on your specialty. You can either have a fast food joint, fresh fruits and juice parlour, a whole food eatery, or a pastry shop. Depending on your choice, you can move on to calculate the capital required before you embark on the business.
When talking of pastries, I know several people who don't have physical locations but prepare everything in their homes. They take orders from different clients online and deliver as required.
Their businesses have grown thanks to satisfied clients who share the end product with a caption referring to the supplier. In such cases, you might not require licences to operate - it is a grey area. If you are passionate about baking, this might be a good start. You can then grow it as you build your client base.
Outside catering is also another dimension that you can take. Today, many people are trying to simplify their work by contracting other people to provide catering services for their events like the ruracios, weddings, birthday parties, and other occasions. You can always use social media platforms for marketing your business. The next time anyone requires services in your locality, you can receive references.
With the rise of ride-hailing services such as Uber and Bolt within the country, drivers have never been more in demand than right now. Depending on where you reside, you may be able to choose between driving for Uber or Bolt or any other service existing in your locality.
You must have a car of your own, a valid driver's licence, and a smartphone for driving. The vehicle you use must pass a safety inspection before using it. Each ride-hailing company might have its specific inspection parameters. It is thus essential that you get acquainted with such requirements.
If you choose, you can work on your schedule, even working late at night. The amount of money you'll make will vary depending on the amount of wear and tear on the car, the distance you drive, the amount of fuel you consume, and how much you drive. You'll also have to pay a percentage to your taxi service provider.
Depending on your location, you can join different cab companies within the country. You can begin by reviewing some of the best cab companies in the country and specific providers within your locality.
Creating a YouTube channel is one of the most straightforward side hustles you can undertake from home.
It costs nothing to register a YouTube account, begin posting videos, and eventually monetise your videos after crossing a threshold of subscribers and watch hours - lot’s of hard work and consistency is needed. And patience too.
You can create videos on diverse subjects such as educational and social content, fashion trends, comedy, or entertainment. There's so much you can do with YouTube. You only need to take some time to learn about the specific requirements that will enable you to earn more.
For instance, you need to have about 1,000 subscribers and 4,000 hours of view time to qualify for monetisation. You can make more for the clicks an ad in your video receives. Even as you do this, always ensure that the quality of your videos is impeccable.
Read Also: How to Start and Monetize Your YouTube Channel in 2022
Every firm, entrepreneur and everyday person is looking for new resources and educational opportunities. So, if you can harness your expertise in a certain subject area, you are sure to have a ready audience that could potentially buy your books.
First, it is wise to entice your potential clients through free guides. Once you have reached a good enough audience size, you can start selling your e-Books and guides.
You can always start with a short e-book of about 5,000 words and grow it based on your clients' needs. You can base your e-book on so much depending on the prevailing trends. One way of creating your e-book content is by expounding on some of your blog posts if you are a blogger.
Your word range could be 5,000 to 20,000 words for a medium-sized e-book. You can make up to ksh.1,000 from such. When considering where you can sell the e-books, you can work with Amazon, one of the best-selling platforms you can tap.
With your laptop or desktop, internet connection, and a passion for writing, blogging can be one of the easiest startups you can run from the comfort of your home. Once you optimise your blog and have sufficient traffic flowing to your site, you can tap on the existing passive online incomes, such as affiliate marketing.
Affiliate marketing involves marketing products from other companies within your blog. Next, you can make money through advertisements. There are two ways of earning; first, you get paid through cost per click, CPC. For every click an advert receives, you will get some payment. The other method is through cost per 1,000 impressions. For every 1000 views the advert gets, you will receive some amount.
The third way of earning is by offering freelance writing, web designing, virtual assistance, consultation, and training. Finally, you can sell some online products such as ebooks, online courses, and workbooks.
Like blogging, data entry requires minimal startup costs. Today, you can almost entirely operate your data entry business online. With your computer and internet connection, you can be right on track.
The best target market for this business is large corporations since you won't run the risk of missing out on your payments after working. It is also essential to focus on a specific niche as that may give you a leeway to bargain for better payment rates.
You can, for example, focus on the health sector. You may need to learn more about the industry to ensure that your services align with your client's needs.
Convenience is what many people are seeking today. Picture the time of the month when you need to do your hair or nails. Instead of leaving the comfort of your home, you only make a phone call, and a beauty therapist comes to your aid. This business option is open to anyone who prefers house calls to being stationary in one place.
Operating as a mobile beauty therapist saves you the cost you would incur in renting some working space, apart from the flexibility and opportunity to keep a maximum profit. You can advertise your specialty on Facebook, LinkedIn, Jiji, or any preferred platform.
Most people today turn their talents into businesses. With a slight professional boost, they turn out to be the best people in the field. Although professionally, I had a friend who used to offer home décor services; she was a business student. She charged for every hour she could spend in a client's home, especially for new clients. For her frequent clients, she billed cumulatively.
Over time, she could charge more since she had a combination of her business skills and interior decoration. The business is quite flexible as you can schedule your working hours as it seems convenient to you.
If you enjoy working out or participating in sports, this could be a fantastic business possibility for you to pursue. The idea involves specialising in physical activity or a specific type of clientele, or both, and rising to the occasion.
In sports training and coaching, there are several examples of success. Other coaches have successfully expanded their businesses to include sports camps, sports schools, and, in some cases, an indoor soccer league, among other ventures.
People who are not necessarily the best coaches but are exceptionally skilled at marketing their services to potential clients have achieved significant successes in this sector. Decide to invest a small amount of time developing a killer website and learning the basics of digital marketing.
Despite having passion in a particular field, one must have the right business skills to run a business successfully. Whatever option you pick, you can always start small and grow it over time. Keep your eyes fixed on your long-term business goals, and eventually, you will get where you want.
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