Money Management
November 11, 2024
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As the economic times get tougher and tougher, the need to make more money has never been more obvious. The purchasing power is dwindling along with the earning capacity, hence the need to be creative and find new ways of making extra income.
In this article, we shall look at four side hustles you can do that can make you Ksh50,000 per month.
Poultry farming is the rearing of chickens, ducks, turkeys, and other birds. The most commonly reared birds are chickens. They are easy to farm and they have a ready market. Also, you can decide to farm broilers for meat, layers for eggs, and kienyeji (free range) for the special clientele.
Today, we are going to look into broiler chicken farming and how you can make money.
How To Make Money
Broiler chicken in the market goes for between Ksh500 and Ksh600. However, it costs between Ksh300 and Ksh400 to raise the chicken to maturity. Ideally, the chicken is raised for between 35 and 45 days; hence, roughly one chick costs you about Ksh10 per day. If you are able to rear between 300 and 400 chickens and sell at Ksh600, with a cost of raising the chickens of Ksh400, you will make between Ksh60,000 and Ksh80,000.
How It Works
However, before you make this kind of money, there is a lot more that has to go into poultry farming.
To start with, you have to have a piece of land where you will raise the chickens. You cannot do that in an apartment or estate in Nairobi. This presents the first major hurdle for most people.
If you are able to access a piece of land, it does not have to be a large portion. A 20 feet by 20 feet plot will be sufficient for the numbers we need to raise, although you should also be thinking of expanding if the business grows.
The second issue you need to address is the issue of time. Starting this business requires your attention. For a start, it's a new business. You will need to pay attention to how the chickens are feeding, how they are developing if you have mortality, and so on. Even if you have an employee, you cannot just leave them to their own devices.
The third matter to address is knowledge and expertise. Before starting the business, ensure you have done enough research. Visit other poultry farms and learn how they do it, the challenges they face, and how they adapt. Also, research the market to understand its dynamics - when is there a high demand for your product and when is it low? Have a veterinary doctor who will help with regular vaccinations and treatment if your flock catches a disease.
The major challenges in this business include
The cost of starting this business can be as little as Ksh100,000 if you have the land and the structure in place. But it can go up significantly if you need to buy or rent the piece of land and build the structures from scratch. The cost of the structure also varies depending on what you build and the materials used.
Outsourcing laundry is becoming more common in Kenya’s urban areas. It started in the upper-class neighborhoods, but now it is seeping into the middle- and lower-middle-class estates.
Offering laundry services is another side hustle that can potentially earn you Ksh50,000 per month.
How To Make Money
Assuming you are operating in a lower-middle-class neighbourhood where the trend is catching on, here is what your numbers could potentially look like.
In order to make Ksh50,000 per month, you will need to make a profit of between Ksh2,000 and Ksh2,500 per day. However, you will also need to make about Ksh1,000 on top to run the utilities for the day. Hence, to achieve the goal of Ksh50,000 monthly earnings, you need to make at least Ksh3,500 per day.
A kilogram of clothes usually costs about Ksh70; a typical customer will have at least 10 kilograms of clothes per week. The average value of a customer is about Ksh700. If you are able to serve 5 customers a day, or about 30 to 40 customers a week. You will be hitting your target.
The advantage of this business is that many of these customers become repeat customers who come back every week.
Where your numbers are falling, you can supplement that income by washing blankets, duvets, and carpets. These can fetch upwards of Ksh500 each. You can also offer to iron their clothes for Ksh30 per piece.
How It Works
To have a successful laundry service business, your first consideration should be your location. Location is essential for the success of the business. The ideal location should be in a lower- to upper-middle-class neighborhood where people have some disposable income and busy lives and where outsourcing laundry adds value to their lives.
Once you figure out the perfect location, you will need to think through your branding, customer relations, and market positioning. Customers who outsource their clothes to be washed need to work with a business that is well-branded and outstanding. Customer relations should be top-notch to have them coming back again and again.
You also need to get your marketing right. You can use social media to showcase your services and customer testimonials. In addition, you can be more granular and find a way to be added to online social platforms like WhatsApp groups.
Understandably, if you are employed, you will have to employ someone to help you run the business. Ensure they are well trained both on customer relations and on the actual washing of the clothes.
Major challenges in this business include:
The initial capital for the business can range from Ksh100,000 to Ksh150,000 or higher, depending on the equipment you will need to buy.
More and more people are becoming health conscious and, hence, taking exercise seriously. This has upped the demand for gyms and, consequently, fitness trainers.
If you are a fitness enthusiast, becoming a gym trainer can be a lucrative side hustle for you.
How To Make Money
Making money as a fitness trainer is fairly straightforward compared to the side hustles we have highlighted so far. However, this will require a significant time investment since you will need to be present. You cannot delegate the training.
Typically, fitness trainers charge between Ksh3,000 and Ksh5,000 per month per client. Depending on the client, the workout can be in the morning or evening. Hence, you need to be flexible. The amount charged to the client does not have much overhead, because even if you are working out from a gym, the client will cater for their gym subscription.
Hence, to attain Ksh50,000 per month as a fitness trainer, you need about 15 clients.
How It Works
As a trainer, you have a conversation with your clients to understand what they want to gain from their workout. As a trainer, you then create a workout regimen suited to their needs. You can go so far as to recommend a diet plan.
Once the client has signed up, the first few sessions are engaging as you show them how different exercises are done and how to use the gym equipment. Then, once they are familiar with the exercises and equipment, you only have to monitor, motivate, and push them. This is when you can handle many clients, because you can have several clients in the gym at the same time, each working out according to their regimen.
To succeed as a trainer, you have to have impeccable people skills. Sometimes people work out to get over insecurities, which require you to have sufficient emotional intelligence to deal with them. As a trainer, you can market your services on social media, but word of mouth is also a significant marketing tool.
Challenges with this side hustle can include:
As a trainer, you do not necessarily need a cash injection to start. However, you need to have put in significant time and training to know how to guide another person in their training.
Airbnb has been in the news lately for not-so-good reasons. However, the business continues to grow because of the value proposition. Hotel services in a home, which is attractive to many business people and leisure clients alike.
If you are looking for a side hustle, the Airbnb business can be a good side hustle that can make you Ksh50,000 a month.
How To Make Money
A studio on Airbnb can fetch as little as Ksh1,800 but it can also be as high as Ksh4,000, depending on the location and the amenities in the room.
With a Ksh4,000 per night studio, having the room booked for half the month could fetch as high as Ksh50,000.
Remember, the Ksh50,000 is if your Airbnb is a studio, rented out for only half the month. A bigger house, like one bedroom or two bedrooms, will fetch more. Consequently, if you book more than half the month, you also make more.
In addition, you can charge a cleaning fee to your booking to help offset some of the costs of cleaning the room and buying supplies for the guests.
How It Works
Before venturing into the business, make sure you have done sufficient research, including talking to other Airbnb owners, to understand what it takes to run the business. The advantage of this business is that, out of the side hustles we have discussed, it can be relatively less time-consuming.
To get into this business, you need to rent out a space, furnish it, and list it on Airbnb. When listing your property, make sure you use high-quality images and have a good copy to describe your property so that you can stand out on the platform.
Once you start having guests, ensure they have a stellar experience at your property so that they can give you good ratings. Good ratings boost your property and your account as a host. With repeated good reviews, you can become a superhost, which will greatly boost the visibility of your property on the platform.
After each guest, ensure the room is cleaned. Beddings, towels, and toiletries should also be changed for maximum hygiene.
You can also market your property on social media to attract more clients.
Challenges with the Airbnb service include:
The upfront capital ranges between Ksh150,000 and Ksh200,000 for renting and furnishing the property but can also go up depending on how you want to furnish the house.
Having a side hustle is a great idea. However, you have to understand that the side hustle will require significant input in terms of time and resources, especially at the start.
The numbers provided in the article are projections of what the businesses may cost or earn. There is a lot more that goes into determining the cost of starting a business, running a business, and growing a business.
Furthermore, the profits from the side hustles discussed can earn Ksh50,000 or more, but they can also fall below, depending on how you structure and run your business.
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