Money Management
November 11, 2024
Online entrepreneurship has really taken off in Kenya. The new generation of young entrepreneurs has been taking the country by storm, and the number of businesses being launched are on the rise. However, many aspiring entrepreneurs face serious challenges when raising startup capital.
In this age and time, you want to think a bit outside the box if you want to escape the business monotony nest that traps many today. By business monotony, I mean investing in the same businesses people have been doing for decades.
While this is not altogether bad, it ca be a challenge because of competition from already established businesses which is likely to swallow any faint-hearted venturer. This article will cover the top 5 businesses you can start with as little as Ksh20,000 in Kenya.
So, let's dive right into some of the top business ideas currently working for thousands around the world.
Audio transcription is what the name implies- you are transcribing the content or words spoken on an audiovisual file as it can be audio or video. Usually, the content you may be asked to transcribe can be;
It sounds like transcription is something anyone can do, but not everyone has the time and patience the job demands. And that's why different industries are hiring audio transcribers today more than ever before.
To run a professional audio transcription business, you need the following tools:
You probably have a desktop or laptop already. But if you do not have one, borrow from a friend as you plan to buy yours. A good transcription headphone will cost you about Ksh3,000. An ergonomic keyboard costs anywhere from Ksh3,000 to Ksh6,000. An ergonomic chair is indispensable for your spine health- but you improvise with your current chair as you plan on upgrading soon—a good foot pedal for rewind and forward function costs anywhere between Ksh7,000 and Ksh8,000.
You may also use tools and software such as; Happy Scribe, Rev, Amberscipt and Nuance, etc. to make your work easier.
Based on these estimates, you will spend at least Ksh13,000 and at most Ksh17,000, leaving you with cash to spend on any valuable tools you may need and an internet subscription. If you have to buy a laptop to get started, the cost will typically be higher.
A virtual assistant business would mean that you offer remote administrative services for businesses or companies. This job does not require any prior experience, but you will need some of these skills that may be learned in previous jobs or through training;
You could offer general administration services where you do the following tasks:
Virtual assistants also offer business marketing services.
To jumpstart your virtual assistant business, you need these essential tools:
Once again you do not need to buy a computer if you borrow from a friend or relative. If you live in Nairobi and other counties with fiber optic cables, you can opt for home internet subscriptions which cost anywhere between Ksh4,000 and Ksh6,000. However, if your county of residence does not offer home internet installation, you can buy a Safaricom router and subscription at Ksh14,500.
Vlogging, also called video blogging, is all about uploading videos to YouTube or other video platforms for your audience to enjoy. Over the years, vlogging has evolved into the last frontier in YouTube experience, and it is pretty rewarding. For instance, the top earning YouTube vlogger in 2021, MrBeast, earned a revenue of $54 million (Ksh6.1 billion). In Kenya, we have the likes of Mungai Eve, who makes around Ksh1 million per month form vlogging.
There are three main ways that bloggers can make money. They can sell their products. They can get sponsors to pay them to mention their products and work with brands to create ad campaigns that they promote on their channel.
However, vlogging requires a lot of patience before you can begin earning from your content.
Before you begin creating content, you need to get pieces of equipment like;
A good camcorder with a specialized microphone will cost you about Ksh10,000. You will get basic lighting kits with anywhere between Ksh3,000 and Ksh6,000. If you are a newbie in video editing software, I'd recommend you go for Filmora video editor- it'll cost you about Ksh4,000 for an annual subscription.
Alternatively, you can use your smartphone for vlogging and still be a success. Do you remember the famous “Thitima” music video? It was shot using a smartphone. And boy, was it a hit!
Online tutoring is an alternative to in-person or on-site tutoring, and it allows students to be taught by remote tutors instead of conventional ones. Online tutoring is incredibly beneficial to geographically dispersed students, students with disabilities that prevent them from actively participating in on-site tutoring sessions, and students who are otherwise unaccustomed to face-to-face communication. Here's how you can begin your online tutoring career today.
You will earn anywhere between Ksh1,200 and Ksh3,500 per hour - which is good money by the end of a month.
You need the following equipment before you can begin tutoring;
A webcam and microphone will cost you about Ksh2,500 each. A drawing pad will cost you about Ksh7,000. You still have Ksh8,000/= change which you can spend on your internet connection and valuable tools.
How about taking your local business to the next level - where you can get more customers from the next county or country without you opening branches and spending a lot of money. That's what most businesses are doing today. And you can do it too, provided you understand the basics of ecommerce.
Ecommerce only requires you to spend on a few areas when you are starting up. These are:
A domain name costs you anywhere between Ks100 to Ksh1500 bob per year. Depending on your preferences, you then pay for hosting, which costs anywhere between Ksh300 to over Ksh20k. When it comes to inventory, you can do drop shipping, where you forward customer orders to your supplier, who delivers the orders under your business name. The cost of payment processing depends on whether you have the inventory, which costs about Ksh14,000, or if you are doing drop shipping- which costs about Ksh4,000.
Starting a business is the dream of most successful people, but not everyone knows where to begin. Luckily for you, you can start with many small business ideas only with Ksh20,000. Your Ksh20,000 capital may not be enough to fund your startup, but it doesn't mean you can't get off the ground immediately.
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