Money Management
November 11, 2024
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With the biting economy, Kenyans are looking to diversify their income and find new revenue sources. Therefore, Many Kenyans are turning to business to cushion themselves from the fangs of rising inflation and tough economic times.
One of the places one can look is Nakuru County. With a robust population and growing economic activity and development, the newly crowned city presents opportunities to take advantage of.
This article will discuss the unique business opportunities to pursue in Nakuru City.
A hardware business is ideal for a location that is growing, which makes Nakuru among the best places to start a hardware store. At the end of 2021, Nakuru was granted city status. A testament to its growth and development.
Before venturing into the hardware business, you need to conduct proper market research. Begin by finding areas that are experiencing growth and development. Most satellite towns in Nakuru are in high demand. These locations are ideal for hardware, as there is a lot of construction taking place. You also need to do research at other hardware stores to understand the products that are popular in Nakuru and are fast-moving. This will allow you to be competitive from the beginning.
Additionally, you need to have your finances in order. A hardware business can be capital intensive depending on the size of the store you want to start with. You should have enough capital to stock the essentials in the construction business; these include cement, iron sheets, nails, construction tools, paints, and so forth.
Once you have the finances required and have scouted the perfect location, you need to market your business. You can use traditional ways of advertising, like branding your hardware but you can also take advantage of digital platforms by marketing your products on social media. However, for beginner hardware, the best form of marketing is word of mouth and relationship building. Create a good relationship with foremen and contractors, giving them offers and discounts if they purchase supplies from your store. These relationships will go a long way toward getting your hardware off the ground.
There is a boom in the number of private schools being started in Nakuru. Parents understand that education gives their children a chance to compete in the world; hence, they are willing to commit significant resources to see their children access quality education. Nakuru’s population of 2.1 million people points to the demand for schools in the region.
Unlike other businesses that you can establish in the county, a private school business is highly regulated. Hence, the process of registering a school is quite intensive. For a start, the school has to first be registered as a company, and then registered by the Ministry of Education. After that, the county education office has to conduct a physical visit to the premises to ascertain that the school has:
After satisfying all the requirements and having been awarded the school license, the work of attracting students and marketing the school begins. To begin your marketing, leverage the community you are targeting. Advertise in the churches, groups, and chamas, as well as at events in the region. Being plugged into the community as a school will boost the parents’ confidence in the capabilities of the school.
Establish a vibrant online presence, showcasing your school and why it stands out. But more importantly, ensure the product you deliver is quality and that the kids in your school perform well. This will increase goodwill and will become your perpetual marketing tool.
There has been an increase in the number of cars on the road and Nakuru has not been left behind. The economic development that granted it its city status is also reflected in the increase in car ownership in the county. These cars will need to be repaired and serviced from time to time. That can only be done in a garage shop. Therefore, a garage business is a viable business in Nakuru.
The most important thing you need before starting a garage business is the skills to service and repair vehicles. These skills can be gained by going to a technical and vocational college, or they can be learned through apprenticeship. Nonetheless, if you have the skill, you have what is essential.
To establish a successful garage business, you need to choose the perfect location for the business. Pick a location that has high vehicle traffic, like alongside a highway, to increase your visibility. Ensure that you have the required business licenses, including insurance for your garage.
The cost of starting an auto repair shop varies depending on the business you are starting. You can start by offering mobile repair service as a solopreneur and grow, or you can commit funds and lease space, install the necessary equipment, and hire other mechanics to work in your business.
Nakuru is among the most agriculturally productive counties in the country. Ranging from farm produce to livestock farming, Nakuru has great climatic conditions for farming. The county is also very business-oriented; hence, the farmers are engaged in one way or another in agribusiness.
Nukuru presents an array of agribusiness opportunities, from maize farming, potato farming, greenhouse farming, and horticulture to dairy and poultry farming. Find your agribusiness niche for a better chance to thrive.
The niche that you choose will dictate your location for farming. For instance, potato farming does well in areas around Molo and Nyandarua, while horticulture thrives in areas around Naivasha.
The approach to the market is different for each niche of agribusiness. Nonetheless, ensuring that you produce the best product is your number one marketing strategy. Furthermore, you also need to understand the seasons so that you can effectively time the market to maximize returns.
Nakuru town is a very busy town. In addition, the county has other busy towns that can be fantastic places to set up a restaurant or a cafe. As previously mentioned, the county has over 2.1 million people signaling the market for a restaurant.
Before setting up a restaurant, you have to decide who your target market is. Deciding who is your target market will guide you on the type of restaurant to establish and the location of the restaurant. It will also highly influence your marketing and go-to-market strategy.
Depending on your target market, pick the best location. The rule of thumb for most restaurants when it comes to location choice is to choose a place with high foot traffic. Hence, having your center at the business centers is recommended.
While marketing your restaurant, ensure you take advantage of both physical and digital marketing. Brand your restaurant uniquely and memorably. Document your customer experience on social media, leveraging platforms such as TikTok and Instagram.
Nakuru is a vibrant town, ripe for business. It has a big population, which forms a robust market for various businesses. Businesses such as hardware, garages, restaurants, private schools, and agribusiness have a high likelihood of excelling in Nakuru.
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