Starting a business in Kenya is not easy. Many Kenyans who attempt to start their own business often fail because of the many challenges they face, including lack of capital, limited knowledge on how to start a business and lack of trained personnel.
The first step in starting a business in Kenya is to have an idea or at least an interest in something that you want to sell or offer. You need to formulate your idea and then research on what you would need to get started with it.
The next step is getting the necessary capital for the idea. This can be done by leveraging on existing resources such as family members or friends if you don’t have much savings, loans from banks or other financial institutions (if possible) and assistance from investors if they’re interested in your idea.
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Top 3 Tips for Starting a Business in Kenya and Succeeding
#1 Research Your Market to Understand Competition and Customer Needs
When you are trying to sell a product, knowing your competition and their customer base is crucial. Once you identify the features that they are good at, you can then figure out what you need to do in order to beat them.
In order to identify the features that your competitors are good at, look for formulaic writing on their website and see what their customers like about them. Once you know these two things, it’s time to develop your own unique selling proposition – something that your company is better than the others at doing in order to win over customers.
#2 Create a Business Plan That’s Specific to the Kenyan Context
The business plan should have a detailed description of the product or service, the target audience, and potential markets. It should include a detailed financial forecast, an operations plan, marketing and distribution strategies.
A Kenyan company will have to do a lot of research on the market before coming up with a business plan to present to investors. They must also consider if they are focusing on an existing market or trying to create their own niche. This is very important because it includes what kind of products to sell and how they will be distributed.
Business plans are integral for starting any company. They help entrepreneurs structure their thoughts in order to create an actionable way forward for investors and potential partners.
#3 Build Meaningful Relationships with Potential Customers
Having a relationship with customers is important for any business. It builds trust and helps to develop lasting relationships. And these relationships can also create opportunities for new products.
There are many ways to build relationships with potential customers such as email campaigns, social media, and live events. But there are a few other ways that we can improve the relationship with our customers and make them feel special like sending regular mail or making customer service phone calls.
With so many choices, it is hard to know which one will work the best for your company but if you do one or two of these strategies every day, it will keep your company in the forefront of your customer’s mind!