7 Things You Need to Know Before Starting a Business in Kenya

7 Things You Need to Know Before Starting a Business in Kenya

Are you an aspiring entrepreneur? Would you like to start your own business but not sure what to expect? This article will show you 7 things you need to know before starting a business in Kenya. Knowing these seven points will go a long way in helping you prepare well for the journey ahead in entrepreneurship.

Here are the 7 things you need to know before starting a business in Kenya

Self-belief that you can do it

Optimism is a really important virtue if you want to succeed in business. You need to have the self-belief that you will make it. This will be your driving force and will keep you focused on the end result. To cultivate self-belief, you should study the journey of other successful entrepreneurs and see how they started and maneuvered throughout the journey.

Remain focused on your set goals

Having set goals helps you stay along the right path. Without goals, you cannot be able to evaluate whether you are making progress or if you are on the right path. Goals should be SMART. Yes, the old adage of smart goals applies to this day. You should have Specific, Manageable, Achievable, Realistic and Timely goals. However, this does not mean that you have to be rigid. You need to be flexible but without deviating from the main goals.

Networking and seeking help is really important

In entrepreneurship being a lone ranger and a know it all is detrimental to your journey to success. You need to create or join a network of people who will inspire and guide you. You can do this by joining groups with a common interest. A good example is the SME Business club. Attending trade fairs and entrepreneurship networking and coaching events can be a good place to start. As you along you will need advice and guidance and the networks you have made will come in handy. They will act as your speed dial contacts when in an emergency. They will also be people you can trust and feel comfortable approaching because they are people you have interacted with before.

Expect tough times along the journey

The journey of entrepreneurship is not a walk in the pack but at times it can be kind of a roller-coaster ride. At times things will happen beyond your control but there are times you will experience sweet achievements. However, during tough times that push you to the limit you have to remain focused on your goals and with a clear vision of your destination. It’s during tough times when you need to be flexible and see where you can adjust your plans to suit the specific scenario you are in.

You will feel like quitting but don’t

When things are not working and you are pushed to the limit, the feeling of quitting is a common thing. This is a very delicate time and it’s where self-belief and focus on your destination come into play for you to survive. However, quitting is never an option. The saying that quitters never win and winners never quit is very true.

It might seem a long way but you will get there finally

In relation to the above when things are tough, there is always the anxiety and urgency for things to turn around. However, the situation might not change as quickly as you would like and it seems like a very long period. For this reason, you need to concentrate on other aspects of your business that are working but not to avoid what’s not working especially if what is not going right at the moment is not very critical to the survival of the business in the immediate future. For example, if loan approval for additional machinery or inventory is taking long to come through, you can concentrate improving efficiency of current machinery and workforce. You can also opt to see how you can reduce wastage or source alternative sources of raw materials that are cheaper or getting them at a credit.  

You’ll be rewarded if you don’t give up

Finally, after you have gone through the ups and downs you will reap the rewards. You will have learnt the ropes and also established good networks and relationships with customers and/or suppliers. You will be more suited to handle different aspects of running the business and built a good image for your brand and hence closing deals either with customers or suppliers will be an easy thing.

As you can see from above, all these aspects play an important role in the journey of entrepreneurship. The 7 things you need to know before starting a business in Kenya as explained above are not exhaustive but they give you a preview of what to expect.

At SME Resource Centre, we walk with you throughout the journey right from inception to the top. Never fee afraid of starting out because you know you have the right partner by your side.

Are you ready to venture into business? Start right now. Procrastination is a dream killer.