According to the companies’ registry, 326 businesses have been opened in Kenya daily since the COVID pandemic began. That’s an astounding number and also quite encouraging for people looking to set up their own businesses. You are not alone. While there are quite a few businesses opening up, there are a few things you would need to put in mind if you are to compete and come out on top.
Do your research!
Find out everything there is to know about running a business in the country and in the locale you’re looking to set up in. For you to win, you must study the business environment, competition, tools of trade and so on to find what works for the particular business you would like to set up. Remember, knowledge is power. It is this knowledge that will help you answer the next few questions:
- Why do I want to set up this business?
- Who is your target market and what are their purchase habits?
- How long do you want your business to run for and what do you have to do to keep it running for that period?
- Can your business survive without your presence?
- Do you need to hire staff?
- Who would you hire as a staff member?
- Do you have the skills to run that particular business?
Scope out the competition
It is wise for you to know those in the space you’re looking to occupy. You will need to find out what would set you apart from your competition- what value you offer that makes your business stand out from the rest.
For instance, you want to set up a chips business in your neigborhood. You’ll need to find out who else in that area runs a chips business and how their business is doing. Then evaluate whether your clientele and theirs are the same. If so, why would people choose your chips spot over the other already established one? This will help you steer away from missteps that either get you into debt or lead you to close your business prematurely.
Always have a plan
Failing to plan is planning to fail. Never has a statement been so true. You need to clearly outline every aspect of your business complete with income projections that serve as your goals. Split your plan to reflect your most immediate goals, quarterly goals, annual goals and so on. Each goal should be backed by action points that help you achieve those goals.
The biggest mistake you could make is to go into the business blindly.
Be passionate about what you do
Running a business is not always going to be a walk in the park. There will be moments when you want to pack everything in and give up but it is a lot easier if you love what you do. A little passion goes a long way in keeping you motivated during those tough times. It also makes it so you are excited to learn and better your business.
Have a mentor or a guide
No one should have to do business by themselves. Identify a mentor and let them guide you. Mentors have been through the business path and would have a lot of insights that carry you through. As far as guides go, your financial partner should be one, offering you investment and growth advise and pointing you to opportunities you may otherwise not see. They also keep you true to the plan you set out for your venture at the beginning.
Remember, as a DADA, you have a network of business women like yourself rooting for you and championing your success. They, along with your relationship managers, will see you get stronger and more confident in business.
After it is all said and done, you never know how successful you will be if you do not start your business. Go forth, we’re here for you and your success.