Starting a business is not an easy feat. That’s why we’ve compiled a list of resources that tackle the most common challenges entrepreneurs face, from securing funding sources to registering a business. Read on to get insight into what it takes to be a business owner in Kenya!
Finding a Business Idea
One of the most challenging steps in starting a business…is well, finding the right idea! Here are some blog posts that inspire you to make that decision.
Coming Up With a Plan
You decided on an idea for your business. What’s next? Ideally, you should develop a strong business plan outlining the key aspects of your business. Here’s an article from the U.S. Small Business Association that might help you with that, including a Word template.
Funding Your Business
Securing funding is a crucial part of any starting entrepreneur. But even before researching ways to get that funding, you need an estimate of how much you need. Luckily, there’s a way to calculate your startup cost. Check it out here.
Aside from bootstrapping (self-funding), venture capital, and crowdfunding, here are some other ways to raise those your required funds.
Registering Your Business
In Kenya, the registration process may depend on the type of business. Therefore, best check which category your business falls into. Go here for more information.
That being said, for most entrepreneurs looking to start their own small business, the steps to follow are outlined in the following article.
As we reach the end of the article, we should highlight that there are a lot more to consider when starting a business, such as choosing your business location (e-commerce or not?), your business structure, applying for the right permits and licenses, opening a business bank account, etc. Therefore, it is important for you to do your own due diligence and research what is required from your part, as an entrepreneur.
All this information may be overwhelming, but one way to navigate through all of this is by joining a community of like-minded peers. As mentioned above, you can take a look at our partner communities and see how they can help you! And as for us, we are always looking for motivated entrepreneurs – so, if you’ve already gone through the above steps, and are ready to further grow your business through mentorship and funding, check out how you can join us here.
Lastly, our Kenya Growth Catalyst, Joseph Ombam is available to answer any questions regarding our loans and mentorship program. Simply fill out the form below to get in touch!