You can become an entrepreneur regardless of whether you have a lot of money. Provided you have enough to satisfy your first customer, do not let your current financial incapability stop you from becoming a business person.
With Ksh 5,000, there are endless opportunities in the business world that you should consider. But before making any important decision about the business that you hope to start, think about below factors that will affect the success of your venture:
- Target market
Your business will only succeed if you convince as many customers as possible that you’re offering something that they need. Your target market will be determined by the products or services you choose to deal with. For instance, if you decide to sell beauty products, your target market will be comprised of ladies. With this understanding, you’ll design your operations in a manner that accommodates them.
Regardless of the amount of money you invest in your business, you’ll have to deal with competition. Identify the individuals who are engaged in the same venture as you hope to start to gain insights on how to succeed. However, do not implement all their techniques because there is a need for your customers to realize a difference in the way you operate compared to the other business people.
Even though generating profits is the end goal, you must not be blinded by money that you devote all your energy to something that doesn’t excite you. Identify the niche that you’re passionate about and find a way to earn from it. This way, it will be easy for you to keep working smart regardless of possible challenges.
- Country economic stability
Again, how high or low your capital investment is will not prevent you from experiencing the challenges that business people experience in the course of their operations. As a result, you need to analyze the economic trends and find a way to keep your business afloat even when there is less money in circulation for customers to spend on your enterprise.
- Business location
With Ksh 5,000 you can choose to operate an online business or be a mobile business person. Either way, you will not have to spend a lot of money on renting a physical space. For instance, running your enterprise through social media is affordable and you’re likely to reach many people through the available platforms. All in all, choose an option that reduces your costs and increases your earnings massively.
- Marketing technique
Customers are every business’s backbone, but you’ll only achieve your goals if they are aware that your business exists. Again, you can start by using social media to create awareness of your existence, as you can’t spend too much money on expensive advertising
So which businesses can you start with 5k?
- Selling mitumba clothes
The mitumba business is a booming one, as most individuals would rather buy less expensive and unique clothes. Provided you buy the best for your target market, you can be sure that you’ll not experience have many pieces in stock without no one to buy them.
With a mitumba business, you can start with Ksh 5,000 or less, as you only have to buy a few pieces and sell them at a profit so that you can buy more in the future.
- Selling handmade beaded earrings and necklaces
You can learn how to make earrings and necklaces using beads through social media platforms like YouTube or by asking a friend who has mastered his skill to teach you.
On starting to sell your products, obtain feedback on how best to improve your delivery in terms of designs and colors. You should also communicate to your current and potential clients that you can make customized pieces for them.
- Starting a mandazi business
A mandazi business is likely to generate you a substantial income seeing that mandazis are a favorite to many. For instance, you can set up a spot at your near your home, early in the morning, and target parents who have school-going children.
To sell extensively, you’ll have to wake up early as most children go to school by 7 AM. As your business grows, you can open a hotel and start selling a variety of treats.
- Selling undergarments
Undergarments are a must-wear for children and adults, so this is a venture that could be very profitable with the right planning.
For instance, if you choose to concentrate on ladies’ underwear you can start by buying 4 dozens, which will cost you approximately Ksh 4,000 but don’t buy similar designs. Eastleigh is one place to source from as many vendors are selling in bulk.
- Start offering laundry services
With how busy people are, cleaning up may be a challenge seeing that there is barely time to spare. You can bridge this gap by offering cleaning or laundry services to such individuals. All you have to buy are detergents, buckets, basins, mops, and brooms to serve your clients, which may cost you Ksh 1,000.
You can spend the rest on hiring one or two people to help with offering these services so that you can meet the needs of various clients at the same time. In the future, you can invest in a laundry machine to save time, but do not strain yourself to buying it in the beginning.