5 Steps to Start a Business in Kenya
Updated: Dec 3, 2022
Having a business idea or visualizing oneself in a business setting is easy for potential entrepreneurs. However, implementing the ideas is the most challenging part, which creates a distinction between success and failure. With no one venturing into a business to fail, it makes it necessary to adopt a strategy that guarantees an effective and efficient startup. The steps to consider include;
1. Conduct market research
Market research provides the first opportunity to assess and evaluate your business idea by determining the viability of the intended service or product through research targeting potential consumers. The data collected will inform the competitive advantage of your business and opportunities to be exploited.
2. formulae a business plan
A business plan is a written document that will describe your core business activities, objectives, and how you intend to achieve set goals. The plan will be the foundation of your business and a roadmap of how you will structure, run, and grow the business. Additionally, you will use the plan to fund the business and convince potential shareholders to invest in the business.
3. Pick a location
A business is as good as its location. Choosing a location is one of the most significant decisions you will make, regardless of the size or type of business. When choosing a business location, factors considered include budget size, vendor and suppliers, safety, and product or service demand.
4. Choose a business name
Picking a business name is one of the challenging aspects of a startup, as exemplified by eventually using one’s name. A business name is subjective and will boil down to your preference. However, the name should depict the brand and capture the business’ spirit. Most importantly, ensure it is a unique name.
5. Register the business
Business registration will help legalize the business, particularly protecting your brand and business name. Registration will secure a legitimate business reputation and build trust among workers, clients, and suppliers. Additionally, it will allow you to market your business brand.