How to start a successful business in Kenya

Prepare a business plan

A business plan is an essential road-map for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues. While there are various templates that can help you get started online, sead as many case studies online to get a better understanding of the challenges entrepreneurs face in this critical step.

Get an assistant or trainer

You will find that learning and growth is something that that you will need to embrace throughout the life of your business. An important step in starting your business is to get as much training as you can get from experts or local forums.

Choose a Business Location

Your probably thinking that modern day businesses are working virtually. Well, you are right but every serious business needs a location where they can physically serve their customers. Selecting a customer-friendly location should be your priority.

Fund your business

Government backed loans, venture capital and research grants can help get you started.

Determine the legal structure of your business

Depending on the type of business you are operating: sole proprietorship, partnership, corporation, it is important to know the legal structure that can influence the way you do business.

Register a business name

Register your business name with the government. Depending on the type of business you choose to operate: sole proprietorship, partnership, corporation, nonprofit or cooperative, you will need to register it under the laws of Kenya

Register for taxes

KRA will have a few instructions for you on which taxes to pay and how to pay them once you choose to do business anywhere in Kenya.

Obtain business licenses and permits

You business will be requires to have the necessary licences and permits which are issued county and municipal councils to regulate how business is conducted.

Understand employer responsibilities

Now that you are an employer, learn the legal steps you need to take to hire employees. Some responsibilities govern how you treat or even house you employees.

Associate your business with the industry

Now that your business is operational, taking the next steps for sales and marketing geared towards growth should be top of your agenda. Depending on the sector or industry of business, you can join institutions that lobby on your behalf.

Source: Trending.co.ke

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Soccer Match Previews

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It’s Kick-Off Time

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