It can be tough to start a profitable business in Kenya. You don’t know where to start as you think most businesses have already been filled and flooded. If these are your thoughts, then you’re not right. There are many untapped businesses in Kenya. However, to identify such businesses, you need to know where to look for ideas. As a result, we have compiled sources of business ideas in Kenya used by many. These are sources that will lead you to start not only untapped but also profitable businesses in Kenya.
Our main concern when compiling these sources was the profitability of the business. We want you to come up with a business idea that will see you smiling all the way to the bank. Keep reading to find out these crucial sources of business ideas in Kenya.
Past Work Experience
Working for other businesses gives you an idea of what customers need. Also, by listening to their complaints, you can learn many things about the venture.
If you start a business using ideas from your workplace, you might face stiff competition. The company you’re working for remains your biggest competitor. To get customers, you’ll have to be creative and innovative. Providing goods and services which appease customers will win some to your business.
For instance, you can borrow a loan to start an online lending app targeting business owners who need cash fast. This is after realizing that the money lending institution you work for has delays.
Talents, Interests, and Hobbies
You can turn talents into profitable business ventures. However, you’ll need to conduct deep research on how you can market your abilities. For example, if you’re a dancer, you can start a dancing company. Event organizers will hire you to entertain people during ceremonies.
A hobby is something you like doing in your leisure time. For instance, if you like coding, you can start a freelance coding business.
An interest is something that catches your attention. To be successful in interest-born ventures, you’ll need to master and pursue the skill.
You can keep your daily job and work on the businesses on evenings, weekends, and when you’ve some spare time. This way, you’ll earn an extra income. Also, you’ll be able to transition to full-time when you can take the financial risks.
Customer Surveys
Successful business ideas are tailor-made to meet existing consumer needs. Customers know the goods and services they require to make their lives easier. You can conduct surveys on possible product upgrades or ways of introducing new goods or services into the market.
People conduct customer surveys either online or manually. In an online customer survey, you can send questionnaires to people by email or on social media platforms like Twitter and Facebook.
In the offline/manual survey, first, you set up meetings with customers. At the meeting, you can discuss products or services they think can make their lives easier. For example, if your friends are investors in real estate, you can hold a meeting to discuss solutions to credit challenges they’re facing. You can start a business based on the solutions you’ll discuss.
The main challenge of conducting customer surveys is getting feedback. But, if you’re persistent and use proper channels, you’ll succeed.
Market Gap Analysis
Budding entrepreneurs can analyze supply and demand chains to know existing market gaps. They can use the market gaps when starting a business. For example, you can realize certain services or goods are in high demand and have low supply. Thus, you can create a company to meet the high demand.
Starting a business to supply goods or services with low supply and high demand can guarantee profits after a short duration. Consumers are available and ready to buy from you. You can even go overboard and deliver the products to customers’ homes. Since they need them, they’ll buy them.
Experts Consultations
When you’re looking for business ideas, you can talk to experts in the field you’re targeting. Usually, business experts have been in the business for a long time and understand it well. Also, they’re successful in the sector. Your main aim is to learn more about the company and any available market gaps.
Before meeting the expert, you can write down some discussion points to avoid forgetting crucial points and time wastage. Keep in mind that experts are busy people.
If the expert is generous, they’ll let you know some factors to consider when starting, the “Do’s and Don’ts.” This way, you’ll be able to avoid early-stage mistakes.
Brainstorming
Every person has numerous thoughts that can lead to a potential business venture. Through brainstorming, you can identify customers’ challenges. Also, it allows your mind to develop possible solutions to the problems. For example, you can think about a product you use and how to improve it to meet your needs better.
When brainstorming, ensure you write down all your thoughts to avoid forgetting some. After getting the ideas, analyze them to identify the feasible ones.
Friends and Family
Entrepreneurs can get business ideas by talking to friends and family. By listening to their complaints or reviews of different goods and services. Family members have different views of products and services in the market. They’ve varying lifestyles and perspectives. To find solutions to the numerous complaints, you can start a business.
When implementing the ideas, you need to be cautious to avoid losses. Remember, friend’s and family members’ surveys don’t depict other consumers’ needs.
Market Trends
Many customers can buy trending products. This causes demand for the items to increase. A new fashion of clothes can get more sales compared to older styles.
When starting a business based on current trends, take advantage of the high demand since new products can enter the market anytime. The chances of having an outdated and dead stock are high.
To start selling trending products, you should be willing to invest your capital in a high-risk venture. Remember, the demand patterns keep on changing. To succeed, you’ll need excellent demand forecasting skills. It’s vital to take advantage of the increased demand to get higher profits.
Mass Media
Television, radios, the internet, and magazines can be sources of business ideas. Media outlets can share business information with their audience. The media platforms can invite business experts to talk about existing market gaps. Some of the outlets offer excellent insights into consumer needs and wants.
Social media pages provide information on customers’ wants. You can browse your competitors’ pages to get an idea of products in high demand. Also, you can know the reasons behind customers’ complaints.
Traveling and Exhibitions
Many people travel to different destinations to either fulfill commitments or have fun. As you travel, you can learn about different cultures and opportunities. Also, you can borrow entrepreneurial skills from other communities or markets.
Established companies hold exhibitions to market their goods and services. By attending the shows, you can learn how other businesses operate and how they get clients. By talking to the sales team, you can identify some market gaps to explore to start a business.
When starting a business, you need to research existing patents or copyrights. Infringing patents and copyrights of other companies can lead to court battles. Lawyers can advise you on copyright issues.
Customers Complaints
Typically, customers complain when goods and services fail to meet their expectations. By listening to their reasons for complaining, you can develop a profitable business idea. However, to provide goods and services customers want, you’ll have to be creative and innovative. For instance, you can hire motorbikes to do deliveries instead of vehicles. Customers will stop complaining about late deliveries due to traffic jams.
The Bottom Line
There are many untapped profitable businesses in Kenya. However, you only need to know how to identify these businesses. Thus, we hope that these 11 sources of business ideas in Kenya will be helpful to you. We want to see you starting and running a successful venture.
However, you must remember that nothing comes easy. You must be persistent in everything you do. We advise you to start a business you’re passionate about. This way, you’ll enjoy being part of the venture.
