Do you want to start your own business In Kenya and beyond? The idea, business plan, legal form, financing, brand protection, insurance, notary appointments, contracts, etc. are some of the words on the way to founding a business. For many founders, setting up their own business is a book with seven seals. That is why you will find 10 important steps in starting a business below.
1. The planning phase
Before you actually officially set up your business, the planning phase must be completed.
Take your time and pay close attention to a valid business model. This is followed by the detailed elaboration of your business plan, which forms the basis for a successful business formation. Pay particular attention to a realistic financial plan. It shows you how much capital is necessary and whether your planned business is worthwhile.
2. Plan your business with guidelines and checklists
We have already created extensive guidelines and checklists for individual areas to help you plan your own business well. Here are business ideas viable in Kenya and beyond:
- Open a boutique
- Open driving school
- Open a gym
- Buy food truck
- Open hair salon
- Open hotel
- Open a daycare center
- Found a fashion label
- Open a nail salon
- Open a cleaning business
- Open an unpackaged store
3. Check trademarks and protect
Many founders are breaking new ground when it comes to legal issues when setting up a business. But these are of great importance when setting up a business and should not be neglected. Finally, the business should be able to be found at a suitable Internet address. The business name should be clear and unambiguous. Brand protection for the products and services secures the competitive position. However, it is important to remember that these issues are not one-way streets. When you set up a business, you also have to be careful not to violate any existing property rights. We have put together further details for you in the section on industrial property rights.
4. Secure corporate financing
First of all, self-employment means investments and costs. And the savings are often not enough. The thought of the bank loan then quickly comes to many founders. But corporate financing can be diverse. The starting point is the financial plan that you created in the business plan . This shows what capital you need to set up your business. Funding, equity, loans or grants can then be used to finance the business: raise sufficient capital when starting your business.
Also think about financing alternatives . In addition to the house bank and subsidies, there are also:
Online loans up to 50,000
Factoring – Financing by eliminating unpaid invoices
5. Get Permits
Do you like to cut hair and want to open a hairdressing salon? But it’s not that simple. This handicraft occupation falls under the master’s obligation. Even opening a restaurant before contacting the building authority is not recommended. Permits, permits, or specific qualifications may be required when starting a business. Find out more in advance before you run into problems when you start your own business: get an overview of the necessary permits .
6. Secure business form, account and contracts
The opening of a business account is also associated with the establishment . Corporations are only registered with the commercial register by the notary when the share capital has been paid in (usually on a business account). For freelancers and sole proprietorships, a separate business account is not absolutely necessary, but definitely advisable – this is the only way to separate private and professional finances.
7. Brand your business
One of the preparations, when you start a business, is that you design your public image in the best possible way. This includes, for example, the business logo or the website as well as a correctly created invoice or legal aspects such as the imprint and the data protection declaration. The first impression counts – this applies to your business in customer contact as well as in the first meeting. So do your best and convince with a successful public image.
8. win customers
After planning and numerous formalities, you have successfully set up your business. But now it’s about generating sales and successfully entering the market. Many people might like to buy from you – but very few people know what you have to offer. And even if you are completely convinced of your products or your service – you still have to do a lot of convincing with potential customers. For this purpose, we have compiled the various ways of customer acquisition for you.
There are many ways to advertise your offer. There is no question that you are advertising. However, you should – also for budget reasons – design and implement a coherent marketing concept .
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