Tuesday, January 31, 2023

Five business ideas that can earn you decent money this year

The global unemployment problem presents a particularly difficult labor market experience for youth.

In Kenya especially, unemployment and underemployment continue to be major obstacles to the full utilization of human resources despite relatively strong growth in the region over the last decade.

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As job opportunities get scarcer by the day, Kenyans are now turning towards entrepreneurship as income. To succeed in the field, one must be conversant with the viable business ideas in Kenya.

As the unemployment rate continues to bite, the entrepreneurial space in Kenya is still quite attractive. Locals and foreigners alike can capitalize on the opportunities to earn a living.

1. Blogging

Kenya is one of the leading countries in Africa where blogging is on the rise. Kenya’s population of over 45 million has much potential for growth when implemented correctly due to the numerous monetization options.

One can use a blog to create content such as articles, videos, podcasts and more. They can also be used as online journals or personal websites.

2. Car hire services

Kenya is a fast-growing economy. The demand for cars has increased, pushing the retail prices of second-hand vehicles relatively high. For this reason, many people have opted for self-drive car hire services.

If done right, this is the kind of business that can leave you with lots of free time. You only need a competent driver or a good fleet management company to handle the day-to-day running of the business.

 3. Hardware store

You can start and run a successful hardware business in Kenya with increased construction. Most people would assume that a hardware store would require a lot of capital, but that is not the case. The only expenses required for setting up the business are rent for your business space, business license, and some little furnishing (shelves and counter for goods display).

It would be best if you stocked fast-moving items in hardware to make high profits. You do not want to stock items that are not in demand and keep them for too long. The following are top-selling hardware items in Kenya.

Nails, Cement Roofing sheets, Steel bars and rods, Nails, Plumbing pipes, Gutters, Tiles.

4. Pharmacy

The pharmaceutical business is one of the most profitable business ventures in the world and in Kenya. In a single day, the average profit of a single chemist in Nairobi is Ksh 4,000-Ksh20 000, sometimes, it can go up to Ksh 50,000-which means you can make a cool Ksh 1 million per month.

To operate a pharmacy in Kenya, you must hold a diploma or degree from a recognized institution. Setting up a pharmacy or chemist is not an easy task because there are so many requirements that you need to meet. Once you have met all the requirements, you must apply for a Pharmacy and Poisons Board license. You can then proceed to rent an affordable house in a busy location. You can start small by stocking the basic drugs and medicines.

5. Gas Refill

In the modern world, many people prefer gas cookers over other cooking techniques such as jikos, stoves, among others, due to their high efficiency in terms of fast cooking and easier of putting on.

Starting a gas business around you will be a good business idea that will earn you more income as this LPG server this reason, if you want to start a gas retail business in Kenya, the best place to set up your business is in urban areas.

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How confident do you feel about the Kenyan economy in 2023?


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