Tuesday, April 16, 2024

Silvano Mbogo: Easy to start businesses that made me rich in my 20s

Silvano Mbogo is a name known to many in Embu County due to his vast investments in transport, food, and money-lending businesses.

The businessman runs several businesses including butchery, boda boda, rice business and an informal money lending bureau among others.

In an interview with a local daily, Mbogo revealed he ventured into entrepreneurship after attempts to join the Military failed.

The businessman recalled how he lost a whooping Sh200,000 savings to a con who had promised to recruit him in the military.

This pushed him back to the drawing board thanks to his impressive bank savings records in previous years that enabled him to secure a loan of Sh100,000 from Equity Bank in 2009.

He invested the money in various businesses which with time grew, making a decent income for the businessman.

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”Using the loan money I bought a motorbike worth Sh70,000 and opened a butchery business in Embu town with Sh30,000. I operated the butchery on my own and employed a rider for the motorbike who would pay me Sh300 every day,’’ he said.

The two businesses peaked quickly and in six months he had bought a second motorbike raising his income from the boda boda business to Sh600 daily.

Within one year, he had cleared the loan and dedicated most of his earnings to savings that by December 2011, he bought an eighth-acre piece of land at Sh110,000.

He went ahead to expand his business empire by introducing a money-lending business. Mbogo says he would loan between Sh5,000 to Sh50,000 to select individuals at an interest rate of between 10-20 percent for a period of four months.

Other businesses under his name include a rice store where he buys rice directly from farmers and supply it to hotels in the region.

As of 2020, Mbogo had seven motorcycles which assured him a daily income of Sh2,100, and a car for his daily errands.

Among the challenges he encountered include dealing with defaulters as well as rogue employees.

”A rider once fled with a motorcycle which I recovered three months later,’’ he recalled.

He credits his success to hard work, purposeful savings, and taking risks. Mbogo advised young people to cultivate a saving culture and take loans for investment only.

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