Tuesday, January 31, 2023

Stephen Musyoka: How I started my Nakuru medical clinic business with Sh. 2.5mn

Stephen Musyoka works at Clearscan Medical Solutions as a clinician and sinologist. He also doubles up as the chief executive officer for the medical clinic business based in Nakuru.

I started this business in 2018. Prior to this, I was employed and working for a health institution. I was tasked with providing medical diagnostic services to patients. The institution suffered managerial problems that affected the terms of employment. This pushed me to leave and venture out on my own. I invested Sh. 2.5 million in this business. I used this investment to set up the facility and acquire the necessary medical equipment.

It took up to 1 year to break even. The business provides medical services to the residents of Nakuru. Through it, I am able to offer medical consultation services and medical diagnostic ultrasound scan services under one roof.

Running the business has not been without challenges. The 2020 pandemic was particularly hard on the business. We recorded stagnation but we are now looking at better growth prospects.

There is one big money mistake I made after starting this business. I started another business almost similar to the one that I am doing currently. Since both were started within a short span, the second business found itself relying on the first business for survival. It couldn’t break even and at some point, I realized that this over reliance on the first business would collapse both businesses. I had to shut down the second business.

Although I took a financial hit, I learned the power of the ‘Business of One’. This means that when going into business, you should be all over setting small branches that can’t sustain themselves. They will drain your primary source of revenue. Instead, grow and expand your revenue from within the primary venture until such a time when you’re well established and the market requires branch services.

There is satisfaction that comes from working in the medical field. Every day that I go to work, I know that I am doing much more than just business. I am saving lives and improving health. And there is nothing that makes life more satisfying than knowing that what you do for a living has a direct positive impact on people’s lives.

I feel like I started small. If I could rewind the hands of time and start all over again, I would start a single health business on a bigger scale. I should have taken more risk with my main business instead of opening two similar businesses at the same time.

Beatrice Mauku: My gamble to start business with sacco loan, pension savings paid off

I save my money in the bank. I am also in Sacco where I save a portion of my income. I started saving in Sacco after realizing that putting all my money in the bank meant that I had easy access to them. The dividends and shares at the Sacco have been a vindication that I made the right move and a motivation to accelerate my savings.

Do what you are passionate about in life. You will never get tired and however the results pan out, you will hardly regret. On money, always plan for what you have but continue to dream big and never get comfortable with any level of achievement.

Be hungry but moderate for more. If you are in employment, don’t rush to quit and start a business just because you have heard this is how to make quick wealth. Work with what is feasible for your situation. This is not to say that entrepreneurship isn’t a more efficient way to make wealth. It is and it provides more flexibility and fulfillment.

A version of this profile feature on Stephen Musyoka who runs a medical clinic business in Nakuru was also published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.

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