Starting a business in Kenya or anywhere around the world involves a lot of planning, making key financial decisions and completing a series of legal activities.
This article highlights 10 simple steps that will help you start and run a successful business.
1. Prepare a business plan
A business plan is an essential road-map for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues. While there are various templates that can help you get started online, sead as many case studies online to get a better understanding of the challenges entrepreneurs face in this critical step.
2. Get an assistant or trainer
You will find that learning and growth is something that that you will need to embrace throughout the life of your business. An important step in starting your business is to get as much training as you can get from experts or local forums.
3. Choose a Business Location
Your probably thinking that modern day businesses are working virtually. Well, you are right but every serious business needs a location where they can physically serve their customers. Selecting a customer-friendly location should be your priority.
4. Fund your business
Government backed loans, venture capital and research grants can help get you started.
5. Determine the legal structure of your business
Depending on the type of business you are operating: sole proprietorship, partnership, corporation, it is important to know the legal structure that can influence the way you do business.
6. Register a business name
Register your business name with the government. Depending on the type of business you choose to operate: sole proprietorship, partnership, corporation, nonprofit or cooperative, you will need to register it under the laws of Kenya
7. Register for taxes
KRA will have a few instructions for you on which taxes to pay and how to pay them once you choose to do business anywhere in Kenya.
8. Obtain business licenses and permits
You business will be requires to have the necessary licences and permits which are issued county and municipal councils to regulate how business is conducted.
9. Understand employer responsibilities
Now that you are an employer, learn the legal steps you need to take to hire employees. Some responsibilities govern how you treat or even house you employees.
10. Associate your business with the industry
Now that your business is operational, taking the next steps for sales and marketing geared towards growth should be top of your agenda. Depending on the sector or industry of business, you can join institutions that lobby on your behalf.