Most of us want to venture into entrepreneurship. But there are those of us who do not just want to be their own bosses. The want scalability. They want to be the next big story. Having learnt how to fund your start-up, here are the best 10 business ideas that will turn you into Kenya’s next star.
IT
Generation Xers have real estate while Generation Yers have IT. Information Technology is a key pillar of Kenya’s Vision 2030 mission. The economic boom forecasted requires the formalization of the ‘informal economy’. IT offers this solution via its network and software basis of operations. Think of how MPESA pulled the masses into mobile banking. Expect IT to continue being at the forefront of things in the coming years.
Agriculture
We know, it’s not glamorous.Think though, Kenya gains 1 million people each year and they have to eat. Food security will gain increasing importance with the challenges brought about by climate change. The government is invested in rural electrification and infra-development. Alongside these is the commitment to educate and finance farmers. ‘A future in which farmers are in doubt is a future in doubt’.
Agro processing
Going side by side with agriculture is agro processing. You’ve heard the phrase, ‘Value Addition’ preached so often it’s teetering on becoming a weasel word. It’s true though that value addition adds value in terms of utility and price. Ask this guy! The crowd of households that buy stuff off supermarket shelves is encroaching Mama Mboga’s share.
Light Manufacturing
The government of Kenya realised early that light manufacturing bests heavy manufacturing. For the purposes of developing as a country. Only now though has this been followed on with on field action. Electrification frenzy, centralizing business registration and devolution. This type of industry creates more jobs and substitutes imports. Facts which make the government very happy. Counties will welcome your small factory with open arms.
Microfinance
For many years people claimed that banks were primarily for rich folks. Herbusiness will not offer an opinion on the claims. It’s evident though that microfinance rode big on this and has become a challenger in the finance sector. Room for growth is still aplenty. Farmers and the urban youth keep mentioning access to capital as the main hinderance to their aspirations.
Low-Income Housing
Kenya has massively inflated real estate prices. The price ranges for owning a house is still beyond the reaches of most Kenyans. The urge to own a house will not die out but income will not rise fast enough to make them affordable. Stemming from how Safaricom and Equity Bank rose fast by targeting this segment, don’t be surprised if this is the next big story. Etch your name, perhaps.
Transport
Transportation is not just a big deal here but the entire continent. Governments in Africa want to boost infra-African trade. With Kenya being the hub if things this side of the continent, movement of goods and people will be A BIG DEAL. Trade between Kenya and her neighbours will continue to be heavily skewed towards the former. Not just that but trade within Kenya itself continues to gain traction as we discover trade trumps everything. The timely and orderly delivery of goods cannot be understated.
Media and Entertainment
Kenyans are an arrogant bunch. We are only going to take the Nigerianization of Africa for so long. Thanks to the drive to shift to a digital platform the media industry is set for a revolution. The industry is set for a rejig. This will also increase the demand for content; i.e, entertainment. Herbusiness likes giving examples and fewer will best Dorothy Ghettuba. It’s capital heavy but don’t forget there is the advent of online entertainment in Kenya.
PR and Advertising
Kenya is the only country giving South Africa a run for its money in the Sub-Saharan brand business. Our famous brands have locked off this market and steadily crept onto the Easter African scene. They understand the value of brand promotion. The smaller players confined at home have learnt well and understood the importance of brand visibility. Another woman trailblazer is Gina Din Kariuki, a glance at her list of clients should spur you.
Education
We have an impressive literacy rate of 87.4%. Nevertheless, there abounds complaints about quality education. Just like housing, top class education seems to be accessible only to the wealthy. There is also a shortfall between demand and requirement. This is especiallly true for Kindergaten and Secondary schooling.
Enjoyed the list? Think we left anything out? Share with us your opinions below.