How to start up a Business – Kenya Bankers Sacco
So, you have an amazing idea for a business! But where do you even start? Starting a business is exciting but also demanding. There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through. Before you put yourself out there in the world as a business, the first question you need to answer is, “Why am I doing this?” It’s a roller coaster ride, so you better love what you’re doing in order to survive the ups and downs. If you’re just in it for the money, you won’t make a lot of money—and you won’t be in business long, either.
Prepare a business plan and materials
- Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.
- Your business plan is the foundation of your business. It’s a road map for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.
- Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.
- It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.
- Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
- Create a business logo, cards and stationery. These items establish your company’s identity and help potential customers find and remember you.
Word from Kenya Bankers
Once you have your why, it’s a good idea to plan out the specifics on the front end, like how you will actually do business. What product or service will you offer? Remember to stay in your lane. Opportunities in business are endless, but not every opportunity is a good one. Successful business leaders are willing to let good opportunities pass them by if they aren’t the right opportunities for their specific businesses.
At Kenya Bankers Sacco, we were registered on 14th February 1975 as a Savings & Credit Co-operative Society to initially serve employees in the banking industry. The Sacco Head office is located at Kenya Bankers Sacco Center along 3rd Ngong Avenue, off Ngong Road -Nairobi. Get in touch with us on +2540205146500, email us on help@kenyabankers.coop or visit our website for more details.