Best Business Ideas Kenya – Businesses play an important role in the economy of a developing country like Kenya. One important area where businesses help fill the gap left by government is job creation. Since the government has fallen behind in creating enough jobs to serve the large number of young people, more people have been encouraged to venture into business as a source of income. But, unfortunately, not all know what to invest, hence the need to know the worst business to start in Kenya.
Many things can make a business look bad. Chief among these is whether or not the project is making any money. Other factors to consider may include the amount of capital required, the risks involved in running a business and legal restrictions on starting and running a business. This makes diligent businessmen avoid such ventures.
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Sometimes a business venture can be successful for one person, but that does not mean that everyone should start such a business. A business idea should match a person’s passion because the project will fail without it. Bad business ideas aside, those who enter the business should conduct environmental studies and risk analysis to ensure the suitability and desirability of the business so that you do not find yourself in a bad business such as:
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The stakes are getting higher on issues related to politics, and political blogs are no different. Blogging, in general, can be a profitable venture and has created several millionaires. If you’re just looking for income, political blogging can be a good business, but there’s more to it than just money.
Being a political blogger is putting the most important thing on the line—your life! Unfortunately, a number of things can go wrong, such as being kidnapped, tricked, hacked, trampled or even killed. In Kenya, political bloggers are always dragged to court by politicians for writing bad things about them. Such risks make it even more difficult to start a business in Kenya.
The offline taxi business was profitable, but that was before the arrival of online taxi services. Most of the money in online taxis goes to companies that provide online platforms, however. To start this business, you have to invest a lot of money in getting a good car. Getting a car in Kenya is not easy because of the high tax rates.
Assuming you already have a car, there are still uncertainties in starting a taxi business. Many Kenyans prefer public transport, which is cheaper. In addition, taxi drivers also face problems such as theft. Unhealthy competition can also make the environment very bad.
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Insurance companies are among the most successful businesses, but the industry is like a shark tank for startups. To begin with, you need a lot of capital to start an insurance business. There is also the nightmare of trying to break into a market dominated by large international companies.
The biggest risk in the insurance business is investors losing money because underwriters cooperate with customers on claims that are not valid; so the business loses money. Furthermore, even when claims for insurance money are legitimate, customers tend to exaggerate the figures. As a result, it becomes difficult for businesses to continue.
People travel for many reasons, including business, tourism, education and health, among many others. One would think that a travel agency would be a good business because of the high demand for travel services. The headache for the travel agent is that they are not only responsible for the client’s movement but also for all other things such as accommodation, airport transfers and security.
A number of things can go wrong for a travel agent who is under pressure to meet customer expectations. One obstacle to this project is the availability of the Internet that enables potential customers to research and plan their vacations online. As a result, little is left on the travel agent’s plate; so the business can be disappointing.
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The talking point for people who want to venture into this type of business is the small amount of money required for capital. But, unfortunately, that’s where the good news ends because business comes with many challenges. First, you should know the right places to find the product at the right price. Sometimes, second-hand dealers order goods but what is sent to them is not the quality they expect.
The industry is also in a state of uncertainty as the government imposes high tax rates to encourage the purchase of locally made garments. Such businesses are usually run informally in markets where traders are expected to meet with government officials. The final nail in the coffin is the shifting shopping preferences of Kenyans from physical stores to online retailers.
Technology is the future of doing business but starting a software company in Kenya is not everyone’s cup of coffee. Some software innovations have created giant companies, such as Safaricom’s MPesa. However, these are exceptional cases as many other ideas never see the light of day leaving innovators frustrated.
A software company is not a good business idea because many Kenyan companies do not appreciate the importance of integrating software systems into their operations. Therefore, those targeting organizations may end up unemployed. Even those who have succeeded in this business did not do it without significant investment.
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If ever there was an age that deserved to be known as the age of photography, it is now. Anyone and everyone can directly access photography services that were once reserved for celebrities. That said, it is one of the most under-appreciated businesses in Kenya for a number of reasons, the top of which is photographers.
Equipment for photography services is expensive, and yet Kenyans want to pay very little for these services. So, sometimes, potential clients opt out of professional photography services in favor of free photos from their phone cameras. In addition, most modern phones come with powerful cameras and photo editing tools that give photographers a run for their money.
The gambling company is one of the worst business ideas despite the industry importing a lot of money. Like other sectors, this industry is dominated by a few big companies such as Sportpesa and Betpawa, while others are scrambling for peanuts. Competition in this market is the least of your worries if you are a new investor.
One of the challenges that gambling companies face in Kenya is the unfavorable climate due to government regulations. In order to control gambling activities among Kenyans, the government saw fit to impose a high tax on all gambling activities. Since then, there have been attacks targeting these companies, including license cancellations.
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Being a freelancer is no walk in the park because it requires you to be on top of your game all the time, and even then, there is no guarantee that business won’t slow down. Business comes with many risks that a sole business owner takes. This is the last resort for people; so the customers will be all sorts of pessimists who are unpredictable.
Shylocks usually deal with small amounts of credit; so there is no need for collateral. As the number of customers increases, the amount invested in the business continues to accumulate with little room for repayment. Because contracts are verbal, it becomes difficult for innocent people to track down the violators.
If you want to work with the government as a businessman, you should participate in the tendering process through an open tender. This can be a very profitable business, but it is also not the best business for startups. First, you must have a registered company and demonstrate that you can tender the project.
Although a certain percentage of projects are earmarked for young people to bid in Kenya, very few win the bids. Even after that, the funds provided for the projects are not enough, thus causing it to stall. This means you may not get paid; therefore it would be a bad use of your money and resources.
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Although the above businesses are listed as the worst businesses to start in Kenya, these may vary from one person to another depending on factors such as passion level, skills, gender, age and even location. Therefore, potential entrepreneurs must do their due diligence to determine the pros and cons of an idea before taking a breath.
Shared an interesting article about the top 30 untapped new business ideas in Kenya 2021 that can be very successful. The unemployment rate is very high as more graduates enter the job market with fewer opportunities available. Young people have been advised not to look for jobs but to create jobs for others.
There are many untapped new business ideas in Kenya. Some business ideas require no capital at all to get started. Therefore, there should be no excuse as to why you are still unemployed.
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