The Standard Group Plc is a multi-media organization with investments in media
platforms spanning newspaper print
operations, television, radio broadcasting, digital and online services. The
Standard Group is recognized as a
leading multi-media house in Kenya with a key influence in matters of national
and international interest.
Finance coach Margaret Njeri breaks down practical, step-by-step strategies one can use to turn their skills and interests into income-generating ventures.
Identify strengths and interests
Margaret advises people to identify their strengths by reflecting on their areas of expertise and the types of help they are often asked for. They can then research ways to turn these skills into digital products or services, such as freelancing, online tutoring, digital marketing or content creation. Most importantly, they should treat it like a business.
Choose a digital platform
Opting for the best digital platform for your content starts with understanding your audience, Margaret says. She suggests Instagram or TikTok for those who are visually creative, LinkedIn for professionals and consultants and Freelancer or Upwork for writers. Other platforms include Canva for content creation, Zoom or Google Meet for coaching or online services, WhatsApp Business for client communication, Instagram or Facebook Marketplace for product-based businesses, Linktree to organise offerings, and M-Pesa or PayPal for receiving payments. The top digital platforms to start making money from home are Upwork or Fiverr for freelancing, Facebook or YouTube for content monetisation, Instagram and Facebook for product sales and Alison, Coursiv or Udemy for online courses.
Start small
Margaret encourages those without a formal business background not to worry, but to start small by offering a service to the community. They can use free marketing tools such as Canva and WhatsApp status updates. “Ask for testimonials, build your credibility and then expand gradually. You don’t need to have everything figured out, just start,” she says.
Building an online community
- Self care: The path to being a better parent
- How to deal with sibling rivalry
- How to introduce children to budget literacy
- Modern fatherhood: Rise of the present dad
Keep Reading
Creating an online community can be challenging, but consistently providing valuable content for your audience is a good place to start. She also encourages people to use referrals and word of mouth to build a client base. Other useful strategies include joining Facebook groups or Telegram communities, actively engaging with potential clients, and making use of free marketing tools such as WhatsApp Broadcasts, stories, and statuses.
Cultivating clients’ trust
Developing trust while running an online business entails showing your face and telling your story. They can also share real results or testimonials, be responsive to clients’ questions, offer guarantees or clear return policies, and stay transparent in pricing and process.
Pricing digital products and services
Women can price their digital services confidently without undervaluing themselves by researching market rates, considering time, tools and taxes, and pricing based on value and not only effort. “They can start with a price that they are proud to say out loud and then increase it gradually as skills and demand grow,” Margaret says.
Managing earnings
Once they start earning from the business, Margaret suggests opening a separate account for online income. Tracking earnings and weekly expenses, setting aside a portion for tax if it’s a registered business and for savings, building an emergency fund, and considering saving in a money market fund or Sacco are great steps to take. “Don’t over-invest in tools until your income justifies it,” she advises.
Protecting digital business
Guarding your business from fraud, scams or burnout encompasses using verified payment platforms, avoiding offers that are too good to be true, setting boundaries with clients regarding work hours, investing in digital literacy and cybersecurity, and taking regular breaks to recharge. Other ways include using two-factor authentication, avoiding sharing passwords, keeping business and personal accounts separate, setting withdrawal limits, and staying updated on scam trends and reporting suspicious activity.
Growing online business
Some of the smart strategies you can use are to collaborate with other businesses and leverage trends while staying true to your brand. They can use email lists or WhatsApp groups for loyalty building, automate where possible (e.g., scheduling tools), and invest in paid ads once the offer is validated.
Online investment tools
Some of the options for first-time investors are money market funds (accessible and low-risk), REITs (real estate investment trusts), treasury bonds via mobile apps, and digitised Sacco contributions. Several digital skills are highly recommended to increase income in the next few years, such as digital marketing, content creation (reels, TikTok), Canva design, basic bookkeeping, email marketing, and freelancing platforms (Upwork/Fiverr).
Digital networking
“Join groups where people share financial knowledge, like women’s finance Facebook groups, Telegram investment channels, or SACCO digital platforms,” Margaret says. She recommends She Leads Africa and Facebook groups like Business Women and Femmes Entrepreneurs are strong digital networking groups.
join