Get into business this year

The tough Kenyan economy is doing a number on most of us, and with the rising cost of living, making ends meet is only getting harder.

One job or one business venture just might not cut it, and more people are looking for additional income sources.

A January 2024 survey on the impact of hard economic times by Infotrak showed that Kenyans have been seeking additional employment and income sources as a coping strategy; as well as cutting back on non-essential expenses.

The report, which featured responses from 1,500 Kenyans, showed that 45 per cent engaged in a side hustle to supplement their income, 41 per cent have to reduce their expenditure on non-essentials while 18 per cent have taken out loans to fill in the gaps.

“A majority of Kenyans (73 per cent) are either in severe financial distress or struggling to make ends meet,” the Infotrak report said.

We are more anxious, stressed and uneasy as a country, per the report.

Infotrak adds: “The hard economic hardships have had various impacts on Kenyans including; increased stress and anxiety (48 per cent), strain on personal relationships (32 per cent), physical health issues (21 per cent), and mental health effects (18 per cent) among others.

As we look for ways to make money; Eve explores start-ups you can venture into this year as a young lady.

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USE YOUR TALENT

There are those natural skills we each have that are unique and special. Say you are an artist by heart, take that and make something of it.

There are multiple careers that one can make out of an artistic skillset. It can be one in the beauty industry, such as hairstyling or make-up artistry, or one in the academic sector, like academic writing or blogging.

Take make-up artistry for example; there have been lots of self-taught Makeup artistes who have grown through the ranks and become well-known locally.

One such inspiring makeup artiste is Muthoni Njoba, who has built her brand to international recognition.

She talked about her journey in an interview with Parents Magazine, saying that at one point, she was faced with the prospect of either returning to the corporate world or pursuing her true dream of make-up artistry.

The magazine reported: “Her breakthrough finally came in 2012 when an old client called to tell her a local media station was looking for a make-up artiste.”

“After realising how seriously Muthoni took her craft, her father finally agreed to sponsor her for a seven-day foundation course at the prestigious Academy of Freelance Make-up in London in 2013. In 2014, not one but two international make-up lines approached Muthoni to become their local brand ambassador. She ended up choosing Maybelline New York by L’Oreal who officially announced her position in January 2015.”

BE AGGRESSIVE

You’ve always had your eye on business, and quickly do the math when at the salon getting your hair done. Tens of customers come in on a regular Saturday afternoon at your neighbourhood beauty parlour, each getting salon services ranging from Sh2000 to Sh3000.

Jumping into the salon business will require research and some proper planning.

Business News Daily, a magazine focused on start-ups and small business solutions, breaks down the basics to consider when opening a salon business. 

“Salons can be excellent entrepreneurial ventures for those interested in the beauty space. From hair salons to spas to nail salons – or a combination of these services – various salon models can be successful businesses for the right entrepreneurs."

On basics to consider when starting a salon, the magazine lists: creating a business plan, researching the laws and regulations of the region, thinking of ways to make your salon stand out, finding the right location and developing a solid client base.

CONSIDER YOUR OPTIONS 

Teachable, a business blog lists small business ideas for women, and they are all heavily pegged on talents, skills and passion.

You may be a fit young lady with a passion for the gym and healthy diet, or a tech-savvy woman with knowledge of IT.

For young women, the options range. You could become a personal trainer, nutritionist, interior designer, stylist, content creator, freelance web developer or run an online store, among other start-up ideas.

“You can start your own interior design business if you have an eye for design. If you always get compliments when someone visits your home, it’s a sign that you have good taste and skills in decorating. So, utilize them and offer interior design consulting, either in-person or online,” Teachable reports on becoming an interior designer.

The report notes content creation: “If you have always dreamed of creating and sharing content on social media, then content creation might be the right business idea for you. Content creators can work with brands directly, creating content for their platforms, like BuzzFeed.” 

What a man can do…

Your business ideas don’t have to be feminine. Gone are the days when society placed the genders in a box, so be adventurous

If you want to start an auto-garage or get into construction, you can accomplish whatever you set your mind to.

Find out which venture suits your personality, and what will be profitable in the long run.