Last updated on March 2nd, 2024 at 05:36 pm
Are you looking to start a business with 700K or less in Kenya?
The possibilities are endless, but if you’re looking for some guidance on what could be a great fit, look no further.
In this article, we’ll take the mystery out of starting a business in Kenya regardless of your goals and budget. We’ve gathered a list of some of the most popular businesses to consider starting with 700K or less, and we’ll give you an inside look at how successful these businesses can be.
You’ll learn about the best ways to stay within your budget while still being able to launch a successful business, as well as tips on how to market it.
So let’s get started!
Here is a list of business to start with 700k in Kenya:
1. Start a Transport Business in Kenya
Do you have a 700k budget to start a business in Kenya?
There are numerous business opportunities you can explore. One of the most profitable is a transport business.
Kenya has grown to become one of Africa’s top economies, driving its demand for reliable transportation.
A transport business can provide this service utilizing the right resources and personnel.
Therefore, you could start by purchasing 2-3 busses and hiring qualified drivers with a valid license as well as conductors/ticketing staff to manage your passengers.
If you have 700k to invest in transport, it’s important to understand the market first.
Analyze where people are moving, what type of vehicles are they using, and how much they’re willing to pay for comfortable rides.
Once that research is done, your next step should always be a calculation: figure out how much money is needed for operational costs, salaries and other significant expenses.
Finally, establish a strong online presence so you can grow and promote your transportation business using the latest digital marketing techniques available in Kenya today.
2. Open a Retail Shop or Mini-Supermarket
You may be wondering if 700k is enough to open a retail shop or mini-supermarket business in Kenya.
The answer is yes!
A small retail shop or mini-supermarket can be the perfect business to start with this budget.
This kind of business will require you to consider interest rates, operational costs, and stock, among other factors.
With a budget of 700k, you will need to invest some of the money in getting basic equipment such as shelving and counters for storing products.
You can also look into getting a point-of-sale system for better tracking of sales and inventory.
Additionally, you’ll need to consider the cost of stocking your shelves with products from various distributors and wholesalers across the country.
You should also factor in operational costs such as rent for your shop, insurance, electricity, marketing expenses, salaries for your employees (if any), and any other costs that may come up during the course of running your shop.
It’s important to ensure that all these costs are integrated into your budget so that you don’t end up short on cash when setting up your business.
3. Start an Eatery or Food Business
You may not have heard this yet, but it’s now possible to start an eatery or food business in Kenya with just 700K.
That’s right—you can start a business in the food industry and begin realizing your financial dreams.
The beauty of this is that you can get started without having to build a brick-and-mortar store.
There are lots of options for starting a food business that don’t require much upfront capital, and this is an industry that has relatively low overhead costs and high potential returns.
Food Truck Business
If you don’t want to rent out a space for a restaurant, you can always go the food truck route.
This is one of the most affordable ways to get into the food business without breaking the bank.
As long as you meet all the necessary legal requirements, you can launch your own unique cuisine right in your city with just 700K.
Eatery or Cafe
Maybe starting out with a food truck isn’t what you are looking for—you can also consider investing in an eatery or cafe instead.
With 700K, you can rent out a space and equip it with all the necessary kitchen equipment.
You have carts, shelves, deep freezers and more all ready to go—all at great prices in Kenya.
Therefore, with solid marketing plans and customer service strategies, there is no reason why your eatery or cafe won’t be successful.
Online Food Delivery Business
Finally, if none of these ideas appeal to you or fit within your budget, then launching an online food delivery business could be the way for you to go. This requires less physical space than either the food truck or cafe options, so it
4. Start an Import and Export Company
If you have 700k and are looking for a business to start?
Then import and export company may be the one for you. An import-export business can be a great way to make money and there are many opportunities in Kenya.
When it comes to starting an import-export business, you need to be aware of the different regulations, taxes, duties and tariffs that may apply.
You also need to understand the risks associated with international trade such as currency fluctuations, legal considerations and shipping risks.
To successfully start an import-export business, you will need a good understanding of the international trading process as well as good customer service skills.
Here are some tips for starting your own Import and Export Company:
- Register Your Business: You will need to register your import-export business with the relevant government agency before you can begin trading legally. This should include obtaining any licenses or permits that you will need to operate your business.
- Research Products: You will need to research potential products that may be in demand in the market where you plan on selling them. Make sure that you understand all the regulations and restrictions that apply to importing or exporting certain items before investing in them.
- Develop Your Business Plan: A detailed business plan is essential for success when starting an import-export business. Create a clear plan outlining your objectives, target markets, financial goals and strategies for success.
- Network with Suppliers: Establishing relationships with reliable suppliers is key when importing or exporting goods across borders. You should research suppliers thoroughly before entering into any long-term agreements with them and ensure they have a good record of quality products and consistent delivery times.
- Develop Marketing Strategies: You will also need to create effective marketing strategies for promoting your products both locally and internationally so that customers know about your services and what makes them unique from other import-export companies in Kenya .
5. Set Up a Training Institute
Do you have 700k to invest in starting your own business in Kenya? Setting up a training institute could be a great option. With the right team, you can create a thriving training spot that caters to people looking for new knowledge and skills.
So why should you consider setting up a training institute?
Keep Up With The Latest Trends
Setting up your own training institute is an excellent opportunity to keep up with the latest trends in the market.
You can train people in the latest technologies, business models, and trends so they can stay ahead of the competition and be successful in their field.
Monetize Your Expertise
Perhaps you’re already well-versed in certain industries or have extensive knowledge of certain topics.
Setting up a training center allows you to monetize your expertise by offering courses and workshops to interested parties.
Grow Your Business Network
Another benefit of running a training institute is that it gives you access to potential clients and business partnerships – all sorts of businesses might need your expertise or services, so it’s best to keep them close.
Through networking, you can meet people who may be willing to collaborate on projects with you or might be beneficial contacts down the road.
With these advantages in mind, it’s clear that setting up a training institute with 700k investment is an opportunity worth considering.
6. Start a Tour Company
Starting a tour company is an exciting venture that can make a profit with a modest investment of 700k. With a tour company, you can show off the beauty and culture of Kenya to the world.
Here’s what you need to think about if you want to start a tour company:
Licensing
You’ll need to get the proper licensing before you start your business. This includes getting registered as a business with the local authorities, getting all necessary permits, and registering with local tourism boards. You’ll also need to obtain travel and accident insurance for all your customers.
Specialty
Think about what kind of tours you want to offer and specialize in something that sets you apart from others.
You may want to focus on certain types of tours such as food, wildlife, safaris, cultural tours, or adventure trips.
It’s important to be familiar with the areas in which you specialize so that you can provide accurate information about prices, hotels, attractions, and more.
Transportation
You’ll need reliable vehicles for your tours; if you don’t have your own fleet of vehicles, then consider leasing or renting them from other providers who already own reliable vehicles such as busses or vans. Don’t forget about hiring drivers – they should have experience and knowledge about the roads where they are driving.
Final thoughts on business to start with 700k in Kenya
Starting a business in Kenya with 700k is a daunting but achievable goal. With the right planning and dedication, you can create a profitable business that provides you with financial independence and a sense of satisfaction.
When considering businesses to start in Kenya, it’s important to research the local market, potential competitors, and the current challenges faced by businesses in the country. It is also important to consider government regulations, taxes, and other legal considerations before deciding on the type of business to start.
While it can be a risky venture, starting a business in Kenya with 700k is possible and can be a rewarding opportunity. With the right planning and dedication, you can successfully create a business that can generate a healthy profit and create a lasting impact on the economy.