5 Things To Keep In Mind When Starting A Business In Kenya As A 20 Something

5 Things To Keep In Mind When Starting A Business In Kenya As A 20 Something

My friend David* recently opened a butchery. At first this may seem weird for someone with a degree but they decided to go into business because they were unable to find jobs.

Because of the current economic times and lack of jobs for so many youths, starting a business is the next viable source of income for a majority of these young people. However, there are things one needs to know when they decide to go into business in order to ensure its long term success.

So what should know about starting a business in your 20s?

1. Your Youth favours risk.

Because you are young and little to no responsibilities you will be more willing to take risks. This is a good thing because most great organisations started because the owner took a risk.

You are still young enough to make as many mistakes as possible because you have time to recover and learn from those mistakes. This will then better your business.

This is therefore the time to take calculated risks because whether they pay off or not, it will be a good learning opportunity.

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2. You Need To Be Able To Adapt To Trends

We live in an age where things are always changing and if you want your business to succeed then you will need to be flexible and change with the times.

The good news is that the youth are more accommodating to change and this will mean that you wont struggle much with making changes.

For example if your business is a cleaning service, then you will need to be up to date when it comes to the methods of cleaning and cleaning products. If your industry has moved from powder to liquid soap then you should move as well.

This will ensure that you stay afloat and don’t risk losing customers just because you are stuck in your ways.

3. Market your business

Word of mouth is good but you also have to go the extra mile, how many things have you bought online? So many businesses have taken to marketing themselves on social media platforms such as Facebook, Twitter, Instagram and more.

SEE ALSO >>> 7 Important Things You Need To Do Before You Start a Business

In order to build a good customer base you need to put your business out there and make it visible to as many people as possible. The best way to do this is through marketing.

4. Track Your Finances

One of the biggest causes of failure of businesses is not tracking how much money your business spends and how much it makes. This might seem trivial at first but it is a very important part of entrepreneurship.

By tracking your money you will be able to determine ways to cut cost as well as how to ensure you grow your business.

Numbers are very important if you plan on being a successful entrepreneur.

5. Use Your Time Wisely

Most business owners will tell you that as they were starting out they barely had time to meet up with friends. This is because any available time was dedicated to the success of the business.

The same should apply here, whether you are employed or not any free time you have should go into managing your business this will ensure that it doesn’t collapse.

This does not mean than you should not have a life outside work or your business but you should spend more time there than at home watching a move.

Avoid the clubbing and partying as much as you can too since it will only take up precious time and will make you spend money that can go into building your business.

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When you decide to go into business, it is important to remember that planning is very vital o your success and you should not expect instant results.