By Lilian Wamaitha
Are you a low income earner looking to make some extra cash on the side?
If this article, you will find profitable business ideas that you can engage in and make some money.
You have probably been toying with the idea of starting a business for so long but can’t go through with it because you believe you don’t have the capital needed to start a lucrative business.
However, you can still make do with the little you have. With as low as 1,000 you can start a business and put in the effort to see it grow.
The only thing you need is determination and faith in yourself.
That said, here are top business ideas for low income earners in Kenya that you could try out.
Business Ideas For Low Income Earners
1. Dividends investments
This is basically buying shares in companies like Safaricom and being paid in dividends that emanates from the profit that the company made after doing business with the money you invested.
By buying shares you basically become a shareholder and that means that you are entitled to dividends every year.
You can buy a number of shares and then re-invest the dividends and with time you will have for yourself a big investment portfolio.
For instance, shares at Safaricom are going at 32 shillings per share. You can start by buying 100 shares at Ksh 3,200 and based on how much profit Safaricom makes every year, you will be sure that you will make money from the little investment you will make.
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2. Drop shipping business
When I first heard about drop shipping, I had no idea what the big deal was all about and why almost everyone was looking to invest in a drop shipping business.
Basically, drop shipping involves buying products that you will send to people via email on order.
If you have a full time job, you can do this as a side hustle and can even ask the supplier to deliver the goods on your behalf to the client.
You basically make money by the profit you get after buying products, keeping in mind that when you import it will always be cheaper that buying locally.
3. Writing e-books
If you have a passion for the written word, why not turn that into a source of income?
Unlike in the past where you had to jump through hoops to find a publishing company for your book, nowadays online resources have made us all publishes.
Like blogging, find your niche and then create an e-book from that. It could be about recipes, courses, business ideas among other topics.
Go online and sell them for maybe 100 per e-book and it will be a good way of making some extra money on the side.
On the bright side, you can always be assured of a source of income.
4. Affiliate marketing
This is another great business idea for low income earners in Kenya. You can do it on social media if you have a lot of followers where you convince companies to let you endorse their products on your social media pages and then get paid on commission.
5. Lending business
This business has a lot of risks but if done right, it is worth the amount invested.
It involves lending small amounts of money to people in need at an interest.
Though some people may refuse to pay up, you can start by lending to people you trust and then who knows? I have seen big lending companies that were started that way.
This is one of the greatest ways of making passive income on the side for low income earners.
If you have a full time job and have a knack for writing, you can start making money through blogging.
Though blogging involves a lot of hard work before you start making money, it is so worth it.
All you have to do is pick a niche that you are interested in and one that can make you money and you are good to go.
7. Online writing jobs
I have done online writing since I was in campus and I can attest to the fact that it’s one of the best ways to make extra cash on the side.
If you are a low income earner looking to make money, think about online writing.
You can either open your own account or work for someone who has one. Online writing pays as much 250 to 300 bob per page.
Let’s say you do work that is worth 10 pages in a day or more. With that, you can be assured of 2,500 shillings in a day. Not bad, right?
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8. Selling mitumba clothes
This is one of the most profitable businesses for low income earners that you can start with as low as 1,000.
Most young people have taken to this business and they are making a lot of money from it.
If you are employed, why not start going to Gikomba and Muthurwa markets for instance and getting clothes that you can sell to colleagues and friends?
Within time you can expand and open a stall in a good location.
9. Selling women handbags
Women love fashion and looking good. You can start selling handbags which I hear by the way fetches very good profits.
People who are in this business get their supplies from places like Eastleigh or Uganda.
If you are an active social media user, you can rely on Facebook and Instagram to market your products.
Thank me later, but this is one of the lucrative businesses you should think about starting if you are in need of an extra source of income.
10. Watch importation business
Unknown to many people, this is a very lucrative business that low income earners can start to make good money.
Most people who engage in this kind of business or any other importation business for that matter buy their goods from Alibaba.com.
I have for instance, a cousin of mine who jokingly started this business and now has a shop along Ronald Ngala Street where he sells watches he imports.
On a good day he says, the business can makes him close to 10,000. That’s around 300,000 in a month.
A good watch costs around $2.1 and you are allowed to buy a minimum of 100 pieces. With less than 30,000 you can start your own watch importation business.
All you need is good connections with someone in China, understand the tax system and work on your social media marketing skills.
In a nutshell,
You don’t have to what until you have saved hundreds of thousands to start a good business. Start with what you have and then work towards making that business grow. No matter how small it is, with determination and hard work, any business has the potential to grow into a big corporation. Best of luck!
Lilian is a Communication Officer at Career Point Kenya. Got any business related queries? Email them to firstname.lastname@example.org.