Kenya is known to be a country with a competitive business platform that makes it challenging for a breakthrough for an upcoming business person and in most cases some companies pull out of the county because they cannot keep up with the increased competition. The following are the major considerations to be taken by upcoming business people;
For them to come up with the best business idea they should take part in mentoring program. Due to their experience mentors can help in order to avoid mistakes and make good business decisions. They assist to start up and to ensure the continuity of the proposed business opportunity.
Asses the market
They should asses the market potential to purchase their product by producing a product or service which is proven to have a high demand. It is unfortunate that most of the new products and services fail to gain acceptance despite the huge investment. Therefore producing a highly demanded product will eliminate the risk of the product failing.
Have a detailed budget plan
When starting up a business, is required to make decisions concerning location, product, target market, promotion, sales and all the factors of starting and operating a business. A detailed budget provides a road map for necessary spending during the start-up phase when cash inflows are likely to be small or non-existent.
Register the business
They should register their business name to secure an identity or domain name especially if they have built a significance reputation locally and have ambitions to expand nationally or overseas. It is advisable to conduct research to ensure that the mark doesn’t create confusion which could occur even if the goods or services produced are of a different description and under a different classification category.
Establish a business plan
This gives them opportunity to taste out the new idea to see if it holds real promises to success. Also it shows clear statement of your business mission and vision. It also contains a set of values that can help you steer your business through times of trouble. This avoids running out of cash before you open your doors because one has not anticipated your start-up costs.
Availability of resources
They should go for a business which has locally available resources that can be obtained at a cheap price. The resources should be able to sustain the business to ensure its continuity.
Adhere to business regulations and laws.
As business person there are certain laws and regulations that they need to be aware of. This influences how they do business in all kinds of ways from the products and services applied to market and hiring employs. They include; Consumer laws where they should know that there business activities are subject to certain consumer laws. They should as well know out how to build trust in their business understanding there consumer laws. They should find out how health and safety planning will benefit their business. That is from disaster planning to reducing work place injuries. They should find out what they need to know before exploring the overseas market. They should find out about regulations that cover all employees that will be working in their firm. Lastly they should find out government authorities responsible for managing the environment, electricity and other factors which in one way or the other affects the functioning of their firm.
Understand social factors and lifestyle of kenyans
Looking at the people’s busy lifestyle and understanding that they don’t have enough time during the day to get everything they need to be done. This provides opportunities of providing products and services which relieves their stress and burden of being overwhelmed by the activities of the day