135 how to determine whether you should take a loan
Business

How to Determine Whether You Should Take a Loan

How to Determine Whether You Should Take a Loan

by

Loan sharks, mama mbogas, banks and telecommunication companies are reaping huge rewards from the disconcerting habits of borrowing in Kenya. A nation deep in debt – that is one phrase that can be used to characterize these habits. You don’t have credit – just tap in some numbers and some credit will be transferred to you. You don’t have money for buying vegetables – don’t worry the mama mboga would be happy to let you pay at the end of the month. You can’t pay your rent – that’s what loan sharks are there for. It is so easy to borrow but often when it comes to borrowing small amounts of money, Kenyans rarely count the cost. So what things should you consider before asking for a loan?

 

Interest Rates

 

How much interest rate would you be required to pay at the end of your loan period? If you are asked to pay an interest rate of 10-15 percent, this may not seem much when you are in a desperate situation. For example, ten percent interest on shillings one thousand is shillings one hundred. If you receive a salary of 5000 thousand and you borrow 1000 each month, this translates to shs1200 interest by the end of the year, practically over one-fifth of your monthly salary!

 

Hidden charges

 

This generally applies to banks and telecommunications companies. When you borrow a loan, there are those hidden charges like service charges. For example, if you ask for a shs10 credit for your phone you pay a service charge of one shilling every time you borrow some credit. Again, this may not seem much, but if you keep in mind that you are given just several days to repay the loan, then you may begin to see the bigger picture.

 

Penalties for defaulting

 

Every now and then something happens that gets in the middle of loan repayment. When this happens the lenders take measures to get their money back. Loan sharks resort to taking your property. Telecommunications companies put additional interest on your loans and some even shut down your account. Banks continue to put additional charges on your loan and may auction of your property. More often than not, what is taken from you is worth more than the loan itself in terms of cash and sentimental value.

 

Can it be avoided?

 

Some Kenyans borrow money for credit simply because they are too lazy to go to the shops. They figure they can always repay it when they happen to go shopping next. This is despite the fact that there are many kiosks that sell credit right in the estates. Poor planning is also another reason people end up taking loans. They would rather spend their money on wants rather than taking care of their needs first. For example, instead of repaying loans owned to shop owners, Kenyans can arrange to make payments beforehand for their food stuffs. This way, the shop owners would just deduct from the money already paid.

 

Count the cost

 

It is best to develop a culture of counting the cost before taking loans to avoid future heartaches. Learning how to budget would remove the need of taking many loans and it will also enable you to save some money. A vital tip is putting money aside for the rainy days as they are called. Do not take loans simply because it is convenient. Learn to count the cost and borrow wisely.

Article source: https://www.zakenya.com/Business/135-How-to-Determine-Whether-You-Should-Take-a-Loan.html

General

Image:





Read More
kenya packaging services in kenya 1
Business

Kenya packaging services in kenya

In kenya Goods are  packaged to ensure all the safety and retention of their value; packaging ensures efficiency in warehousing and transportation. The packaging should be appropriate for the retail environment. It is one of the final stages of any manufacturing company. Packaging is a crucial stage because the method used for packaging will determine if the goods retain their value and incase of shipment it will determine if the goods arrive in good condition.

Kenya has several packaging services offered in different companies, some of these packaging companies include; Dodhia packaging services ltd, this factory is located in Kampala road in industrial area, it servers Eastern and central Africa, its cartons are customized according to the need of the client. Dhodhia company has managed to win loyalty of several companies including, Bidco company, Primarosa company, Zena Roses company, Gsk, Ketepa company, British American Tobacco, PZ cussons, Tuzo, Simbi roses, Medivet products and Laize flowers ltd.

Dune packaging company ltd, this company specialize in manufacturing of polythene paper bags, they supply to leading organizations in Kenya and in East Africa. They package products  in kenya of bakeries, courier, farms, fisheries, hospitals, food industry and supermarkets.

kenya Packaging industries ltd, the company is located in Lunga Lunga opposite Rai ply, they manufacture flexible packaging products, their address is P. O Box 48811, Lunga Lunga Nairobi, Mobile No: +254 20 551 451. Dune Packaging Company, this packaging company specializes in polythene packaging and cartons, it is located in Thika Telephone No: +254 20 350350.

Direne Packaging company is located in kenya.nairobi,Koinange street,  near booking office of crown bus, the company specializes in different types of packaging according to customers specifications. Statpack packaging offers packanging services, it covers a wide range of products including masking tapes, statwrap, linx machines and coders, paper cores and shrink sleeves. It has offices in Kampala, Kenya an Tanzania.

Packaging of gifts is a need of many Kenyan especially for weddings, birthdays and valentine day, some of the companies offering this service is wrap it up Kenya, Ramco group and company, basket in group packaging. Gift packaging Box company which specializes in custom made gift cartons. Gifting wraping and packaging service, the company is located in Karen, it specializes in making of gift bags

The benefits of packaging is that without it food will come in to contact with all sorts of dirt, germs, Packaging helps in product stability in shelves or in fridges, packaging provides information of what is inside like the production date, the manufacturer of the product, the nutritional content and all the important information that the consumer needs to know. Transportation and portability is made easy when goods are packaged, packaging also offers some crucial information of how to prepare and how to keep the product for safety measures.

Homemade packaging is also very important for those who have to package their lunch for safaris and clothes, for food packaging ensure that you keep the hygiene, ensure the lunch box is tight to avoid spoilage of food. When going for safari package the important documents first, this will include your identification documents which might be required, keep the electronics and cameras in water proof bags.

Read More
how and where to legally resister your company in kenya
Business

How And Where To Legally Resister Your Company In Kenya

Before you can be able to start trading and running business legally in Kenya, it is advisable to register your company.  Registering a company in Kenya, especially in Nairobi, is not tedious tasks unlike many people in Kenya are misled to think.  People might be wary of the long queues at the auditor general’s office at Sheria House in Nairobi, but that should not deter you from having your business registered.  The Auditor General’s office in Nairobi is in Sheria House near Treasury House in the city square. In that case, if you have been thinking about registering your business in Kenya, today is the right time for you to do just that.

In Kenya, there are five legally recognized business classifications.  These include; Registered Companies in Kenya (both private and public), Branch Offices of any companies registered out of the country, Business Partnerships in Kenya, Co-Operatives and Sole Proprietorships in Kenya. If you want to register a start-up business in Kenya, you will have to consider the registered private company option, sole proprietorship or partnerships.

In this article, I will discuss the process of registering a private company in Kenya.  There are a few things or requirements which you ought to satisfy before the commencement of the entire process.  Here is a look at the major requirements in this case;

Company Name of the new business in Kenya

You need to come up with a unique company name or name for your business that you want to start in Kenya. The registrar of businesses in Kenya will conduct a search before registration so as to make sure that you are not using a similar name with another business that has already been registered.  When you are asking for the initial name search, you will have to submit your application to the offices at Sheria House in Nairobi together with an application fee that is Ksh. 500.  Once the name has been confirmed available, you will be issued with a letter that allows you to go ahead and register your business in Kenya.   Here are some tips that will help you in choosing a good business or company name in Kenya;

When choosing a company name in Kenya, remember it has to be memorable and easy to spell, It needs to be a visual element that closely relates with your service industry, It ought to have a very positive connotation, It has to be short and It has to include some information about what you do.

Registration Forms when registering a new business/company in Kenya

You can get your business registration forms from Auditor General Offices in Nairobi Kenya. The offices are in the CBD of Nairobi in Sheria House. After that, you can proceed to fill in the details and then return the forms for action.  Business registration in Kenya normally takes up to a month, but you can work with reputable brokers and have the process completed in less than two weeks. Of course, that depends on how fast you would like to have things running in your business.

Fees for legal services and stamp duty in Kenya

In this case, you will have to seek the services offered by legal advisors in Kenya. It is advisable to go for the best in Nairobi town.  If you already know of some established business minds in Nairobi that might be the best place to start from. You cannot go wrong when you are dealing with the experts in Kenya since they understand about business registration process in Kenya.

Include the Business Address in Kenya

The address where your business would be located is the other most important requirement in Kenya to satisfy when you are registering your private company.   In this case, all the details you give have to be true and credible.  The address should reflect your ideal business location in Nairobi.

A business plan for Your New Business in Kenya

Last but not least, you will have to come up with a simple business plan for your business in Kenya. A business plan in Kenya is basically an outline of what your business does, where it is located, the kind of people it serves, your objectives and goals, capital investment and shareholder agreements. Once you have these details right, you can rest assured that registering your business here in Kenya would be more of a walk in the park.

Read More
best sites to post free classified ads in kenya
Business

Best sites to Post free Classified Ads in Kenya

Best sites to Post free Classified Ads in Kenya

Buying and selling goods especially second- hand goods is most common as many people after acquiring new goods see no need of keeping the old ones. This have therefore increased the demand of websites and market places to be able to buy, sell and advertise these goods. These sites have been established and through them, many people have been able to secure employment through them. Some people buy goods through these websites and again post them through the same websites turning it to a form of business venture.

Kenyans have therefore been frequent visitors to these websites to post ads as well as buy goods from them. This has contributed much to the growth of online shopping in Kenya. The sites which are safe and can assure that all the goods posted are genuine include;

OLX Classified – this is one of the major sites in Kenya which allow for free posting of classified ads where people post their goods and leave contact details in the site through which the potential buyers can contact them for the necessary purchase. This site has sections and subsections in which the ads are grouped. The sections include Electronics, Jobs, Services and many more. This site is not a Kenyan site but has made its way to become one of the most popular site. The website is accessed through www.olx.co.ke and from that, you can post your ads.

Pigiame Classified – this is another site in Kenya which offer the free posting of classified and it has a variety of categories ranging from cars to homes, computers and property for sale. There are unique items from users all over the country looking to sell or rent items in negotiable prices. With these variety of items and listings, the users can be able to compare the different prices from the different sellers. The site is accessed at www.pigiame.co.ke and where you have to sign up for an account before posting free classified ads.

Kenyasource.net – this site is considered to be the largest Kenyan free classified ads websites as it has almost every variety in which users post different goods as well as services found in Kenya. It has categories such as Jobs in Kenya, Services in Kenya, Properties in Kenya, Community in Kenya and many more subsections. The special part of kenyasource.net is that it supports a feature that you can select the town from which you want to purchase goods and it will display all the goods and services available in that particular town. It is accessed at www.kenyansource.net and also where people can post their free classified ads to sell or advertise their businesses

KilaKitu Classifieds – the website is considered to be posted on anything as the name suggests. Here, the users can add a free listing to the website and the listing are displayed in the website after appropriate correction by the webmaster. As opposed to other websites, this site can also be used to sell new items but here the users has to specify in the listing process as either new or used. It is accessed at www.kilakitu.co.ke where you can register in this site as a user for free and be posting your listings for free.

Zetu Classifieds – another good Kenyan website which offer the best shopping experience and services advertising. They have the best deal of the day which display it as the deal of the day on the top of the site where the users can easily view and decide on how they can get the service or acquire the goods. This site will also show how much of the day’s deal have been sorted out. The site also contains other tabs in which you can view all deals posted and how you can get them. This site is accessed at www.zetu.co.ke and from where you can select the town you are interested to buy goods and services from where it will display all the deals around that town.

Shopping online from these sites have turned to be secure and easy as the interested buyers can be able to view a lot of goods without struggling and travelling to different shops to view and see the goods. This method is also cheap and convenient as the buyers are able to compare different prices from different sellers and will eventually buy or access the services which are cheaply hence saving money.

 

 

Read More
exercise books manufacturing industries in kenya
Business

Exercise Books Manufacturing Industries In Kenya

Books are the most important commodity that are required by the students and pupils in all the learning institutions ranging from Kindergarten, Primary schools, and Secondary schools to Universities and colleges. This therefore creates the best and highest demand of these books in the market by these learners. Most of the books are manufactured as ruled or lined and of varied pages with the lowest number of pages being 32 pages and these books are majorly for the Kindergarten kids and the highest number of pages is 200 pages designed for the advanced student of high schools and institutions of higher learning.

Books in the manufacturing processes can possess various designs and sizes. They can be processed being hardcover, with either sizes ranging from A2 to A6 and also as loose leaf for use as foolscaps. The manufacturing industries ensure that the books are available in the market to curb the high demand by providing the best quality. The industries which manufacture the best quality of exercise books in Kenya include:

Kartasi Industries Ltd

This is one of the well-established industry which manufacture the highest quality of exercise books and other educational stationary that can be used in schools, offices and homes. They manufacture these books in all sizes and in them, they ensure that they meet the users taste and quality. They have other products of exercise books such as graph books, plain books for drawing and present them in all sizes to ensure that all the users are covered.

Twiga Stationery and Printers Ltd

This is a corporation industry which offer combined services of providing stationery products as well as hygiene products and recycle waste paper and pulp services. Within the stationary sector of production and services, they produce the commonly known KASUKU exercise books which is the flagship brand made from quality non-blotting papers epitomizing quality passion and ambition and CROWNBIRD exercise books products which include exercise books, graph books, Sketch pads for drawing as is the value for money stationary range made from newsprint.

Elite Offset Ltd

They are the manufacturer of KONGONI and ZEBRA exercise books and stationary products and they also distribute them to East Africa. The most best exercise books that they produce include the KONGONI and ZEBRA nursery series exercise books which are made of the best quality that can cater for the needs of the writing-practicing children, KONGONI and ZEBRA primary/secondary newsprint series designed for the more advanced students and this goes hand in hand with the quality of paper used in their manufacturing as well as the KONGONI and ZEBRA graph books for the drawing of graphs and mathematical diagrams.

Kenafric industries Ltd

This is a large manufacturing industry of confectionary food, footwear and stationary in Kenya. They produce among the best quality of books in the Kenyan market and therefore are able to compete with the best products from other stationary manufacturing industries. Among their best quality exercise books which are common are the super star books, the A-star exercise books which are designed with various types of covers from the hardcover, rough and soft covers for the general purpose of all level of users.

 

 

 

 

 

 

 

Read More
youngest millionaires in kenya
Business

Youngest Millionaires in Kenya

Boniface Mwangi

He is an award winning photographer and is currently the project director of the picha mtaani company. The young millionaire has over a total of 500000 people that prefer and consult him in huge attempts to try finding positions to work with his company. He plans to form an online platform that will ensure that the company is spreading to large global markets in efforts to promote the growth of the company. He should also check on ways of creating more comfort for is customers.

Richard Turere

He is the innovator of the common project in town generally referred to as the lion lights. Richard came up with the idea as a way of trying to find better ways of chasing away the lions that continually invaded his home. The idea indeed worked for him that saw several neighbours asking him to make for them and it has since grown as a security tool.

Kariuki Gathitu

He is the inventor of the common Kenya service Mpayer.The idea is so big that it appered in the annual global awards and was ranked as the second best project in the world. The young Kenyan has since gone to greater levels and ensures that he serves the needs of Kenyans encouraging the growth of many small media enterprises. He loves technology and continues to support many development projects in the country.

Joel Mwale

The young Kenyan entrepreneur is the CEO of sky drop enterprises situated in Nairobi Kenya. It is a rain water filtration company and further has bottling infiltration services. He has created employment for many Kenyans and continues to encourage many others to join. Joel has since made efforts to have the company spread to more interior locations in Kenya.

Evans Wadongo

He is the head or chairman of the SADFA movement in Kenya. The plan was designed to make solar powered lantern that is slowly replacing the use of kerosene lamps. The young business man continues to ensure that the products become more familiar with many Kenyans and that they are approved to be of great help to them and their families.

 

Read More
how to start up your own business in kenya 1
Business

How To Start Up Your Own Business In Kenya

Starting a business in Kenya requires one to have various important details covered. Before you start a business, you need to do your research. How will the business bring in money? After how long will the business pick up and start making profits? A research on the idea you hold and want to implement into a good successful business exposes one to know what to expect in the market, how the idea will be accepted by the customers, where put up the business for it to flourish better, the competition in the market, strategies to beat the competition, and all details you need to know on starting up a business.

Once you have done your research, for a business to be successful in Kenya, you will need to identify a source of capital. Sources of capital in Kenya are quite a lot. Taking up a loan from banks, finding an investor, borrowing money  from friends and relatives, organizing groups/chamas to start a business together, applying the UWEZO funds, youth and women funds from the government, loans from other financial institutions like KWFT and many other places are some of the sources of capital to start businesses.

Small business enterprises (SME) are actually cropping up profitably in both rural and urban areas in Kenya. This means that, anyone can start up a business and become successful in the future.  Apart from capital, you will need a source of labour and the necessary skills to make the business stand out. In cases of starting small, you will need to venture into a business where you can provide the necessary skills required. Understanding the technicality of the business is essential so as the tasks can be directed towards maximizing the profits of a business.

Now you know how to start a business.. Good luck in your  future endeavours.

Read More
top consulting firms in nairobi
Business

Top Consulting Firms In Nairobi

There is a growing number of consultancy services in Kenya, especially in Nairobi City where many organizations and business firms have their offices. This is largely due to the modern trend of information research being relied upon in many  undertakings of different institutions. Below is a list of some consultancy firms in Kenya’s capital city:

  • KPMG Consulting

  • PriceWaterhouseCoopers (PWC)

  • Computer Sciences Corporation (CSC)

  • Deloitte Consulting

  • Dalberg

  • Ernst & Young

  • Gallup Consulting

  • Manpower

  • SAP Consulting

  • AoN Consulting

  • Milward Brown

  • Hill & Knowlton

  • Grant Thornton

  • Computer Associates

  • Innovic Research and Consulting

  • Barwasim Africa Consulting

Read More
29 meet wambugu the apple farmer raking millionsgood
Business

Meet Wambugu, the Apple farmer Raking Millions

Meet Wambugu, the Apple farmer Raking Millions

by Juanita Igandu

Wambugu, when you look at him you at first do not get the impression that he is making a lot of money. In fact when you see him with his gum boots tending to his grafted apples you may mistake him for a peasant farmer. But believe you me when I say that he owns at least twenty acres of land in Nyeri, a large heard of grade cows among other investments. 

He started farming apples and in the midst of doing this he discovered a way of grafting the apples the seedlings with the tree maturing in just but eleven months. In this period it is able to grow seeds and one can harvest fruit in a time period of thirteen months. His grafted plants go for one thousand shillings of which he says each tree is able to make fifty thousand shillings per harvesting season which is usually between December and January. Once the trees have matured to a significant extent little care is needed for them to produce fruit. Assuming that if one can only afford to buy ten trees by the end of one and a half years they have made half a million shillings which can be used to purchase more land and more grafted plants.

With a little more care the apples can even be grown for export quality which brings in more money. He often says that it is best to start with fifty trees so as to see the benefits properly. Am sure this is quite a venture for those with large tracts of land which they don’t know what to do it. And off course doesn’t a nice, cool, ripe, juicy green apple taste yummy in the hot Kenyan weather? Best of all it has loads of vitamins to curb short flu like illnesses that appear from time to time when ones immunity has been compromised.

Like this idea, leave your comment Below.

Article source: https://www.zakenya.com/Business/29-Meet-Wambugu-the-Apple-farmer-Raking-Millionsgood.html





Read More
mobile phone repair shops in nairobi city in kenya
Business

Mobile Phone Repair Shops In Nairobi City In Kenya

Kenyans have over time adapted to the use of mobile phones over land line phones in most parts of Kenya. The mobile phones out phased the telephone that existed in the streets of Nairobi and other major towns in Kenya. Then came the “simu ya jamii” frenzy where these call stations in Kenya sprouted in literally anywhere with an open space. You would make your call and pay the simu ya jamii attendant in Kenya the much you had incurred. Unlike the telephone booths in Kenya, you could set a timer so as to ensure that you do not incur a cost call way above your ability to pay. Nowadays, literally everyone has a mobile phone in Nairobi. Even school going kids have mobile phones in their possession in Kenya. This has been highly attributed to the fact that mobile phones have drastically dropped in price over the years in Kenya. Sometime back, when mobile phones idea came to Kenya, they were retailing for rather exorbitant prices going as much as KSH 250,000. Nowadays mobile phones in Kenya sell for as little as KSH 1,000 depending on the mobile phone model and specifications. As the case with most electrical appliances in Kenya, spoilage and breaks are inevitable to mobile phones. So where do you repair your mobile phone within Nairobi?

For most receipted mobile phone purchases in Kenya, a warranty not exceeding 12 months is usually given. This means that if your phone encounters some mishaps, you can have it made for no cost in the mobile brand such as sumsung, nokia etc in Kenya. However if the spoilage occurs after the expiry of the warranty of the mobile phone in Kenya, you would then have to foot your bill. There are many mobile repair shops in Nairobi all over town especially in the dense River Road area. However, most of these mobile phone repairers in Nairobi are quacks that will only spoil your phone further. People who own Samsung and Nokia phones in Kenya are on an advantage as there are care centers located within the city centre of Nairobi. The Samsung care centre in Nairobi is located along Mama Ngina Street while the Nokia repair centre in Nairobi is located the Mama Ngina Street on Hilton building in the city of Kenya. Nokia centre in Nairobi has recently launched a V.I.P care centre along Argwings Kodhek Road on Remak Plaza in Nairobi.

However, for those who own other models of phones in Kenya, you can have repairs done on your phone at most mobile phone shops in Nairobi such as Samchi Telecommunications along Tom Mboya Street in Nairobi. There is another mobile phone repair shop opposite the Supreme High Court in Nairobi, on Ellis House.

Read More