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Starting a business is a leap of faith even in the best of circumstances. We at Kuza Biashara are focussed to encourage these daring small business owners who have the potential to innovate and change the world by contributing to the nation’s economy and livelihood.
About Kuza Biashara

About Kuza Biashara

Starting a business is a leap of faith even in the best of circumstances. We at Kuza Biashara are focussed to encourage these daring small business owners who have the potential to innovate and change the world by contributing to the nation’s economy and livelihood.

Blog business Learning

When a Business Idea Comes to You in an Unexpected Place, Run With It

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Kenya is a growing nation and everyone seems to be moving towards making it a 24 hour economy. People are either busy at work or at their business. Many are the times that these people need to run errands but they don’t have the time! What could be better than having someone to run these errands for you?

George Kamau is the founder of HCS Errands, a company that runs a variety of errands for people who may be too busy to run them on their own. This is an idea that was conceived by coincidence. As George was busy looking for a job from office to office and getting little to no response he noticed one thing. In most of these offices he visited he would hear of the receptionist either struggling to get someone on phone to deliver company documents or they would be complaining about delays in the delivery of their documents. It occurred to him that this was it! It was time to try and venture into the world of entrepreneurship. Running errands such as delivering packages among other services would be his entry point.

Services he offers include making deliveries/courier services, data entry services, government online related services, banking services etcetera. This is one of those businesses you can start with very little money or literally zero capital. As George himself puts it, “The most important capital in this business is the idea, a positive attitude and commitment. In terms of money you need transport money which was a challenge for me when starting out since I was jobless and didn’t have money, so I would sometimes have to borrow from friends then refund upon being paid.”

Despite this hiccup in the beginning George has been able to persevere due to his resilient nature. He adds that entrepreneurship has shaped him up and he is happy that he has been able to create opportunities for young Kenyans with the skills. The young CEO is a proud employer to five other people, two stationed in the office and the rest work in the field “The company has really grown from the time when I would do everything by myself to now where I have people to assist me. To be more effective as a businessperson you need a team of people who understand your vision”

The business has not been without challenges. For one George says entrepreneurship is a lonely journey. “You will find that very few people believe in you. Some view this business as that of the illiterate! It’s up to you to believe in yourself. Work with those who support you strive to be the best and you will see that the doubting Thomas’s will get on board eventually”

George adds that in this business one must remember that the client is king. Provide to their level of demand and ensure your services offer them a solution. He attributes his success to God, hard work and being dynamic. Despite all the challenges he faces he is very confident in his business and sees a bright future ahead. He urges the young people who may want to go into entrepreneurship not to be afraid to start, “Don’t let challenges weigh you down you can start with the little that you have. Use the resources that are within you, visit places that mentor young people like Kuza Biashara and be open to learn.”


Blog business Learning

5 Ways to Make your Small Business Stand Out from Competition

5 Ways to Make your Small Business Stand Out from Competition

If there is one challenge that every entrepreneur faces across the board, it’s being able to stand out from competition. Do you ever feel like everyone in your industry is doing the same thing, sharing the same message, using the same tone and style?

Standing out from competition may be a difficult task but it’s not impossible. There are major brands that have built strong brand identities for themselves and acquired a large share of the target market in their industries.

As a small business, you can still use the same strategies as your competitors but add a unique spin that makes you unique.

Here are 5 ways to do this;

  1. Providing Exceptional Customer Service

    75% of customers state that they consider customer care as a true test of a company’s competence. Whatever business you are in, create an environment where your customers don’t want to leave. Great customer service is about making sure your customers feel valued and this does not even have to be expensive.

    Simple things like calling to follow up if a customer’s issue was resolved, listening and acting on customer feedback, calling a customer beforehand to remind them of an appointment they made stand out and make a customer want to keep coming back.

    Another way you can stand out is to be honest with your customers especially if you know you cannot meet a specific need they have. This helps build trust instead of hiding some information or even lying just to make a sale.

  2. Offer a Powerful Guarantee

    Having a guarantee is a great way to draw people to your product/service and boost sales. Guarantees communicate your company’s commitment to stand behind the product or service you provide and makes customers more confident in investing in your product/service.

    Examples of popular guarantees are;

    • If your competitor offers 6 months warranty on their product, offer a 1 year warranty.
    • You can guarantee that every call or email query will be handled within 24 hours.
    • You can have a 30 day money refund for customers who will not be satisfied with your product/service.

    Depending on your industry, figure out what guarantees you can provide that will make you stand out.

  3. Constantly Innovate

    In this increasingly competitive business environment, innovation is vital to the success of your small business. Being innovative provides an edge and boosts your company’s growth and profitability. Innovation doesn’t have to be a complicated, world changing break through. Even the simple improvements in how you do things can be innovative and stand out.

    Here are a couple of innovative ideas that you can incorporate;

    • Embrace green energy, it’s much cheaper, reliable and cost effective.
    • Improve packaging of products.
    • Find creative ways to organize your workspace
  4. Be Easy to Work With

    Having talent, education and experience is no longer enough to survive in today’s competitive economy. Neither is offering the best product/service in the market. Key soft skills such as having a good attitude, having good communication skills influence how likeable you are personally and professionally.

    Here are a few other qualities you need;

    • Be reliable – Being consistent and dependable will help you win contracts and maintain your work relationships.
    • Be honest – In every tough choice you have to make, choose honesty over deception.
    • Have a great 1st impression – Whether you like it or not, people are going to form judgments about you the first time they meet you. Make sure your first impression exhibits your professionalism both in real life and on your social media handles.
  5. Narrow down your Target Market

    Narrowing down your target market can be quite tricky. It might not make sense at first since we all want a bigger market so that we can make more profit, right?

    Assuming that everyone is your target market when starting a business is a big mistake most new entrepreneurs make. You end up spending time and money attracting them while your actual target market who needs what you offer doesn’t even know you exist since you are not directly targeting them.

    If you want to stand out from your competitors, narrow down your market, figure out the little details including what challenges they face, what their needs are, where to find them and how to effectively deliver your message to them.

Final Word

Are you an entrepreneur? What do you do to stand out from competition? Let us know in the comment box below.


Blog business Learning

THE FOOD ‘KIBANDA’ THAT HAS STOLEN THE HEARTS OF SPRING VALLEY RESIDENTS

THE FOOD ‘KIBANDA’ THAT HAS STOLEN THE HEARTS OF SPRING VALLEY RESIDENTS

Do we live to eat or eat to live? The mere fact that someone thought to ask such a question goes to show how important food is. Most people have at least three meals per day.  Lucy Wanja is a lady who decided to exploit these fact by coming up with a business in the food industry. She opened a restaurant well known to the locals as a Kibanda.

Lucy Wanja describes herself as a mother and a businesswoman. The need to be independent and make a living led to her opening a Kibanda restaurant. She was confident in her cooking skills even though she never attended any catering school. Her delicious meals soon enough attracted the people in the area; from office workers to manual laborers. Lucy was doing so well for a startup and that was the beginning of her woes.

“The owner of the kibanda I was renting decided to take back her kibanda. I think it was a malicious move aimed at putting me out of business and it did for a short while”

People had come to love Lucy’s food which apart from being delicious was affordable too. Some of her clients contacted her and encouraged her to get back in business. She had all her tools of trade but no building to house her restaurant. She raised these concerns to her clients who did not relent in their quest of getting her back to work. One of them suggested that she prepares the food at home then ferry it to a location her previous clients could easily access, serve them and finally carry the utensils back home for cleaning and organizing the following day’s meals. Lucy thought about it and decided to give it a try.

It was not easy at first. Using public means of transport to get her food to the shed (as many have come to call it since it is literally under a tree) was and still is her greatest challenge. “It’s cumbersome and sometimes waiting for the matatu to fill up takes time so I end up arriving late hence inconvenience some of my clients which is very bad for business.”

Located in Spring Valley, Nairobi, Lucy’s shed is very popular with a wide range of people. Responding on how she keeps these people coming back daily she says it’s all in the taste of her food. The price of her food has also been constant despite the inflation in the prices of food at the market. When asked how she deals with this inflation Lucy says no situation is permanent so the trick is to wait it out. The profits go down of course during this period but that is a sacrifice she is willing to make.


Lucy Wanja serving lunch to her clients

As the sole income generator the business has benefitted her in so many ways. “I am able to pay my house rent using the profits from the business, I can confidently say that I sustain myself because of this business and even help my mother financially back in the village.”

The resilient entrepreneur has big dreams and hopes that one day they do come true. She plans to own a real restaurant in future and have more clients to enjoy her meals.


Blog business Experiences Learning

Just How Profitable is the Event Management Business in Kenya?

image courtesy: Freepik

Event Management is an industry that has greatly evolved over the years. Events are no longer just a few hours of food, drinks and fun. They are a major part of an organizations brand and even simple events like birthdays and baby showers have become a big deal and people want them to be as memorable as possible by enlisting the help of event planners.

This makes event management a potential field to venture into if you get a few basics right.

STEP 1: GETTING STARTED

Running an events company may seem fun and glamorous but in the background, there is a lot of work and high attention to detail. As the founder of an events company, you need to always be on top of things, establish great networks and ensure your business is sustainable.

That said, before starting, it is important to learn the ins and outs of this industry by actually working in an events company or working in a department that allows you to plan events. This will give you firsthand experience, help you learn more about industry standards and most importantly, gather networks that will help you in future.

Networks are particularly important since you cannot work alone especially when starting out. You need contacts with suppliers, caterers, florists, sound guys etc. from the business side. You also need to have clients who have seen your work and are willing to hire you. Finally, you need capital. In this case, to start off you’ll need approximately Ksh 100,000 – Ksh. 120,000 that will be further broken down below.

STEP 2: Identify your target market

In the initial days of managing an events company, you may be more open minded and take up various events. However, in the long term, you have to settle down on a target market and establish your niche. Event planners generally serve two market segments;

  1. Private Market – These are more personal family oriented events such as weddings, baby showers, birthdays, reunions, etc.
  2. Corporate Market – These events are focused on organizations e.g trade shows, galas, awards, team buildings, launches etc.

STEP 3: Work on your skills

Everyone whether individual or organization wants their event to be the best and reflect their personal taste. As an event planner, you need to have certain skills that set you apart so that you establish a reputable brand for yourself;

  1. Time Management – When you promise a client that you’ll deliver something at a certain time, make sure you do it. You should also be able to meet tight deadlines and work under pressure.
  2. Attention to detail – Small things such as flower arrangement, cutlery should be perfect at all times.
  3. Negotiation – You should be able to negotiate with various suppliers to get a good price.
  4. People skills – Events are generally stressful situations and you need to be able to deal with tough personalities.
  5. Multi-tasking- You should be able to handle multiple tasks at a time since you will be dealing with different groups of people

STEP 4: Get Licenced

Once you are ready to go, register your business either as a sole proprietorship or limited company.

Sole proprietorship – Ksh. 5000 for name search and business registration certificate.

Limited Company – Ksh. 20,000 for name search, certificate of incorporation, memorandum and article of association

Also register your event planning company KRA pin online.

As a startup, you can comfortably run the company from home and save on office rent.

Lastly, get a business permit from your county. Cost may vary in different counties but it ranges from Ksh. 5000 – Ksh. 15,000 per year.

STEP 5: Investment vs Profit

Here are some basic expenses you’ll incur;

Computer/Laptop – Ksh. 40,000

Office Supplies – Ksh.5000

Licences –Ksh. 25,000

Marketing – Ksh. 5000

Rent – Ksh. 40,000

Total – Ksh. 115,000

Different events are priced differently. You can charge hourly rates or have a fixed fee that covers all your time and costs. However, even if you charge Ksh. 20,000 per event and you hustle for an event a week, you can make up to Ksh. 60,000 per month.

Final Word

Is event management a business venture you would consider?


business Experiences Learning

Picha Booth – A Fun Way to Capture Memories

Picha Booth – A Fun Way to Capture Memories

Venturing into uncharted waters can be risky. Most people are comfortable staying in their comfort zone for as long as it takes. Unfamiliar territories can be scary and full of uncertainties especially if the territories are those of entrepreneurship. It’s even harder when you are investing time and money in a new concept that is yet to be tested in the market. You have to be really bold and believe in yourself since there are very few success stories and no mentors to guide you.

This is the story of Nyambura Kinyori, a communications and marketing graduate who took a bold step three years ago and has not looked back since. She founded Picha Booth, a photo booth company that allows you to capture memories in a fun, exciting way. It is a relatively new concept in Kenya and she is set on making it popular.


Picha Booth’s photo booth at work

The beginning was a little rough but Nyambura together with her business partner were able to crack it. The business idea came about when Nyambura and her friend were brainstorming on the kind of business they would go into and by mere chance Nyambura stumbled on the photo booth idea on the internet. She went on and did more research on the idea and voila! They had found their money maker.

There were a few challenges in the beginning in terms of getting capital and buying the booth since from their research they realized it could only be found in the USA at the time and shipping it back was quite expensive. Family and friends came through for them and after a short while they were good to go.

“It has not been easy. Sometimes I wake up and tell myself that maybe I should just look for a job but then I remember all the times that my photo booth has put a smile on someone’s face and I push on. Life is hard enough out there so knowing that I can contribute some level of happiness in people’s lives gives me immense joy,” said Nyambura.

She added that,

“Picha Booth offers three packages all billed per hour; silver, bronze and platinum. The longer you stay with the booth the cheaper it gets. There is also a variety of props available so people can be whoever they like in front of the camera and have fun doing it during the photo session.”


The Kuza team sharing a fun moment at Picha Booth’s photobooth.

Kuza Biashara works with such micro entrepreneurs to empower them through mentorships and training. We believe that if every micro entrepreneur can employ at least one person then we would be headed in the right direction. In that line Nyambura has been able to create employment for three other people an accountant, a technician and a content writer for their digital media platforms. That is what entrepreneurship is all about and Nyambura totally agrees,

‘We are a community I don’t intend to grow alone. If I can make a difference and empower a few people then I am content with that”

Despite some challenges Nyambura has had to become resilient and lean more on her family and friends for support. She is glad that more people are embracing the photo booth concept and with time she would like to be at more events and touch points like malls and churches. Things are definitely looking up for Pichabooth as there has been more demand. They plan in investing in more machines even going into manufacturing booths since they are not locally available

Nyambura urges her fellow entrepreneurs to be patient, persistent and plan ahead if they want to see their efforts bare fruits.


Blog business Experiences Learning

3 Ways to Market your Small Business on a budget

Image courtesy: Freepik

Marketing is vital for the growth and visibility of a small business. A marketing strategy for your small business should not necessarily be expensive, all you need to do is be creative enough. At the end of the day, what you need is to hit your intended targets. Here are 3 approaches to nailing you marketing without spending a dime.

1. Create a killer pitch

As a business owner, you automatically take up the marketing role for your business. This means that wherever you are, whatever you do, you need to be looking out for opportunities to talk about your business and what you do.

To make sure you are always ready when an opportunity arises, prepare a brief pitch that will draw people to listen to what you have to say. The average attention span of an adult is about 8 seconds so this leaves you with less than a minute to effectively market your business.

If you can master this skill, your business ROI will thank you for it.

2. Word of Mouth Marketing

If you master the use of word of mouth marketing for your small business, you may never have to budget a dime for marketing again. There are many small businesses that thrive solely on word of mouth marketing and only use other marketing strategies to help solidify their brand and not necessarily to get new clients because their happy clients bring in more clients.

Here are some tips to make the best out of word of mouth marketing;

  • Understand your target market, what they need and focus on fulfilling their needs.
  • Have a customer feedback strategy. When customers give feedback, it makes them feel like they are adding value.
  • Be unique; Your competitors can do what you are currently doing and even more. However, what makes your business stand out? It might be as simple as how you package your product or your exemplary customer service
  • Reward loyalty – Always reward loyal customers and they will recommend more people.

3. Online Marketing

Online Marketing is a wide topic but for this article, we will focus on social media marketing. Social media marketing takes two formats; organic and paid.

With organic marketing, you do not pay to boost your posts or promote your page. However, with paid marketing, you have to pay to have your posts shown to a wider audience and to promote your page.

It is important to boost your posts and pay for social media ads once in a while but your main focus should be making the best out of your organic posts.

With facebook introducing a new algorithm that prioritizes posts from friends and family to business pages, businesses have to work extra hard to create content that stands out.

Here are some tips you can use to promote the organic reach of your page;

  • Present a consistent image of your brand from the beginning.
  • Be authentic with your posts, let them be natural and not look like you are forcing the sales message.
  • Share content that adds that add value to your audience including tips and quotes.

Other online marketing tips you can consider are email marketing and digital marketing through a website.


Blog business Learning

UNIVERSITY STUDENT MAKING A FORTUNE FROM MAKING AND SELLING WIGS FROM HOME

Rachael

A wig is a protective style that is versatile and saves time. Putting it on is as easy as taking it off , So if you want to change your hair do , all you have to do is take the wig off. Ladies have had to embrace this trend since it saves time and money, with a little maintenance a wig can be used several times before being discarded.

It is from this knowledge that Rachael Sangara, an International Business Administration student at USIU saw an opportunity and decided to explore it.

“I have always been passionate about beauty, hair, make up and fashion ever since I was young. I realized that the human hair industry in Africa is a 7 billion dollar industry and I saw the need, there was a market so I decided to try it out,” Rachel shared.

Getting capital for the business was her greatest hurdle so she took a big risk and used her school fees to secure her first merchandise, made the wigs, sold them and managed to get back her school fees after a month plus a little profit that she used for capital. Looking back she is so happy that it all worked out.

“I have a dream of having my own clothing line but as an entrepreneur, it’s not easy to get funding so I believe in starting small. Hair was one of the easiest ways for me to get into the beauty industry so I wanted to use that to build capital for myself so that I eventually start my own fashion line and my own company,” she said

At an age where most of her peers are thinking of lectures and assignments Racheal is a step ahead trying to create a niche in the beauty industry. She makes wigs by customizing them according to a client’s needs, a skill she learnt by watching tutorials on the internet.

“I order hair from my supplier in China and it gets here after a week and a half. I take the hair bundles, put them on a mannequin head and sew the hair. It takes me about 4-5 hours to sew one wig. In a day when am not too busy, I can make up to 3 wigs,” she said

Rachael
Rachel sewing one of her wigs

 

One of the initial challenges Rachael faced was finding market for her wigs,

“When I first started out I was glad I was a student because I thought I had a ready market within my fellow students but unfortunately they couldn’t afford my wigs! They love fashion and keeping up with the fashion trends but they don’t have that much money!”

She finally decided to target the working upper and middle class women. This is a group that is constantly busy and still needs to look good. Her wigs offer just that. They are made out of human hair meaning that they can be exposed to high temperatures without getting damaged. A client can style the hair by use of flat iron, blow dry or sit in a hair dryer with the wig on.

What makes Rachael unique is that she does not only sell the wigs but also offers extra after sales services,

“I make sure to advice my clients on what looks best on them depending on the shape of their face. I also teach them on how to maintain the wigs. I have recently opened a youtube channel where I will be teaching them on how to style the wigs and anything else they might want to know”

Kuza Biashara aims to help micro entrepreneurs like Rachael to grow and connect with their target market through trainings on personal branding, marketing, soft skills and so much more.

“The business is doing well and for anyone out there who has interest in starting a business just do it. You may fail sometimes but those times will serve as great lessons so don’t give up,” she concluded.

Rachel’s contacts

Facebook: Icchi Luxury

Instagram: Icchi_Luxury

Mobile: 0703 87 17 70


Blog business Experiences Learning

HOW I CAME UP WITH AN INNOVATIVE REAL ESTATE SOLUTION FOR YOUTH AND MIDDLE INCOME EARNERS – GRACE WANJIRU

HOW I CAME UP WITH AN INNOVATIVE REAL ESTATE SOLUTION FOR YOUTH AND MIDDLE INCOME EARNERS – GRACE WANJIRU

It has been said that when it rains it pours, Ciru knows this too well having lived through the toughest of times and still came out shinning. Grace Wanjiru also known as Ciru is the founder of KODIKODI a real estate company that lets you rent with the intent of eventually owning the property. It all began as an idea that was conceived during one of the lowest points of her life when she was down and feeling defeated.

How It All Started

Most people graduate and are so enthusiastic to go out in the world and find a job. Ciru was not any different. She completed college having studied Interior Design and embarked on the strenuous job search. For her first job, she worked at an architectural company in Westlands before pursuing a career as a flight attendant for Kenya Airways.

“I am a curious being and everyone especially us women feel like being part of a cabin crew is an awesome job because you get to travel the world. I loved the travelling but I still had so much passion for interior design so I quit my job as a flight attendant and pursued my passion which was starting an interior design company,” Ciru said.

Things Fall Apart

The business did well for some time but then Ciru got pregnant and that is when things started falling apart. The company fully depended on her and she wasn’t able to go out to get jobs and contracts due to the complications that came with the pregnancy.

“It got to a point where I couldn’t pay my rent being a single mother of two babies then and I didn’t have anyone who could step in for me at that time.”

Two months later, Ciru’s landlady kicked her out of her apartment.

Pregnant and homeless Ciru had to think fast. People she thought would come through for her turned out to be a big disappointment. She had to send her kids back to her mother’s place and luckily, her close friend who turned out to be her business partner later offered to take her in until she got back on her feet again.

“I was in a position where I felt useless, I felt hopeless, I felt like I had failed my kids, myself and that is when I started reflecting about my problems at the time. There was a time when I was able to pay Ksh. 50,000 rent at ease. I’d actually done it for 8 years yet I had nothing to show for it. That’s when I asked myself, how many Kenyans out there are going through the same thing?”

The Birth of Kodi Kodi

That was the genesis of KODIKODI, which translates to ‘RENT RENT’ in Swahili. She approached her friend who also happened to be her host at the time with the idea and he got on board agreeing to help her bring the idea to life.

KODIKODI is tailored for the middle and low income earners as it allows one to own property at 0% interest and 0% deposit. Buyers are able to own the property after making monthly installments for a certain period.

For example, If a property goes for Ksh. 900,000, a Kodi Kodi client will acquire it at 0% deposit and 0% interest and they have the option of paying Ksh. 30,000 monthly for 30 months and at the end of the payment, you get to own the property. The same way you rent a house for Ksh. 30,000, the only difference is at the end of a certain period, you become a property owner and the value of the property has also gone up.

Why Invest with Kodi Kodi?

When asked how profitable the venture is seeing that it offers 0% interest Ciru says,                  “KODIKODI is not just about making money, it’s a movement out to change lives and disrupt the mortgage industry.”

The venture is guided by the acronym CAV which stands for;

Credibility, what this means is that their client is able to get all the necessary documents upon completion of payment at the stipulated time.

Affordability, the property is affordable in that if the value of the property appreciates within the time the client is still making payments the price of the property is not increased! The payment system is also very flexible.

Value addition, the property comes with other amenities such as swimming pool, kids playground, electric fence, borehole, basketball pitch, clubhouse etc.

Future Plans

KODIKODI is clearly going far as the CEO has plans to expand. They are finished with phase one and are now working on phase two both projects located in Nanyuki. In future they plan to spread the venture all over Kenya and to also come up with a package suitable for the youth as young as university students.

Take – Away

“If you have an idea just get started. Stop with the procrastination. You should also be willing to put in the work, you cannot plant the tree from the fruits!” that is the advice Ciru has for the upcoming entrepreneurs. She also agrees that she has made mistakes and learnt from them.

“As an entrepreneur you should not be afraid of taking risks and if you feel your idea or business is not picking up sit back and evaluate yourself, seek assistance from friends or even pray about it, there is always a way,” she concluded.

Kodi Kodi Founder, Grace 'Ciru' Wanjiru sharing a light moment with the Kuza Biashara team.

“Kodi Kodi Founder, Grace ‘Ciru’ Wanjiru sharing a light moment with the Kuza Biashara team.”


Blog business Experiences Learning

5 Remarkable Negotiation Tips You Must Embrace

Image Credit: Freepik

The success or failure of a business deal greatly depends on an individual’s ability to negotiate. Therefore, for you to strike as many business deals as possible, having the right negotiation skills is key. Negotiation is also essential for business success because good negotiation skills can help you climb the corporate ladder and acquire profitable contracts for your company.

It`s, therefore, necessary for you to know how to negotiate if you want to achieve success in business or in your career.
Here are 5 negotiation tips that you should embrace in your next business meeting.

1. Create a friendly atmosphere

It is important to create a friendly atmosphere during a negotiation process. It not only puts the other party at ease but also makes them share more information that you can use to your advantage.

2. Do not make the first offer

Making the first offer may work against you either when buying or selling something. When selling, you might set a lower price than what the buyer expected.

On the other hand, when buying you might set a price higher than what the seller was expecting. However, if you have to make the first offer, ensure that you set a very high price if you are a seller and a very low price if you are a buyer.

3. Act as if you are not desperate for the deal

The other party might set abnormal offers if they realize that you are desperate for the deal. Therefore, act as if there are many deals waiting for you somewhere else.

Few businessmen would want to delay a deal. Therefore, they will offer you a good deal if they realize you might cancel it anytime because you have other deals.

4. Display extensive knowledge on the subject matter

Knowledge shows the other party that they cannot deceive you by providing false information about the product or service on sale. Also, extensive knowledge proves that you are serious about the deal to the extent that you researched about it.

5. Lastly, you can pretend to walk out of the deal

You can pretend to walk out of the negotiation if all the other negotiation tips backfire. Walking out might force the other party to state his final offer especially if they are desperate to close the deal.

Conclusion

These tips cannot fail you if you embrace them when negotiating. However, these are not the only tips for successful negotiation.

Therefore, if you know other tips necessary for a successful negotiation, feel free to add them in the comment box below.

Bio: The author is Isaac Wechuli, a Kenyan entrepreneur, professional research writer, and founder of www.unboundedwisdom.com. He loves enlightening people on the factors that could help them live a happy, and successful life.


Blog business Learning

HOW TO START A SMALL MOVIE SHOP IN KENYA: A STEP BY STEP GUIDE

Image credit: medium.com

A number of Kenyans own a DVD player or laptop thus they find it easy to entertain themselves at home. Movies and T.V series are a great option for most Kenyans to unwind in the evening or during the weekends and with the current digital T.V content, it is quite expensive to access the latest movies and series unless you pay for the premium subscription through your decoder.

That is the gap that movie shops fill. Most Kenyans love being on top of popular movies and T.V shows and are willing to pay at least Ksh.50 for a disc.

Movie shops started out as a small business but currently, they are one of the most lucrative businesses to venture into right now especially for young people. If you are a movie junkie and have been thinking of running a profitable movie shop, here are a couple of things you need to know;

1. Getting Started

Before getting into the movie shop business, you need to be clear about how the business works and have answers to specific questions;

  1. How will I get the movies?
  2. What equipment will I use?
  3. Which customers am I targeting?
  4. What licences do I need?
  5. Where is the best location?
  6. How much do I need to get started?

2. Licenses

To legally operate a movie shop, you need to have a license from MCSK and a single business permit from your county government. Lack of these two licenses will lead to your equipment being confiscated for lack of compliance.

Single Business Permit: The cost of it will depend on the size of your business and from an analysis from your area ward rep. A small shop will cost Ksh5,000 – Ksh15,000 per year to license depending on your county.

MCSK: A MCSK license will cost you Ksh. 3000 and you’ll also pay Ksh. 1000 to the Kenya Film Censorship Board (KFCB). You’ll then be given a license to put in your business premises.

3. Location

All businesses need to factor in where they intend to locate their business but for a movie shop, location is particularly important. You need a location that is close to your target market and where the demand is high.

Some suggestions for a good location are

  1. Near a campus/school
  2. Next to a student’s hostel
  3. Town centers
  4. Near bus stations
  5. Shopping centers in your estate

One advantage of opening a movie shop is that they generally don’t use up too much space. However, the amount of rent depends on the location. A front stall that is just in front of the pavement in town will cost you approximately Ksh.25K in downtown. However, within the CBD, you may part with anywhere between Ksh. 40K – 60K. Renting a shop in your local estate is much cheaper.

4. Basic Equipment

If you are new in the movie shop business, here are the basic equipment you should invest in;

EQUIPMENT APPROXIMATE COST
1 Good Quality Computer Ksh. 40,000
1 LED T.V Ksh. 18,000
Woofers Ksh. 10,000
DVD Duplicator Ksh. 35,000
50 Blank DVDs Ksh. 500
2 Felt Pens Ksh. 100
Movie Posters (Papers + Printing cost) Ksh. 350
Furniture (Chairs, Counter, Bench etc) Ksh. 30,000
Envelopes for packing movies Ksh.500
TOTAL Ksh. 134,450

5. How to Get the Movies

There are two ways to get movies;

  1. Buy movies online and pay through online payment systems like PayPal from Ksh. 800 – Ksh. 1,500 per movie. You’ll then be sent a download link to the movie. You can also download T.V shows through certain sites.
  2. The cheapest way to get movies and shows is to wait for others to buy from other people for Ksh. 50 and burn as many copies as possible for yourself

6. Investment vs. Profit

To start small, a movie shop will set you back any amount between Ksh. 150,000 – Ksh. 200,000. Here is the break down;

Equipment – Ksh. 134, 450
MCSK License – Ksh. 4000
Single Business Permit – Ksh. 7000
Rent – Ksh. 25,000
TOTAL – Ksh. 170, 450

If you get 100 people buying one disc a day, that is Ksh. 5000 a day and Ksh. 150,000 a month. That guarantees a return of investment in 3 months latest.

Final Word
Is a movie shop a business idea you would consider? We’d love to hear your opinion in the comment section below.


Blog business

6 Ways to Creatively Transform Your Office Space

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As a working professional, you are going to spend countless hours in your office. As an entrepreneur, you’re going to want to make sure you’re creating a space in which you can thrive. It is important that you have a place where you can get in your creative zone and really produce the work it takes in order to bring your career to a whole new level. Decorating your office doesn’t have to be an overwhelming task. Here are six simple ways to create the best space for you.

1. Bring nature into your office

A great way to feel more relaxed in your office is to have better air circulation. When you bring plants into your office, you will not only get better air circulation but it also improves the general feel and aesthetic in the office.

Plants have also been shown to improve creativity and productivity at work and they are a creative way to make your office unique and original.

office plant

2. The right lighting is very important

When walking into an office, one of the first things you are going to notice is the lighting. This may be a subconscious realization, but you react to it. Harsh fluorescent lighting is not going to work very well in a music studio. However, a dimly lit doctor’s office won’t go over very well. It is important to understand what type of lighting you should use in your office. Simply upgrading to LED lights can make a big difference in your power bill and the overall feel of your office.

office-LED-lighting

3. Add color all around

If you don’t have at least some color in your office, it can be difficult to have energy during your workday. Adding some colorful accessories to your desk can be a great place to start. Even just a few nice pieces of brightly colored furniture can make all of the difference in your office.

colorful-office

4. Give your office a tech upgrade

Working on computers that are constantly crashing and taking forever to load websites is going to make work very difficult. You need to make sure that you have the latest technology in your office. This will be a great way to take your business to a whole new level. It is important that you do the proper research before buying new computers and devices. If you have a difficult time finding new technology, work with a professional who has a background in tech. They will be able to help you find the best new tech items for your office.

office tech upgrade

5. Use modern design elements in your office

There are many different modern design elements that can take your office to the next level. These modern types of furniture will impress your clients and help you get into the right mood for working. Custom floating shelves are a great way to add modern design to your office. These floating shelves will also help you save on space in your office.

modern design elements

6. Organization is key

Having an organized office is going to help you have a much more productive workspace. It may be difficult to get organized if you have a bunch of clutter. The tidier your office is, the easier it will be to organize it. If you feel overwhelmed and you don’t know where to start, there are organization professionals who can help you. These professionals will be able to help you with a plan of attack that will get your office organized.

organized office

Final Word
These are just a few of the many different tips that can help you decorate your office. When your office is properly decorated, it will be much easier to be productive and impress new clients. It will only take a small time and a little more money investment to really bring your office to a whole new level.

Author: Brett Clawson


Blog business Experiences Learning

5 Bad Money Habits that Will Always Leave You Broke

Blackman-depressed

With personal finance, the habits we have can either make us successful or cause us to stagnate. If you have been struggling with your finances, take a look at this list and make sure you are not bringing yourself down with any of these habits;

1. Procrastination

Are you one of those “I’ll start saving tomorrow” kind of people. We all procrastinate at times but there are people who are always telling themselves they will do something later or the next day. Procrastinating is one of those habits that may end up costing you not only time but money as well.

Here are a couple of ways that you procrastinating your financial freedom;

  1. Paying your bills and loans late causing you to have to pay more money as interest.
  2. Purchasing certain things late e.g event tickets, plane tickets thus you end up buying with the highest price.
  3. Never settling on a financial plan or taking a decision to save/invest when the stakes are good.
  4. Not preparing a monthly budget on time and by the time you get your income, you end up spending impulsively.

Do you know any other ways people procrastinate their financial freedom? Feel free to share them in the comment section below.

2. Impulse Buying

Giving in into impulse buying is not only hard on your wallet in the short term but it also prevents you from developing good financial practices in the long term. It is okay to treat yourself once in a while but it is important to be clear about what you want and what you need.

Here are some reasons why people impulse buy;

  1. Buying items on sale to ‘save money’ even if you do not really need them.
  2. You want to fit into trends so as to conform to your friends and the society.
  3. Doing too much window shopping both online and at physical stores.

You can avoid impulse buying by;

  1. Planning for big purchases
  2. Knowing your triggers, what makes you impulse buy?
  3. Finding ways to treat and reward yourself without spending money.
  4. Remembering the past losses that you made from impulse buying.
  5. Budgeting always.
  6. Carrying fixed cash and avoiding having too much cash in your MPESA or shopping using your bank card
  7. Setting financial goals and following through.

3. Ignorance

There is nothing worse than being ignorant or uneducated with your personal money matters. No one expects you can be an expert on finance but at least gain knowledge on the basics of investments, savings, mortgages, insurance, budget, interest rates, etc.

There is no excuse for ignorance, it is actually costly when you hit 50, you’ve had a great career but you have nothing to show for it. Take some time to educate yourself on things like banking, interests, unit trusts, shares and insurance. The internet is at your fingertips with all this information and we are also here to help.

Instead of watching too much T.V and talking about politics all day long, pick a book on finance and investment or take up a personal finance course. Your future self will thank you for it.

4. Not saving for retirement

When you are young, in your 20’s, through your 30’s, it is easy to think that you have your whole life ahead of you. We’ll, just ask someone who is 60 and they will tell you that if they could, they would save for their retirement from as early as their first salary.

Most jobs both in the public and private sector provide you with a retirement/pension scheme but that isn’t entirely enough. It limits you to what you can and cannot do in your old age because you have to wait for a fixed monthly deposit which isn’t much.

At that stage of your life, you want to be independent and have a fairly comfortable life. Please don’t keep living without a retirement plan. The earlier you start, the better. As you try to make ends meet and achieve your financial goals, put a retirement plan in the equation.

5. Ignoring Insurance

I know that insurance has a bad reputation in Kenya and love it or hate it, insurance is an important part of any financial plan. Basic insurance you shouldn’t ignore is health insurance and insuring valuable property such as your car or house.

We cannot control everything that happens and that is why insurance is important, to prepare you for the worst. One accident can totally wipe out your investments.

However, before settling on an insurance cover, do your research and ask people who have been insured before preferably close friends for their honest opinion on certain policies.
Final Word

Are you guilty of any of the above habits? If you know any other detrimental money habits, feel free to share them in the comment section below.