How to get capital to start your business in Kenya

  

Date Posted: 9/17/2011 1:54:22 AM

Posted By: Africangal  Membership Level: Gold  Total Points: 1560

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Many youths these days are very much creative and have a lot of capability to start their own businesses. Where does one get the funds to start from scratch?Here are some ideas:

1. Try getting employment.You can go to where a car wash is and ask for a job to wash cars on commission,you could try talking to a person you know who has a business and ask that you be working for some time then he pays you,You could start babysitting for a fee or you can get a temporary job from the 'kazi kwa vijana' foundation.On getting the salary,you should save some and in about six months you will be able to start up your business.

2. Lending from family,friends or relatives.You could also try talking to the above to lend you some money and make a written agreement to pay the money on a certain date.A lawyer or witnesses should be present to witness the amount given on that day so that it prevents any occurrences later on.

3. Online money making sites.These sites provide a certain fee for articles written and published.One could make an income till he is able to start up his own business.

4. Share the problem. You could team up with friends to save up some money and when you make the money,it goes on merry go round e.g.You get five friends and decide that you all get 5,000 Kshs in a month's time.When the money totals up,it is given to member no 1 who starts up the business for a certain period,repays it then member no 2 is given the same amount for the same time.....

5. Get a loan. I discourage this as it is very risky. You could become a member of a SACCO,buy some shares and get guaranteed to take a loan

or go to a bank and take a loan.You should however be careful to pay back on time or else face harsh consequences.

With the above, you will be on your way to financial freedom.

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