For ‘young’ people, starting your very own business and becoming self employed is the most suitable alternative to the ever growing hard to get 9 to 5 jobs. Starting a business is always the best alternative to the ever elusive jobs.
A survey by the Kenya National Bureau of Statistics (KNBS) revealed that seven (7) million Kenyans are unemployed. An additional figure of over 1.4 million are actively looking for employment. With those figures, it is easy to see why more and more people are looking for alternatives.
Because we know very many business ventures require huge amounts of capital to get started, this new How To series will only show you how to start and execute several small business that require capital from as little as 5,000 Kenyan Shillings. Thus giving you the keys to the kingdom of starting a profitable business with little or no capital.
If you are also just looking for a side hustle to maybe supplement your 9 to 5 or full time job, this is for you.
All that you need to thrive in these businesses besides capital, is good customer service of course, great managerial skills, a suitable business location, and a clear cut vision.
Today’s article will show you how to set up your very own Interior Design business in Kenya. While this is not exactly a 5,000 Kenyan Shillings capital business, I am sure you would agree that this is also a very viable option.
Interior Designers update, beautify, and improve the functionality as well as appearance of the interior spaces in both business and residential settings.
As a result of this, the Interior design industry is one that is not showing any signs of slowing down soon. If you have a knack for coordinating accessories, furnishings, and space planning, then this is for you.
How To Start A Interior Design Business In Kenya
Just how much do you need to start a Interior Design business? What paperwork, and or equipment are you required to have in Kenya? If you are considering this option, here is everything you will need to kickstart your Interior Design business in Kenya.
- Acquire The Needed Training. Yes, even the Interior Design business requires some training. Especially if you have not done this professionally before. The training will enable you better understand the technicalities behind your chosen business. You can get this from accredited colleges or universities, as well as ‘interning’ under already established Interior Design Outfits. YouTube will also provide a ton of information and knowledge. Doing this, will also increase customer confidence and boost the reputation of your business.
- Have A Business Plan. For every business, having an effective and concise business plan is very important.
- Figure Out Your Market. It is very important that you figure out your market. Especially before starting your Interior Design business. Your potential customers might predominantly be home owners, apartment owners, as well as business who are looking to get an extra edge in the overall appearance of the business or office premises.
- Create A Unique Logo. The importance of a very well done Logo cannot be over emphasized. Especially with regards to having a positive first impression on your potential clients. Make sure you create a logo that stands out and sets you apart from the competition.
- Be Trained In Sales. Ensure that you as well as your staff are well trained in sales. This will especially come in handy when your business begins to grow.
- Register The Name Of Your Interior Design Business. You will need to register the name of your Interior Design startup if you plan to run it as a legitimate business. The business name registration would cost you around 1,000 Kenyan Shillings.
- Choose The Most Suitable Business Structure For Your Interior Design Business. Choosing a business structure can determine your personal liability, how much you pay in taxes, as well as your ability to raise financing. This is why it is very important that you choose the business structure that is most suitable from the get go because changing structures later on, could lead to tax consequences. Be sure to consult a business accountant and a lawyer too before deciding if your Interior Design business would be a Sole Proprietorship, a Partnership, a Corporation or a Limited Liability Company (LLC).
- A Location. As with most businesses, a good location is one of the major factors that determine whether or not your Interior Design business will succeed. Especially clients who prefer to meet up in official settings or premises. Find a location that is both ideal and easily accessible.
- Plan Out Your Marketing. Next after figuring out your target audience, should be planning out your marketing. Yes, your Interior Design business just like any other business venture, definitely needs marketing too. Learn how to get the attention of your target market. Would discounts work? Or referrals or both? How about posters, sponsored adverts on social media and fliers. Email marketing for example, is one cost-effective way that is also very efficient in building the customer base for your interior design business. If you have a website for your business, you can gather email addresses of people who visit your site. Fliers, are also another cost-effective way to market. Flyers are one ‘page’ advertisement pieces that can be created at little or no cost. You can distribute these to people, in and around the area where your Interior Design business will be located. Find out what is most effective for you and use that or a combination of all of them.
- Take Photos Of Your Interior Design Work. Due to the fact that the Interior Design field is a predominantly a visual medium, the best way to win over clients will be to impress them with visuals of your work. Be sure to hire a professional photographer. Doing this will ensure that the pictures taken, are of the utmost quality. You can then upload and display said pictures on your social media pages and website.
- Make Sure Your Interior Design Business Has An Online Presence. While your product is mainly print media, you still need to have an online presence. This includes creating a Facebook page, as well as Twitter and Instagram accounts for your business. You can also get a website created for your business as well, to further attract larger customers who may require your services in bulk. Make sure the website is easy to navigate, make sure your content is also engaging. Ensure that all the relevant information about your company (which includes the contact details for your business and testimonials) is included, as well as the terms & conditions and privacy policy. Be sure to hire a professional for this, so as to ensure that the website is very well done and looks presentable. The hired professional, will also make sure that your website is well maintained and updated regularly. Creating a LinkedIn profile for your business will also be a good look and will help you further network with other businesses. Just make sure that you update your LinkedIn.
- Figure Out How To Raise Capital. The Interior Design business like any other business, requires capital investment. After completing your business plan, knowing your market and finding a location, this should be your next line of action. Although Personal funds are sometimes the primary source of funding for many new businesses, doing just that may not be enough. Taking on a financial partner is your best bet. If obtaining a business loan from financial institutions proves difficult, the next option should be getting it from friends and family. Loan arrangements in this setting are usually much more flexible as they come with much lower interest rates. All you would need to do is convince said friends and family, of the profitability of your business. Please make sure however, that you pay back the money and in good time too, so as to maintain confidence which you would need if you would require money from them in the future.
- Make Sure The Accounting For Your Interior Design Business Is In Order. Make sure you always have a record of your expenses as well as the income your business generates. Doing this, will ensure that you have a full understanding of how your business is performing financially. It will also help you when it’s time to file your annual taxes.
- A Business License Or Permit. This is one of the most fundamental licences that businesses in Kenya are required to have before commencing operations, so you will definitely need one for your Interior Design business. Although the cost of a business licence or permit differs from county to county, it usually sits at around 3,000 Kenyan shillings.
- Secure A Fire Clearance Certificate. This is received after undergoing an inspection which you pay for. It also involves getting advice regarding the guidelines of protection against fire, and the installation of the required equipment like fire extinguishers.
- Make Sure Your Interior Design Business Is Insured. Although nobody likes to incur extra costs, Insurance is one essential part of starting any business. Ensure that you get your Interior Design insured.
- Brand Yourself As Authority In The Interior Design Field. Clients and potential clients tend to believe in businesses who are perceived as Authorities or seen as authoritative in their fields. When you are making a pitch, make sure you are confident.
- Figure Out Payment Arrangements That Work Best For Your Customers. You need to know the payment methods and arrangements that would work best for your customers and potential customers. That is in a nutshell, if they would prefer to pay via M-Pesa, T-Kash, Airtel Money, via POS or in cash. Knowing this will help you offer more payment options and also be more equipped to serve them better.
- Get An Employer Identification Number. If you will be looking to set up checking accounts for your business and or hire employees, you will need an Employer Identification Number. To get one, simply get in touch with Kenya Revenue Authority which is Kenya’s internal revenue service.
- Employ More hands. No one is an island, you really cannot carry out all the daily activities of a Interior Design business efficiently, on your own. Especially when your customer base, begins to grow.
- Talk To Others Who Have Done This Before You. No man is an island. While a number of established business owners are more than happy to give advice to new entrepreneurs, it can take a while to find one who will be willing to do so. The wait however, will worth it. Talk to entrepreneurs who have gone into or are still in the Interior Design business. Examine, study and understand their various business models and strategies. You never know, you just might pick up one or two nuggets of wisdom from them.
And that is it! All you need to know about starting your very own Interior Design business in Kenya.
Is the Interior Design business, a suitable venture for you to go into? That question, is left for you to think on and answer. This writer’s goal is to open your eyes to the various entrepreneurial opportunities that abound in the country.
One important thing besides the tips provided here, is to be good at what you do. Continue to think of new ideas and ways to expand and grow your business.
Also while the prospects are very promising and running a Interior Design business might seem easy, please have a realistic approach as well. It still requires a fair amount of dedication and patience regardless and as with any business, there is a chance that you might incur losses. Especially at the beginning, so please keep your overheads low.
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