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 Newspaper Delivery 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.
The newspaper delivery business is another very profitable type of business with a sizable income rate. This is because even with the continued rise of online media, newspapers are still in very high demand around the world and many individuals especially those in the working class, still purchase newspapers daily. If you are a startup entrepreneur who is energetic and interested in setting up a business that can potentially become a second revenue or income stream, then this is for You.
How To Start A Newspaper Delivery Business In Kenya
Now just how much do you need to start a Newspaper Delivery 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 Newspaper Delivery business in Kenya.
- 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 Newspaper Delivery business. Your potential customers might predominantly be the working class, middle class to upper class. Companies, Corporations and organizations might also patronize you and most likely order for various Newspapers in large quantities.
- Plan Out Your Marketing. Next after figuring out your target audience, should be planning out your marketing. Yes, your Newspaper Delivery 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. Find out what is most effective for you and use that or a combination of all of them.
- Figure Out How To Raise Capital. The Newspaper Delivery 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.
- Sort Out Transportation. As a Newspaper Delivery entrepreneur starting out, one of your most vital resources will be transportation. Make sure you invest in a Van or Truck. This will ease your movement to and from delivery locations. It is also advisable that you have your campany name and or logo imprinted on your Van and Truck. This is also part of advertising the presence of your Newspaper Delivery business.
- Maintenance Of Your Vehicles. After sorting out your transportation needs, it is important to also budget for the maintenance of said vehicles.
- Register The Name Of Your Newspaper Delivery Business. You will need to register the name of your Newspaper Delivery startup if you plan to run it as a legitimate business. The business name registration would cost you around 1,000 Kenyan Shillings.
- 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 Newspaper Delivery business. Although the cost of a business licence or permit differs from county to county, it usually sits at around 3,000 Kenyan shillings.
- A Suitable Location. You need a physical location for your Newspaper Delivery business that will act as both a central point for your delivery vehicles, a meeting point for you and customers and potential customers alike and also a place to store your newspapers and other essentials. Find a location that is both ideal, easily accessible and within your budget.
- Figure Out Your Suppliers, Their Requirements And Set Up A Supply Chain. In the case of your Newspaper Delivery business this will be the Newspaper companies directly. These suppliers are an indispensable and integral part of your business. You have to make sure that the ones you eventually work with are reliable. Confirm that they supply to and around the area where your Newspaper Delivery business will be located. After that, try to set up a direct relationship between your Newspaper Delivery business and them. Figure out what their terms or requirements are. This could be their minimum order amounts for example.
- 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 i.e 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.
- Make Sure Your Newspaper Delivery Business Is Insured. Although nobody likes to incur extra costs, Insurance is another essential part of starting any business.
- 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.
- Start Each Day Earlier Than You Usually Would. Newspaper delivery entrepreneurs are usually very early risers. This is because deliveries could start from as early as 4am every day. In order to meet this and also stay ahead of the competition, you might have to go to bed earlier than usual too.
- 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 Newspaper Delivery business efficiently, on your own. Especially when your customer base, begins to grow.
- Diversify. Additionally, you can employ vendors who would sell your newspapers at several locations, while you also deliver to your customer base.
- Make Sure The Accounting For Your Newspaper Delivery 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.
- 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 Newspaper Delivery 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.
- Make Sure Your Newspaper Delivery 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 corporates and larger business who may require newspaper deliveries in bulk. 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.
- Consider Acquiring An Already Established Newspaper Delivery Business. Sometimes, brand new Newspaper Delivery ventures, come with a number of financial concerns. Especially when you are looking to bring investors on board. For this reason, some experts suggest that new entrepreneurs in the Newspaper Delivery business should consider acquire an already existing Newspaper Delivery Business, as they already have documented earnings and assets. Thus, making it much more easier to get investors on board.
And that is it! All you need to know about starting your very own Newspaper Delivery business in Kenya.
Is the Newpaper Delivery 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 Newspaper Delivery 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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