How To Set Up Your Own Paint Retail Store Business In Kenya

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 Paint Retail Store 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.

You almost cannot think of any business or establishment that does not require paint. From their walls, to some equipment, to furniture, and certain accessories, paint is everywhere. This has led to Paint retail stores becoming very important to the existence of almost all other businesses, while playing the role of essential contributors to the communities they exist in.

The constant demand for paint products and the presence of way lesser competition, has made going into the Paint Retail Store business a very enticing venture.

How To Start A Paint Retail Store Business In Kenya

How much do you need to start a Paint Retail Store 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 Paint Retail Store business in Kenya.

1. Know Your Budget. Know the budget for your paint retail store business. Doing this, will give you the ability to be able to correctly plan out the requirements for your paint retail store business. Factor in all of the things that you would need to effectively run your business. These should include the costs of your permits and or licenses, your lease or rent, costs of supplies, as well as salaries (yes you will and should have employees. More on this later), advertising costs, utilities and other operating costs. As soon as you have factored all of that in, you will have a much clearer idea on how much capital will be required in your paint retail store business.
2. Figure Out How To Raise Capital. A Paint Retail store like any other business, requires capital investment. After completing your budget, 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. Especially if you are looking to start out with a fairly large paint retail store. 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.
3. A Location. As with most businesses, a good location is one of the major factors that determine whether or not your Paint retail business will succeed. Find a location that is ideal for your paint store. While a paint retail store does not necessarily require the most highbrow areas in terms of locations, you still need to set it up at a place that is easy for customers to find. One with a good amount of foot and potential customer traffic. Doing this, will ensure that your business will have a higher visibility rate.
4. Renovate Your Paint Retail Store Space. After choosing your location, the next step would be to renovate said space. This includes branding it and setting up signs outside to let potential customers know you exist as well out laying out the shelves which will display your paint products. Make sure there is more than enough lighting as well, natural or otherwise.
5. Figure Out Paint Suppliers, Their Requirements And Set Up A Supply Chain. Your Paint Retail Store business would be nothing without suppliers and reliable ones at that. They help you continue to keep your shelves fully stocked. Find out the paint suppliers that operate in your area and figure out what the terms or requirements are. This could be their minimum order amounts for example. Set up a direct relationship between your business and then. Doing this will help you be able to establish a supply chain for your paint retail store.
6. 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 Paint retail store business. Although the cost of a business licence or permit differs from county to county, it usually sits at around 3,000 Kenyan shillings.
7. 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.
8. Music Copyright Of Kenya. Every business establishment that uses music, need a music copyright license. And since you might need a little music playing in the background to entertain your customers, you will need this too.
9. A Performers Rights Society of Kenya. The Performers Rights Society of Kenya, is a collective management organization that is licensed by the Kenya Copyright Board to represent the interests of performers, regarding their dramatic and musical works. They also distribute and collect royalties for the artists.
10. Employ More hands. No one is an island, you really cannot carry out all the daily activities of a Paint Retail store business efficiently, on your own. Especially when there is a long line of clients. While shelf stockers and cashiers (those do not necessarily require any prior experience except maybe in the case of a cashier) make up the majority of your staff needs, it will also be beneficial for you to hire a manager who has experience with working in a paint store. Even if you will be handling majority of the management duties yourself you will still need that.
11. Plan Out Your Marketing. Next after figuring out your target audience, should be planning out your marketing. Yes, a Paint Retail Store business 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. Also Paint Retail Store business, tend to have a localized market. With that perspective carrying out localized advertising in the area around your business, could yield the best results. You can also decide to send emails out to interior decorators, home owners, agents and contractors as these may be in a better position to make larger orders. Find out what is most effective for you and use that or a combination of all of them.
12. Talk To Others Who Have Done This Before You. No man is an island. Talk to entrepreneurs who have gone into or are still in the Paint Retail store business. Examine, study and understand their various business models. 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 Paint Retail store business.

Is the Paint Retail Store business, a suitable venture for you? 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.

Also while the prospects are very promising please have a realistic approach as well. 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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