A great number of the people in Kenya who are involved in self-employment have been forced to do so because of the prevailing high rate of unemployment.
Recent statistics show that over 7 million Kenyans are unemployed and the majority of these are youths. Many young people who hold degrees from institutions of higher learning fail to secure well-paying jobs and the creative ones decide to venture into the field of self-employment where they get to put their talents, creativity and skills into better use.
Why is self-employment on the rise?
Not everyone is attracted by the flexibility and the freedom that comes with being one’s own boss and some people opt to hold on to their full-time jobs. However, a great number of youths nowadays are leaning towards the creation of their own enterprises and this trend can be attributed to the following reasons;
Working a fulltime job often means that a person does the same procedures and activities day in and day out. This limits the usefulness of other faculties possed by the employee. A person yearning for diversified experience will be drawn to self-employment where one can put their creativity to good use.
· Inadequate income
Most of the people who are employed in Kenya are always complaining that the salary they earn can hardly meet their needs. Inadequate income has led people to self-employment as entrepreneurs get to determine their own incomes depending on their efforts.
In addition to that, engaging in self-employment gives one the opportunity to take up a wide array of projects at once increasing the amount of money that one can earn.
Working under a supervisor is often unpleasant. It also often inhibits one from freely doing things they way they want, which could often lead to better results. Entrepreneurs opt for self-employment where they have the freedom to do anything without someone hovering behind their back.
How to choose a successful self-employment business
As we have seen, people venture into self-employment because of various reasons and the process itself can be a trying one. In order to choose the best self-employment opportunity in Kenya, it is important that you consider the following factors to ensure the success of your initiative.
1. Analyze your idea
Although it is important to be optimistic, it is not advisable for you to drop your full-time job and dive headfirst into your side hustle. It is recommended that you try out your idea first and determine its capability to substitute your monthly salary. You can let it run for a few months before giving it your full attention such that by the time you quit your full-time job, you have a client base and some financial inflow from the side hustle.
It is difficult to start a successful business if you fail to create a well-detailed plan of how you intend to roll out your operations. In order to come up with a viable plan, it is essential that you do deep research on the specific industry that you want to penetrate.
Thorough research will enable you to identify the rules and regulations that you need to comply with, the market trends, as well as the expected operational costs. This knowledge is crucial in planning for the finances that you need as well as other inputs such as human and physical resources. It also ensures that you acquire all the necessary documents.
To go full-time into self-employment, you will have to let go of your full-time job which means that you will lose your monthly salary. Most businesses do not make much in the first months of operations forcing the owner to use his own money to cater for the operating costs.
To ensure the smooth running of the initiative in the first months, you need to have saved up some money to cater for the costs while maintaining your lifestyle. Plan in advance before you quit your job and set aside some money to fall back on during the initial stages of your business.
One thing that most people will not tell you about venturing into self-employment is that you will have to sacrifice a lot, especially in the first few months of running your business. Unlike being employed where you have a steady flow of a certain amount at the end of the month, self-employment does not offer any certainty of returns from your business. This means that at some point you might not be able to maintain your lifestyle and you must, therefore, be open to the idea of determining the level of comfort you can maintain with an unsteady amount of income.
5. Be prepared to work
Self-employment does not mean that you get to sleep and still receive some money at the end of the day. You have to go out there and search for clients and viable products to bring into the market. You should not approach self-employment with an attitude of freedom but with an urge to work harder and make some money for yourself while creating employment for other people.
Self-employment is not a walk in the park but this does not mean that it is not possible. Failure is part of the learning process and you should, therefore, remain optimistic even when the business seems to be struggling.
The key ingredient to success in self-employment is patience couple with good planning and networking in the industry. Follow the step highlighted above and you will be fully prepared to venture into your self-employment venture.