Imagine being your own boss, setting your own schedule, and earning a steady income from something you love doing. Sounds too good to be true, right? Well, it’s not. It’s possible if you start your own business.
But, isn’t it difficult to start a formal business in Kenya?
Yes! Starting a business is not easy, but it’s not impossible either.
Hypothetically speaking, all you need to have is a good idea, a solid plan, and a willingness to work hard and learn from your mistakes. But that’s not all, you also need to be aware of the market, the competition, and the legal requirements of your chosen industry.
That said, I will use this article to show you some business ideas that you can start in Kenya in 2024 that are low-cost, high-profit, and high-demand.
These are business ideas that are suitable for anyone who wants to start a small or medium-sized enterprise (SME) in Kenya.
Business Idea #1: Online Education
Online education is one of the fastest-growing and most lucrative industries in the world.
It is also one of the most accessible and flexible ways to learn new skills, acquire new qualifications, and advance your career.
According to Statista, the revenue in the global Online Education market is projected to reach US$166.60bn in 2023 and is expected to double by 2025.
In Kenya, online education is also gaining popularity, especially among the youth, professionals, and entrepreneurs who want to improve their knowledge and skills without having to travel or pay high fees.
But why really should you venture into the online education business?
Online education is a great business idea because it has a huge potential market, low startup costs, and high-profit margins.
How to start a profitable online education business in Kenya.
You can start an online education business by creating your own courses or platforms, or by partnering with existing ones.
To achieve success in the online education business, consider offering courses on various topics such as languages, business, technology, health, arts, etc.
You can also target different segments of customers such as students, employees, employers, freelancers, etc.
When done to perfection, online education is not only a profitable business idea but also a social impact one.
By providing quality and affordable education to people who need it, you can help them achieve their personal and professional goals and contribute to the development of the country.
Business Idea #2: E-commerce
E-commerce is another booming industry that offers many opportunities for entrepreneurs in Kenya.
And what is E-commerce you ask?
This is the buying and selling of goods and services over the Internet.
According to Statista, the eCommerce market in Kenya is projected to grow by 6.03% (2023-2027) resulting in a market volume of US$3534.00m in 2027.
The main drivers of e-commerce growth in Kenya are the increasing internet penetration, smartphone usage, digital payment options, and consumer preferences.
Why should you start an E-commerce business in Kenya in 2024?
The answer is simple.
E-commerce is a versatile business idea that allows you to sell almost anything online.
You can sell physical products such as clothes, electronics, books, etc., or digital products such as software, ebooks, and courses, or sell services such as consulting, coaching, design, etc.
If you want to start this business, just go ahead and create your own website or use platforms such as Jumia, Kilimall, Shopify, etc.
You can also use social media platforms such as Facebook, Instagram, WhatsApp, etc., to market your products or services.
The E-commerce business is not only a lucrative business idea but also a convenient one.
By selling online, you can reach more customers across the country or even globally without having to invest in physical infrastructure or inventory.
Business Idea #3: Agribusiness
Agribusiness is one of the oldest and most important industries in Kenya and it involves: –
- and distribution of agricultural products such as crops
- forestry.. etc.
According to the World Bank, agriculture accounts for about 34% of Kenya’s GDP and employs about 75% of its workforce.
Agriculture also contributes to food security, poverty reduction, and environmental sustainability in Kenya.
Why start an Agribusiness Venture in Kenya in 2024?
Agribusiness is a viable business idea because it has a large and growing demand, both locally and internationally.
You can start an agribusiness by engaging in any of the stages of the agricultural value chain,
such as farming, processing, packaging, transporting, or exporting.
You can also specialize in any of the sub-sectors of agriculture, such as horticulture, dairy, poultry, aquaculture, apiculture, etc.
With just a little muscle strain you can also leverage technology to improve your productivity, quality, and profitability, such as using drones, sensors, irrigation systems, etc.
In all honesty, Agribusiness is a great venture that is both profitable and fosters sustainability.
By engaging in agribusiness, you can help feed the nation and the world, create jobs and income for yourself and others, and preserve the natural resources and biodiversity of the country.
Business Idea #4: Renewable Energy
If you have good money that you need to invest to get good returns, then consider investing in renewable energy.
The renewable energy sector is one of the most promising and innovative industries in the world.
For those who are coming across this term for the first time, renewable energy is energy that comes from natural sources that are replenished constantly, such as solar, wind, hydro, biomass, geothermal, etc.
In Kenya, renewable energy accounts for about 70% of the total electricity generation, mainly from hydro and geothermal sources.
That’s however not to insinuate that the market is saturated, there is still a huge potential for expanding and diversifying the renewable energy sector in Kenya, especially in solar and wind.
Why you should consider having a career in the renewable energy sector
Renewable energy is an attractive business idea because it has a high demand, low cost, and high impact.
You can start a renewable energy business by providing solutions such as solar panels, wind turbines, biogas digesters, etc., to households, businesses, or communities that need clean and affordable energy.
And if you are a handy person, consider offering services such as installation, maintenance, or consulting related to renewable energy systems.
You can also partner with government agencies or NGOs that support renewable energy initiatives in the country.
My two-penny advice, renewable energy is not only a lucrative business idea but also a green one with lots of earning opportunities.
By starting a business that provides renewable energy solutions, you can help reduce greenhouse gas emissions, combat climate change, and improve the quality of life and health of people.
Business Idea #5: Waste Management
Waste management is one of the most challenging and urgent issues in Kenya and it involves the collection, transportation, treatment, disposal, or recycling of waste materials generated by human activities.
Fie Consult estimates that Kenya generates between 3,000 to 4,000 tons of waste per day, the majority of which originates from urban areas.
While some of this waste gets recycled, a good chunk ends up in open dumps, landfills, rivers, lakes, or oceans, causing environmental pollution, health hazards, and social problems.
Why start a business around waste management?
Waste management is a potential business idea because it has a huge gap, low competition, and high value.
You can start a waste management business by offering solutions such as waste collection, sorting, recycling, composting, incineration, etc., to households, businesses, or communities that need to dispose of their waste properly.
You can also create products or services from waste materials such as biogas, fertilizer, paper, plastic, metal, etc., that can be sold or used for various purposes.
And if you can, please consider collaborating with government agencies or NGOs that promote waste management practices in the country to increase your chances of profitability.
In this article, I have shown you 5 business ideas that you can start in Kenya in 2024 that are low-cost, high-profit, and high-demand.
These business ideas are based on the current and future trends, challenges, and opportunities in Kenya and the world.
They are also business ideas that are suitable for anyone who wants to start a small or medium-sized enterprise (SME) in Kenya.
I hope you have found this article useful and inspiring.
If you have any questions or comments, please feel free to leave them below. And if you are ready to start your own business in Kenya in 2023, don’t hesitate to take action and make it happen.
Remember, the best time to start is now. Good luck and happy entrepreneurship!