After sleepless nights adding flesh to the skeleton of your business idea, the next stage is raising capital. Capital ranges from as low as KSh10 to infinity depending on your business idea, the location, regulation and overheads. Often times, capital comes from savings and bank loans. What happens when these two main sources of business funds are not available or sufficient to set up your business? Here are other unusual ways to raise money to start a small business in Kenya.
- Pawn household items you do not use
We often accumulate electronics, furniture and clothes that we don’t need. If you have a couple of such items, but no cash to start a business, why don’t you take the items to a shylock? You may get at least KSh1, 000 from each electronic item, and collectively, gather sufficient cash for a small business. If you would like to get the items back, pay up the loan as soon as you start making a profit. Nonetheless, since you don’t need the household items you gave as security for the loan, let the shylock keep them.
- Get a part time job
Some clauses in employment contracts limit business activities you can undertake alongside your day job. You have to adhere or else, utapoteza nne ukikimbilia nane. Additionally, when you have a full time job, you can only take up a part time job in the evening or over the weekend. Blue collar jobs will get you some good money. You can do laundry in the estate, work in a car wash, offer babysitting services at your home, offer house cleaning services, offer hair braiding services, become a personal shopper, offer parcel delivery services, offer carpet cleaning services, etc.
- Rent out a bedroom in your house (home stay)
If you live near an institution such as a university or college, there’s an obvious scrabble for accommodation around the school. Sacrifice your comfort, for about six months, and you will have a few thousands to start a business. Advertise your home stay offer on various social media groups where students may be in the audience.
- Sell household items you don’t need online
OLX might be your best buddy for this. List items, such as furniture and electronics, and make some money.
- Make money as an affiliate to raise capital
Work for someone else to get capital as well as marketing skills. As an affiliate, you don’t have to buy the product; all you need is a marketing platform in order to direct buyers to the product owner. You can work for Jumia and Kilimall among others.
It’s still early in 2018; you have many more months to raise capital for your business. Start now!