One of the best ways to create wealth in Kenya is by starting a profitable business. There are a couple businesses you should start in 2023 and become a millionaire. We have categorically picked 12 booming businesses that will not disappoint you.
- Recruiting agency for Kenyans going to gulf
Jobs in Kenya are scarce, nearly every youth wants to go to Gulf to earn a living. Recruiting agencies are making a lot of money by connecting Kenyans to employers in Oman, Qatar, UAE, Saudi Arabia and other Gulf countries. They make Ksh 20,000 to Ksh 60,000 for connecting one client. A company can recruit up to 1000 people per month. Assuming that the average profit per person is Ksh 30,000 and they connect 100 people monthly, they will make Ksh 3, 000, 0000 every month.
You need a capital of Ksh 500,000 to Ksh 1 million to start the business.
- Hardware shop
Hardware business is also booming. This year 2023 there are many people constructing houses, they had paused last year because of elections. People running hardware shops are making millions. If you walk around Nairobi, you will discover that construction is everywhere, the materials are obtained from hardware shops.
Capital required for starting hardware shop is Ksh 2 million to Ksh 10 million. In case you don’t have enough capital, take a loan from a bank—I am sure you’ll repay in time.
Hardware business will generate profits in range of Ksh5,000 to Ksh200,000 per day depending on size of the business and location.
- Water refilling business
Water refilling business is profitable in areas like Nairobi, Nakuru, Kisumu and Mombasa. This business is booming and not flooded, there are areas where you will hardly get such a shop. The hardest part is to get licenses. You need up to Ksh 300,000 for licences.Total capital range between Ksh 500,000 and Ksh 1.5 million
- Planting Hass avocado
People are doing away with tea and coffee for Hass avocado which is exported to China, UK and other European countries.Hass avocado farming is extremely profitable. One acre will yield avocado that will generate over Ksh 1.5 million profit. It takes approximately 3 years for the avocado to mature from the time of planting.
Planting one acre costs Ksh 200,000 to Ksh 500,000.
- Mobile phone & computer repair business
If you own a shop repairing laptops and mobile phones, you will generate huge amounts of profits. The business should be set up in Nairobi, Eldoret, Nakuru,Kisumu or Mombasa where people are many.
This is one of the businesses which doesn’t require a lot of capital.With Ksh 50,000 only, you can set it up.
- Mobile loan business
Mobile loan apps are also pulling in a lot of profits. People are taking loans to pay school fees, rent and do shopping. Since there is CRB, they have to repay the loans. Mobile loans charge 10% to 30% interest on loans.
Apart from owning a mobile loan App, you can also own start shylock business.
- Selling Turkey dresses
Ladies are not buying dresses from Eastleigh anymore especially those working class.Eastleigh cloths aren’t decent enough, they are like a uniform,kila mtu ako nayo.Turkey clothes are of high quality.
Start importing Turkey dresses and suits, sell them online. You can also set up a shop in Nairobi.
- Selling bodaboda on loan
There are a couple of companies offering bodaboda on loan. They require someone to pay like Ksh 15,000 and take a bodaboda for business, then pay the rest of the money from the profits they generate. This business is booming.
You can start this business alongside bodaboda spare parts business.
- Selling mitumba bales
Life has become very expensive forcing more than 80% of Kenyans to wear mitumba.One of the most profitable businesses in Kenya today is selling mitumba bales.You need a capital of Ksh 500,000 and above to start importing mitumba from UK,Turkey,China and Dubai.
- Airbnb
Airbnb business was not existing a decade ago but it’s now booming in Kenya. Many people are converting apartments into Airbnb. The business requires high level of secrecy and maturity. But the beauty of it is that it’s not expensive to start. You will rent a room for Ksh15,000 per month, furnish it and make it Airbnb, people will rent it for Ksh 4,000 per day.
- Pub/club
Clubs like Quiver Lounge get customers 24/7 hours a day. Such a club makes over Ksh 3 million monthly after paying workers.But the capital required to set it up is more than Ksh30 million.
If you have financial muscles, start your own club and see how booming the business will be.
