Top 10 Businesses That Can Make You a Millionaire: Becoming a millionaire in Kenya is becoming more viable each day that passes. Compared to the former years when Kenya had few millionaires, today in Kenya millionaires are increasing each passing day. Today both young and old Kenyans are joining the list of Kenya richest depending on the demand of ones products and services. Below we look at Top 10 businesses that can make you a millionaire in Kenya.
Unlike many service related business, manufacturing is more capital incentive hence it will likely attract less people and therefore less competition. In Kenya some of the businesses that have made billions of money in the manufacturing industry produce products like food stuffs, house hold goods and construction material. Although one will need to market the new products, once the products are accepted in the market then return on investment is assured.
2. Value addition to agricultural products
Did you know that Agriculture can be one of the Top 10 businesses that can make you a millionaire in Kenya? If your answer is no then read carefully: Kenyan mostly sells their products in primary form which means they sell at a very low price. For instance a litre of milk from the farmers is bought by the milk processing companies at Kshs 45. The milk process company sells the same milk packaged in bottles or packs at 100 per litre. Further value addition like making of yoghurt mean a litre of the same milk goes to 200 shillings. If you decide to produce yoghurt you will probably make double the profit.
3. Entertainment industry
Some of the richest Kenyans own entertainment business like television station, radio station or well branded entertainment services. The good thing about entertainment industry is that it is wide. We have areas in comedy, video and movie production, music production etc.
4. Banking, SACCOs and micro-finance
Jimnah Mbaru and Peter Munga are among the richest Kenyan who ventured in the banking sector. In Kenya to venture in banking many organizations starts as micro-finance, building society or a SACCOS Currently there are micro finance and SACCOs which are allowed by the central bank to involve deposit taking. Well managed SACCOs and micro finance can be a good way to make that million as long as one observes all the regulation from the related regulation bodies.
5. Hotel Industry
Tourism in Kenya has encouraged development of hotel. Since the government is encouraging devolvement of some government services to county governments then it means investment in a good hotel at the county level can make one join the list of Kenyan millionaires. This because more people would be forced to travel to their county head quarter hence affordable accommodation may come hardy in some circumstance.
6. Exports and Imports
In 2017 Kenya exported over $5 billion of products to other countries. Some of the products exports include tea, flowers, refined petroleum, cereals and fruits. The government has several incentives to encourage more people to exports such as tax exemption and tax holiday. To make it export business you may not necessary produce or manufacture the products, all you need is to source for market, look for reliable supplier locally and know the correct procedures to follow in exportation.
Kenya imported more than it exported, the total imports was around $16 billion. The imports majorly include petroleum, car, medicine and electronics. Depending on the market needs one can choose to import products and re sell to those locals who cannot afford to do it.
7. Online market platform
Online marketing platform like jumia, kilimall, Uber, OLX and others have become the modern way of marketing that making more millionares.
8. School and University
A well established and equipped school or university is also another top 10 businesses that can make you a millionaire in Kenya. Kenyan population generally constitutes the young people which mean more young people are likely to give birth hence increasing future demand for education. Since the government cannot meet all the demand then having a good school/university especially for the middle class will bring in substantial income.
9. Contractor/ Consultants
Another way to become a millionaire in Kenya is by becoming a contractor or consultant. Contractors/ consultants working for both government and private companies have made millions by constructing roads, building and even by offering consultancy in finances, human resource or marketing.
10. Land resell
Until recently many Kenyans did not have the interest to invest in land. Apparently this has changed and many people are now planning to have a piece of land at a certain age in their life. As an investor its best to buy land in large quantity and then subdivide the land in smaller plots and then resell the plots at higher price.
Looking at top 10 businesses that can make you a millionaire in Kenya it makes it clear that there is a difference in working hard and working smart. There are people who have been involved in some of the business mentioned above but they have never become millionaire. On the other hand some have become millionaires by doing the same thing. It’s important to understand the approach you will use, know your target market and above all stay focused.
Ekopa Mag is One stop shop for all your technology needs, Catchy Slogans, SEO, Online Banking, Technology Solutions, how to fix or Solve problems, Gadget reviews, Latest Apps, Technology news, analysis, latest mobile phones in the market, Entrepreneur, Smartphone, Lifestyle and much more.