7 Low investment business ideas that can make you a millionaire

Avoid get-rich-quick schemes.
Be careful not to fall for get-rich-quick schemes. PHOTO/FILE
As an aspiring entrepreneur you could be wondering what are the best business ideas and opportunities that require little capital but have huge potential for growth and success.

Here are seven small business ideas that you can start with Sh100,000 or less and grow gradually. They are a sure way of attaining financial freedom and can potentially make you the next Chris J. Kirubi or Naushad Merali

1.) Consultancy – Any person with professional training, expertise or a skill and some years of experience can start a consultancy business. A consultant advises others on how to effectively run their businesses at a fee. Work opportunities can be easily found through your industry contacts including former employers.

2.) Catering services – This is a very profitable business opportunity in Kenya for people with some skills in food and drinks supply management. You can make some good cash by providing lunch menus for offices in your neighborhood and outside catering services to people and entities holding events. To succeed in this business, you must establish a team of highly professional employees to help you avail your services.

3.) Event planning – Every day of the week, individuals, companies and religious entities are holding events everywhere around the country. A lot of effort and a great deal of time goes into planning and organising such occasions. For the host, this can be an uphill task since they could be busy thus creating a need for others who can plan and execute on their behalf at a fee. You should endeavour to excel so that word of mouth publicity can draw new customers your way.

4.) Networking services – With proper planning and marketing, organising networking gatherings can be a lucrative business idea. All you need is to identify a group of people or professionals (architects, teachers etc) who could be interested in such gatherings. Get a good venue and advertise these events on a regular basis. These networking events can end up attracting the attention of cash-rich sponsors.

5.) Cleaning services – Everyone loves cleanliness but most people do not like the process that brings about that cleanliness or simply lack the time to do it. Many businesses and home owners are constantly on the look out for competent people who can help keep their premises clean. You need to identify and approach individuals and companies that you think require cleaning services and be sure to do a meticulous job so as to win repeat clients.

READ: 6 Steps to starting a business

6.) Web businesses – The internet has brought about numerous business opportunities in Kenya for youths with computer skills. Such ventures include online advertising, web design, e-commerce, social networks and e-publishing among others. The biggest advantage of this kind of business is that you do not need an office to accomplish your goals since you can work from home. This means that you can start and run a lucrative business with minimal overheads.

7.) Content production – In this era of internet and social media, every business has become a small publishing firm through blogs and company websites. They are churning out tonnes of content in form of features and videos aimed at reaching potential clients online. As a result, there is a huge demand for freelance content writers since most businesses do not have the time to produce their content in house.

Before venturing into any Kenyan business opportunity, it is crucial to do your due diligence. Find out all there is to know about the business and avoid get-rich-quick schemes.

Most importantly, write a business plan. Putting a business idea down on paper helps you to think of essential issues that you might have forgotten or disregarded.