Let’s be honest, the hustle and bustle of the daily grind can be overwhelming. Just like many people, you may be yearning for the freedom that comes with owning a business. Well, 2024 might just be the year to put your ideas into action and kickstart that long-dreamed business venture.
While starting a side business is thrilling, it can also be a bit scary. Whether you’re a hands-on-the-wheel type or someone who dives into ideas, there’s a lot to consider before launching. The timing matters, especially considering the current state of the Kenyan economy.
Here’s a look at what’s happening now and some concerns business owners might have in 2024.
Is 2024 a Good Year to Start a Business?
The new year comes filled with challenges and opportunities. Still, there are five compelling reasons why 2024 is a great time to turn your business dreams into reality.
1. Embrace the Shift from Remote to Hybrid Work Models
Remember those days when your living room was your office, and indoor clothes were your business attire? The pandemic brought the freedom of remote work to many, but as we enter 2024, the tide is slowly changing.
Hybrid work models are becoming the norm. Even companies like Zoom are calling employees back to the office two days a week. If the return of the daily commute is making you anxious, starting your own business could be the escape you need.
2. Real Estate Reevaluation: Investing in Your Business
In the past, real estate was a solid investment for building wealth, but times are changing. Rising interest rates and home prices have pushed the average mortgage rate for a five-year fixed-rate mortgage is 4.79%, according to a 2023 survey.
If you’re not keen on putting your money in the real estate game, consider redirecting your focus to a new venture. Starting a side hustle can be a lucrative alternative for building wealth and generating additional cash flow in 2024.
3. Cash is King: Navigate Uncertainty with Financial Stability
Don’t let the fear of debt dampen your entrepreneurial spirit. Contrary to popular belief, you don’t need huge amounts of money to start your business. According to a World Bank report, 77% of small business owners use their savings to kickstart their ventures.
Having cash set aside in a year that witnessed the toughest economic downturns makes you a strong competitor. With some companies already facing layoffs, 2024 offers a unique opportunity to compete in industries where reducing the costs of services is a top priority.
4. Investor Appetite: A Supportive Environment for New Businesses
Accredited investors are on the lookout for promising opportunities. With the ability to earn 5% or more in online savings accounts and certificates of deposit, these investors are seeking alternatives to riskier stocks.
Even if you don’t have your cash, there are numerous resources available to support your startup. Pitch competitions, accelerator programs, angel investors, and venture capital conferences are just a few avenues to explore. The market is ripe for new ideas, especially if you’re willing to put in the effort.
5. Low-Cost Business Opportunities: Your Gateway to Financial Freedom
Still trying to figure out whether to start your own business? Let’s talk about easy and inexpensive business ideas that can not only help you become financially independent but also fit well with the business trends in 2024.
These ideas have become popular because more people want to start something of their own, especially with the uncertainty in the economy and everyone’s wish for financial security.
Home-Based Catering
Imagine cooking at home and turning it into a business! Home-based catering is a tasty option that doesn’t need a lot of money to start. You can begin with as little as KES35,000. It’s a great way to make money doing what you love. You can start small, maybe catering for small events by yourself, and then grow your business slowly. People love celebrating personal events, and your home-based catering business can make them even more special.
Event Management
If you enjoy organizing things and being creative, event management might be perfect for you. It doesn’t need much money upfront, mostly for promoting your services online. You can step into the exciting world of creating memorable events. This industry is growing, which means more opportunities for you. Successful events can bring you more customers through recommendations.
Dropshipping Business
For those who like working online, dropshipping is an interesting option. It’s a type of online business that doesn’t require a lot of money to start – around KES24,000 on average. You don’t even need to keep products in stock. You can use platforms like Shopify to sell a variety of products without worrying about storing them. It’s a good way to enter the world of online retail without spending a lot at the beginning.
Social Media Management
In a world where everyone is online, businesses depend on social media for promotion. If you understand how to use social media well, you could start a social media management business.
It’s not expensive – you can use existing platforms for promotion and simple online tools for managing accounts. Many businesses need help with social media, so your skills can turn into a successful and growing business.
Consulting Business
Starting a consulting business doesn’t cost a lot either. You just need a little money for basic marketing and being present online. Consultants can earn between KES2,500 and KES7,500 per hour, so it’s a good way to make money using your expertise.
Today’s world values knowledge and people are willing to pay for it. If you have special skills, you can start a consulting business and offer services like helping businesses with strategies or giving advice in specific areas.
Seize the Moment in 2024: Use Balozy to Boost Your Business
2024 is a great time for starting a business with lots of chances. The way we work is changing, and there are new trends in homes and money that help new entrepreneurs. So, don’t wait! Take this chance, control your future, and start making your business dreams come true in 2024! It’s time to stop waiting and start making the future you always wanted.
To make your business journey better, use Balozy to sell your services. Balozy links businesses with local experts, making it a perfect place to show what you can do. If you’re into consulting, caregiving, or event management, Balozy is where people can find and hire you. Make a good profile, talk about what you’re good at, and let Balozy connect your skills with possible clients.
