The majority of Nairobi residents are self-employed. This is indicated by a report by the research firm Tifa, which estimates the number of people working on their own account or working as casual or part-time at 41%.
This is compared to 13 percent who are employed full time. As a result, most have resorted to starting a business to make ends meet.
While some prefer to operate physical stores in the city, the lion’s share is turning to virtual commerce. But how do you manage and maintain a successful online business despite increasing numbers against the same market?
Kenyans.co.ke embarked on a research and offered the following steps and tips to help you build, maintain and run a successful online business:
File image of a liquor and wine retail store
Behind the success of an online business lies a well thought out and executed plan. The goal of every business is not only to generate income, but also to keep the business going over time.
Whether the business involves goods or services, have an idea of what you want to sell to the customer. Experts advise all future business owners to conduct in-depth market research.
This will help identify market gaps, including what is missing or how you can deliver it differently to the target market. Get leads, consult with people who have been in the business for information and intrigues on how to run the business.
Establish your profit model. This is a presentation of how the business intends to make a profit and take into account all expenses. Without it, the business will run blindly and may not generate a profit.
Prospective business owners are also advised to establish a valid and reliable contact list. Remember, your network is your net worth. It will also help you generate recurring passive income.
The key to business success is actually visibility. Make your presence known and felt with your target market. Building visibility in the market requires building a fan base that will remain loyal to you.
This can be established by giving your customers value for money. Getting visibility can sometimes mean being seen all the time, but in a way that doesn’t hamper the market. The goal is to be seen as much as possible and to make an impression.
Business owners can also gain market dominance by paying for their products to be offered by popular websites or individuals, which increases discoverability.
Automate all of your business activities. This not only guarantees organization, but also accountability. It is essential for tracing, monitoring and evaluation.
Needless to say, this also increases reliability and improves the customer experience. Business owners should also automate the customer feedback process.
Establish a product or service that will be a powerhouse in the market. Create a product that will give the customer a feeling of fulfillment – a good product will ensure customer loyalty.
Always focus on creating market-driven products. These are products driven by market trends. These can be physical trends or those that appeal to market emotion.
Strive to dominate the market. Create a product or experience that will sell even without engaging in extensive marketing activities. A product that other sellers would like to associate with and go so far as to pay for the same.
Residents and traders go about their business in Eastleigh, Nairobi.