President William Ruto scheduled November 30 as the launch date of the Hustler Fund, a loan project which allows Kenyans to borrow up to Ksh50,000 credit.
The money is meant to start new entrepreneurship ventures or boost existing ones to realise Ruto’s bottom-up economic model.
There are 5 profitable businesses you can invest in Kenya with the Ksh50,000.
Just like any other business, the cost of setting up a barbershop in Kenya largely depends on the location and size of the shop.
With Ksh50,000, you can start a medium-sized barbershop in Nairobi suburbs and other parts of the country.
You will need two shaving machines at Ksh1200 each, two chairs at Ksh800 each, a mirror at Ksh3,000, and a business permit of between Ksh8,000 and Ksh12,500. Rent depending on your location, will range between Ksh3,500 to Ksh8,000.
Grocery stores, popularly known as vibanda is one of the small business ventures that gain you profit quickly.
A space to sell your vegetables will cost between Ksh2,000 and Ksh4,000, depending on location. The County council charges Ksh50 per day for a permit and you can start working with vegetables worth Ksh5,000.
Investing in a farm
If you have a farm, the Ksh50,000 can turn your fortunes around.
You can use the money to buy more seedlings, increase the number of livestock or buy a water pump to irrigate your land.
Second-hand clothes, popularly known as Mitumba require a small starting capital but have good returns on investment.
One bale of second-hand clothes costs Ksh18,000, and someone can realize a profit of Ksh5,000. Like grocery stores, a permit is remitted daily to the county council, making it attractive to small business owners.
With starting capital of Ksh50,000, you can start a food joint in the Nairobi suburbs or any other town in Kenya.
Most of the money will go to obtaining relevant business permits. Apart from a single business permit, you will also need a certificate from the Ministry of Health. You will also need to buy cooking utensils plus chairs and tables.
Unlike big hotels, you will not need to create a fancy structure, and you can start realizing profits immediately.