• The tips are from Terry Anne Chebet, who is the founder of Keyara Botanicals.
Thinking of starting a new business? Here are mistakes you can avoid making. The tips are from Terry Anne Chebet, who is the founder of Keyara Botanicals.
Through her YouTube channel, she shares things she knew before she started doing her business.
1. Bookkeeping and accounting,
Terry Anne says bookkeeping should be a must for everybody,
"When I started most of my businesses on a hunch and I was selling from the boot of my car, other times I would be paid Via Mpesa and it was difficult to keep track.
Now I ask for invoices. You can get someone to do the accounting for you." she advised
2. How to price products correctly,
"I learned a little later than I should consider all the prices involved before a finished product."
eg, stickers used, containers, transportation fee, etc.
You can't just guess a price.
3. Opening a bank account with banks that care about small businesses,
Some banks offer training, workshops with SMEs, give free advice and help you access markets for your products.
Look for businesses that care about small businesses.
4. Planning for how to grow a business from the beginning,
It's important to think right from the beginning about how to grow a business whether individually or via a partnership.
5. Passion is not everything,
You can be passionate about an idea but it's not enough, You need skills, knowledge, business plans, accounting, pricing etc.
It's a good thing but it's never enough.
6. Being present is everything,
You can teach your team, but you have to be there.
Very many side hustles never became multi-million businesses because their founders are not present.
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