If you have Ksh 5,000 at your disposal and someone asks you what you can do with the money, many would say ,”I will start a small business”, while the rest will buy a smartphone. But this money can turn a pauper into a millionaire. More than often, we all say our lack of business engagements results from insufficient capital, but this is just an excuse of ignorance.
If I had Ksh 5, 000,here is what to do with the cash.
- Set aside Ksh. 170 daily, at the end of the month you will have Ksh. 5000.You will use this money to start profitable business venture. Here is a list of businesses to start will less than Ksh5,000
- Shoe shinning business
- Small grocery
- Selling mangoes in Nairobi
- Manicure and Pedicure (moving from house to house)
- Selling kienyeji vegetables
- Hawking water
- Starting data Analysis Company
- Starting a blog
- Join an investment group of 10 people. Commit to saving 5K monthly each. In one year you’ll have collectively saved Ksh. 600,000 that you can invest.
Here are profitable businesses you can start with Ksh 600,000
- Executive salon & SPA
- Fast food restaurant
- Poultry farming
- Wines & Spirit
- E-Commerce business
- Cosmetics business
- Put 5K in a bank savings a/c monthly. In a year, you’ll have Ksh. 60,000 with an interest of 5% – 8% depending on the bank.
- Commit to a life policy cover with an insurance company. You’ll pay 5K monthly for 5 years and at the end, get Ksh. 300,000 plus 10%-13% interest.
- Save money in a sacco. Put in 5K monthly and you can earn dividends on shares, you can reinvest your money and still earn interest.
- Save money in insurance as Unit Trusts. Each month you will get interest of 11%-20%.In one year, you will withdraw over Ksh70,000
