Blogging is a startup business that can be extremely profitable. Over the last few decades, companies in Kenya are in a hunt for bloggers who help them to create a web-based platform for their business and reach to a global audience through the means of online posts and contents. In this era of the digital age, blogging has evolved to become the backbone for successful businesses and bloggers are looked upon as online influencers.

If you have the keenness to write, a quest for reading and a dedication to never give up, you have the perfect ingredients to become a good blogger.

With great bloggers in Kenya to get inspiration from e.g. This is ES, Under-25 etc., there are countless free blogging guides available online, to help beginners create impactful blogs. With a Ksh.1500 initial cost of investing in a hosting space and domain name, you are geared up to succeed in one of the most lucrative business ideas in Kenya.

Fruits and Juice Kiosk

The working class crowd in Kenya is becoming more conscious of what they eat and drink. Staying fit and healthy is a top priority- given most of them stay at their desks 8am-5pm, has now and this turned the idea of opening a fruit juice kiosk into one of the most successful business ideas in Kenya. Nothing can be more refreshing than a glass of fresh fruit juice on a sultry afternoon.

Tuition and Coaching Centers

This is another lucrative business option for those with capital constraints. Tuitions classes or coaching centers can begin from your home, eliminating the need for any rented space. The classes can be taken individually or in larger groups. With a strong knowledge in the field, you excel will help to spread your popularity by word-of-mouth.  Slowly, as the business grows you can hire professionals in other field and start working from a rented place. In the event you lack space at your home, you can also do this online!

DIY Home Decor & Crafts Business

Ever paid attention to Art and Craft sessions at school? Well, if you did and are creative enough to turn junk into marvelous art pieces, then this won’t cost you more than few pennies. And to the world around, they sell like hot cakes for home decor purposes and landscaping.

DIY Studio in Valley Arcade was doing very successful with his DIY skills up until she decided she was going to close shop. and she will definitely tell you she didn’t break the bank to start this business.

Handicrafts Seller

The Government of Kenya through Magical Kenya has started promoting the sale of handicraft products in numerous cities and states. Some of these products include beaded ornaments, metal ware, paintings, shawls, carpets, wood ware, earthenware, embroidered goods, bronze and marble sculptures, etc.

May sellers on Maasai market (who design their own products) will tell you they started with very little capital. Many beaded ornaments on JIJI currently retail from between 200 to 1500 a piece. Meaning with 5000 you can have a good number of ornaments for resell. And even better number of these items if you decided to do it yourself by following several DIY channels out there.

NOW WHAT

So now that you have all these business ideas at your disposal, the next biq question would be, how can I get some cash to try out these ideas? Well, there are several financial institutions that could offer you cash in terms of capital. Our advise is that you also do your due diligence before you try getting these funds. Bidii Credit for example has a fully-fledged business consultancy team that can advise you. We also have a wide range of products that could suit most of these ideas. Most of these products can be accessed in less than 6 hours! So you come to us with your idea and walk out with up to 5million in cash! How about that?

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A logbook loan is a loan secured using your vehicle’s logbook. The loan covers a percentage of your car’s value irrespective of the age and model.  In other words, it is an easy and quick way of getting a loan for automobile owners. 

This means foregoing the rigid background and eligibility checks you receive from your bank when applying for a loan. Logbook loans in Nairobi and other cities in the country are an efficient technique for car owners to secure a substantial amount against their car. No one would ever imagine getting the amount they desire in 24 hours! 

If you’re seeking quick access to cash, a car logbook loan offers the easiest route. By leveraging your automobile, you can receive a substantial amount based on its value in your bank account in a day. It is a popular option when you cannot access credit elsewhere 

How Logbook Loans Work

• Usually, you’re asked to hand over temporary ownership of your car to the lender. However, you are allowed to continue driving the car as long as you keep to the terms of the agreement
• As part of the loan application process, you’ll hand over your logbook to prove ownership
• The lender will also conduct an HPI check on your car. This is to assess its value as well as ensure that it’s free from finance and that you are the registered owner
• You’re asked to provide personal details including 

-Your address 

-Financial information such as your income

-Regular expenditure

• Another eligibility test is running a credit check to review your loan affordability. However, it’s expected of you to take personal responsibility and ensure you are able to pay back
• Depending on your lender, this process can be completed online, on the phone, or in person. Still, in some cases, the process can be finalized in as little as one to two hours
• The borrowed amount is deposited in your bank on the same day. Other lenders may offer other options such as cash or a cheque.
• After paying off the loan, the car ownership is transferred back to you. 
• In the event you don’t keep up with the repayment plan, the lender may sell your car to recoup their money

Benefits of a Logbook Loan 

• A logbook loan allows you to borrow a larger amount of money compared to a payday loan or personal loan
• A logbook loan typically has a repayment period of between 12 – 36 months. This is much longer than you get with a personal loan. This means more time to get your finances in order
• In certain scenarios, it’s possible to offer partial resettlement by repaying a chunk of your loan early. This reduces the interest on the remainder of the loan. 

The quicker you repay your logbook loan, the lower the overall interest you will payback. Where possible, pay back the money as soon as possible.

The post An Insight into Logbook Loan appeared first on Bidii Credit Limited.

Unsecured Personal Loans

Personal loans can be used for a variety of reasons including:

• Paying for a wedding expense
• Consolidating debt
• Paying rent

Personal loans can be unsecured loans. This means, you will not put collateral like a home or car on the line in case you’re unable to pay back.

Benefits of Unsecured Personal Loans

• A personal loan may help you pay off the debt sooner.
• A personal has a lower interest rate. A lower interest rate could translate to big savings
• A personal loan is a good choice if you are planning to finance a major purchase. This could be a home improvement project, a medical bill or moving expenses.

Secured Personal Loan

• A secured personal loan requires collateral. This could be a car, home etc to “secure” the loan.
• Secured personal loans have a lower interest rate compared to unsecured personal loans. This is because a secured loan is less risky since there’s an asset to backup your loan

Business Loan

• This is similar to personal loans, but customized for business use. You are given a certain amount of money over a period of years. This is subject to affordability and a credit background check. It’s payable with interest. A business loan can either be secured or unsecured.

Car Loan

This is a loan aimed at specifically buying a car. Just like a secured loan, the money you borrow is secured against the vehicle you plan to purchase. Keep in mind, If you default on your repayment plan, the lender is allowed to seize the Car.

Bridging Loan

A bridging loan helps you ‘bridge the gap’ when you need to pay for something as you await for your funds to become available. Bridging loans are common amongst people who are buying a property, but are waiting for the sale of another property. Bridging loans are secured loans, Such loans require a high-value asset to get approved. This could be a property or land.

Guarantor Loan

This type of loan is under an unsecured personal loan. It requires a third party to guarantee the repayments. This is in case the original applicant defaults the payment plan. These loans are ideal for anyone with poor or no credit history who may have been turned down by a lender.

Payday Loans

These are short-term loans and they are typically due by your next payday. To repay the loan, the lender will typically require you to write a post-dated check. Alternatively, you could authorize the lender to automatically withdraw the amount you borrowed, plus any interest or fees, directly from your bank account.

Home Equity Loans

A home equity loan is a secured loan, and your home is used as collateral to borrow a needed amount of money. The amount you borrow is determined by the equity you have in your home. This is the difference between your home’s market value and how much you owe on your home. Usually, you’re not allowed to borrow more than 85% of the equity you have in your home.

Credit Card Cash Advances

Some credit cards may offer a cash advance. This is a short-term loan that you borrow against your card’s current balance.
Before borrowing money, set a budget. This will allow you to know what you can pay back on a monthly basis.

Bidii Credit offers several loans for different population categories. Unlike the loan types mentioned above, we have very flexible loans that you can enjoy, ranging from unsecured SME loans, Logbook loans, Rental income loans, mobile loans and input credit loans. If you are looking to get a loan, consider from one of our options at Bidii Credit Kenya and enjoy the flexibility we offer on our products

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Logbook Loans
We’re a leading provider of Logbook loans in Kenya. Logbook loans is a kind of loan that requires depositing your logbook as collateral for a loan. This kind of a loan is processed quicker than in other banking institutions. This makes Logbook loans an incredibly good source of loans for dealing with emergencies.

Logbook loans are ideal for individuals who find themselves with a poor credit rating history with most banking institutions judging them harshly. This can lead to denial of loans even in cases where they’ve already mended their finances and possess proof of future income. At Bidii Credit Kenya, we disregard your credit history as long as you have enough proof of future capacity to repay the loan.
As a requirement, all Logbook loans are subjected to a Loan appraisal process. When the Loan is approved, it’s disbursed via your most preferred mode of banking including:

• Bank
• Mpesa
• Cheque

Requirements

• You must have been in employment for more than 2 years or operated a registered business for more than 2 years
• Invoices/payslips and employment contract for the last 6 months
• The vehicle must be in your name/guarantor’s name
• The vehicle must be in great working condition
• Recent utility bill e.g. Rent/electricity
• Six months bank statement with a cheque book
• Motor vehicle valuation
• Motor vehicle Logbook
• At Least two blank but signed Motor vehicle Ownership Transfer Forms
• Two passport photos of the applicant
• Documents showing proof of comprehensive motor vehicle insurance
• Legal and valuation charges

Rental Income Loans

• Bidii Credit Kenya also allows you to use your rental income to get a loan of between KES 50,000-1,000,000

Requirements

• Kenyan
• 18 Years and Over
• Proof of ownership of the rental units
• Proof of regular rental income
• Have a property agent for at least 6 months
• Bank/M-Pesa statements for at least past 6 months
• A good CRB report
• The rental units must be within a major urban center with a Bidii Credit branch
• You must be willing to provide collateral e.g. Motor Vehicle or Chattels
• You must have at least two guarantors

Unsecured SME Loans

• Our unsecured SME loans allows you to borrow from as little as Kes 2000 to a maximum of Kes 200000.

Requirements include:

• Must be a Kenyan citizen over 18 years old
• Must have operated business for more than six months
• Business must be in a permanent establishment
• Must have a registered M-Pesa line
• Pay a one time registration fee of 500/-
• Have a good credit history with CRB
• Must demonstrate the ability to pay
• Must provide at least two guarantors
• All loans are disbursed through Mpesa

Mobile Loans

Our mobile loans allow you to get upto Kes 50,000 straight to your mobile phone. Simply download Bidii Credit App from Google play and sign up!

Inputs Credit

We provide inputs on credit to farmers through our network of suppliers and other key stakeholders. The farmer gets paid on time and the market aggregators have a steady supply of produce.
At Bidii Credit Kenya, we’ve something for everyone. For more inquiries on our financial solutions, reach out to us through 0709 840 000.

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In most states, securing a business license or registration is required to operate a business, but this process is different from incorporating or organizing a company. Unless you register for limited liability corporation, or LCC, protection, the partners in the business can be held liable for anything bad that happens with relation to the business.

Imagine that Tom and Jerry, two longtime friends, have been speaking about their love of cheese. To secure the right type of cheese and due to scheduling conflicts, Tom and Jerry decide to start buying cheese from the farmers and distributing it to grocery stores.

That means that if someone gets food poisoning from the cheese Tom and Jerry sell, that sick person could sue for damages and come after Tom and Jerry’s personal assets, which they might think have nothing to do with their business. LLCs are, in almost all states, the most common form of registered entity due to their low cost and ease of operation.

Mistake #2: Inadequate capitalization

Also known as “money,” capital is what partners, shareholders or business members contribute in exchange for ownership in the business. Some businesses are capital intensive — as in a dental practice — while others are capital efficient — as in a copy editing company — but in every business, lack of money is the number one cause of failure.

Mistake #3: Planning only for success

Every entrepreneur dreams big dreams — and thank goodness — but sometimes things go awry. In order to be successful, a new business needs to remain flexible in its processes and develop easy-to-understand contingency plans in case the idea isn’t as big of a hit as expected. A line of credit from your bank, for example, need never be used but can be critical when you hit a bump in the road.

Mistake #4: Understanding the industry, but not the market

Most entrepreneurs know their industry intimately and have expertise in their product or services. But critical to their success or failure is a simple question: Will others pay for the product or service? This product market fit can sometimes be tested in a small way; somehow you need to test to make sure you’re building a Ford Model T and not an Edsel.

Mistake #5: Doing it all yourself

Having an accountant, banker and attorney with whom you’re on a first-name basis ensures you will build a strong foundation for your business and won’t make mistakes that will cost you more to fix down the line.

Mistake #6: Working with friends instead of business partners

In our example, Tom and Jerry are good friends, but they need to treat the business seriously. Jerry has a day job, so Tom needs to ask some hard questions: Is Jerry going to keep his day job? Does he expect an equal share of equity? More on that below. To be successful, business partners cannot be afraid of hurt feelings.

Mistake #7: 50/50 partnerships

Two people starting a business naturally want to be fair to one another. But who makes a decision if the partners disagree? There are ways to address this in the legal documents, but it typically makes things easier if partners agree that one is the 51 percent partner.

Mistake #8: Ignoring intellectual property

Intellectual property, or IP, describes almost all the intangibles in your business, including trademarks, copyrights, trade secrets, et cetera. If you don’t pay attention to your IP, others can copy your business. If you don’t pay attention to the IP of others, they can sue you for infringing on their protected property.

Mistake #9: Counting your eggs before they hatch

Let’s say that in year three, Tom and Jerry are making good money and selling a lot of cheese. They now have dedicated employees, a recognizable brand, and good relationships with farmers and grocery stores. But, somehow, they didn’t realize they needed to comply with food labeling regulations.

As a result, they may face legal action or penalties from the U.S. Food and Drug Administration, paying fines and destroying inventory or issuing recalls (this would be a good time to have an LLC).

Mistake #10: Falling in love with the idea

Successful businesses are run by people who understand that things don’t always go according to plan. Being able to change your approach, in small and large ways — a move sometimes called a pivot —

The post What mistakes must you avoid to succeed in business? appeared first on Bidii Credit Limited.