Choosing the right industry as an entrepreneur or investor is key. Many industries look glamorous from the outside but when you venture into them, you quickly discover that your targets are far-fetched. Not all that glitters is gold. You end up losing money, time, and your mental health dives. Overconfidence can make one feel they can get into any industry, sell products, offer services, provide solutions, and achieve instant success.
It’s great to have information to guide tou in managing your expectations. If you want to play the big league and achieve financial freedom faster, think about these 7 most profitable industries for businesses in Kenya.
The following are not get-rich-quick schemes like selling drugs or winning the lotto, but legitimate, proven industries that have created millionaires and billionaires. If that’s your goal, here are industries that are most likely to make you a millionaire:
1. Food Industry
Food is a basic human need and you can never go wrong with it. There’s never enough food to satisfy all the hunger and cravings. People will always want more and that’s why the food industry is never going away. Come up with a cost-effective and efficient way to produce, store, and create food, to feed many people at once.
Many young Kenyans have become millionaires by becoming agricultural entrepreneurs: leasing land and doing large-scale farming. Be familiar with the seasons and research more about the crops you want to grow. Many banks and financial institutions have loan facilities for such ventures.
It’s not only about fast food restaurants, healthier choices are now in demand as people are becoming more conscious of their health. Agriculture and health-type products e.g. supplements, fall into this category.
2. Energy
As the world is moving towards cleaner or renewable/ green energy, it provides an opportunity to make some good money. With the number of smart devices and technology that need powering, power is never enough and people will pay anything for it. Invest in things like solar energy by providing installation services or selling solar panels and its installation kit.
You could also consider coming up with creative solutions to save or generate energy, it could be a game changer. It could make you a million dollars in a short time as long as you know your target market.
3. Real Estate
According to the United Nations, the world’s population will hit almost 10 billion people by 2050. The human population is hitting the roof and that provides an opportunity for entrepreneurs who want to cash in.
The people will need places to sleep, learn, and play in, entertainment spots, and malls for shopping. This industry will be in demand the most as the population of the world increases.
4. Healthcare Industry
Anyone is willing to spend any amount of money to live longer. That is what makes this industry lucrative. Think senior homes, pharmaceuticals, hospitals, or any products and services that’ll help people to live and stay healthier. This is a very good industry to get into. As the old saying goes, health is wealth.
5. Financial Services Industry
Money begets money, right? There is a lot of money to be made just by managing, handling, and investing money. Services that can put money in your pocket directly involve the management of money, money lending, and asset management. Anything along the financial institutions like SACCOs, banks, insurance companies, and brokerage firms.
Think about the new gold mine: data mining. Michael Bloomberg, former mayor of New York, became a billionaire by simply providing financial data to the financial industry.
6. Technology
Don’t only think about telecommunication like Vodacom and social media companies like Meta (Facebook, Whataspp and Instagram). There is a whole disruption happening in traditional industries using technology. Think about that for a minute.
How can one use technology to make things more efficient? Artificial Intelligence (AI) is quickly being adopted by many brands and companies for efficiency. Robotics, automation, and manufacturing of these technology products. Uber Eats has changed how we order food.
Think about ways you can add value in this particular sector if you are a technology entrepreneur. Start small and scale high with time.
7. Entertainment
Entertainment is something that is always in high season. The world is constantly looking for an escape. You just need to know where to invest your money in and when. All big companies are getting into the entertainment industry. Amazon, Prime, SONY Apple, etc. Music, movies, animations, special effects, fashion, comedy etc.
People can never get enough of entertainment. If you can find a way to create a product, or a service in this particular industry, or fulfill a demand, you can also make millions. You just need to be consistent enough to create a valuable partnership or brand then get noticed by the industry captains.
The above industries are most likely to make you a millionaire. It’s not automatic though, you need to combine them with your network, skills and experience. Access to capital and putting together a formidable team are the biggest challenges for many entrepreneurs, but once you get it right and with great execution, success is guaranteed. You also need to have the required discipline to make it in the industry. Do your research and get the right team.
