How To Make Money Online In Kenya, 2010

August 6, 2010 by 30 Comments

Facebook.com is currently valued at $15 BILLION! That makes the young founder, mark Zuckerberg an extremely wealthy man at such a young age. What about you? How are your finances doing? You could seethe with envy at Mark, or you could try your own hand at making money online!


Last year, we wrote one of the most popular articles on this website: How to make money online in Kenya. The gist of that article was that advertising as a source of online income may not be the best way to go….that was way back in 2009, though. This is 2010! How does one make money online in Kenya?

This time, we’re going to do it a little different: since last year, we’ve come across countless numbers of Kenyan who are already making money online! So this article will talk about how those people are doing it in hopes of inspiring you to start making money online in Kenya!

1.How we make money online in Kenya

We run www.likechapaa.com and a number of other websites. Of course one of the main goals of running all these sites is for us to make money online. How do we do it?

  • Advertisements – Like Chapaa has these adverts on the side (you see them?). They make us peanuts. Honestly.
  • Consulting – as it happens, a lot of the people who read Like Chapaa tend to email us asking for help in setting up online. We make a tidy some from this. How can you do this? It is not a hard concept: just pick out a topic that you are interested in and know a lot about then start a website to talk about that topic and set yourself up as a “consultant”. It works, trust us.
  • E-commerce – this is unbelievable even to us. DESPITE not having an online shop yet, we do sell a few books from our site Jua More. The lesson here seems to be if you have a website talking about a certain product that people want, then you can probably sell this product to those people. Jua More is a book review site which is still very small yet it already makes some money. Can you replicate this with a site of your own and another product? I bet you can! Just pick out something you have passion talking about (and marketing). I’m thinking things like movies and music, clothing and other such stuff can do pretty well! We even built DukaPress for you so this is super easy to do with no technical skills whatsoever!
  • Web Design – Wambere, one of the founders of Like Chapaa, also runs Nickel Pro which is a web design and development company. Like Chapaa drives a whole lot of customers her way. How can you do this? This is all about marketing, if you offer a service and want to make money online from it, you need to find somewhere (online) where the people who would buy your service hang out and then talk to these people and subtly showcase your skills and experience. They’ll buy.
  • Referrals (Affiliate income) – incidentally, most of the things we recommend you use – akina Freelancer.com, AlertPay, etc – have affiliate programs. This means that if you sign up to those sites after reading about it on Like Chapaa, we get paid. How to do this: this is pretty easy, in my view. You shouldn’t start the process by looking for companies that offer affiliate programs. Instead, look for what interests you. If you love shoes and want to start a website about shoes, you will come to find there are tons of sites out there that will pay you good money to drive people to them. Affiliate programs exist for almost everything under the sun – just find something you love, start a blog/site around it, and voila!

Also see: How to make Money With A Blog.

2. How Other People make Money Online

We realise that we aren’t the only Kenyans making money online (hehe) and so this section is dedicated to everyone else that we have come across this past year.

A. Advertising
Like Chapaa sucks at making money from advertising but these sites do it amazingly well:

  1. Career Point Kenya – this is one of the most visited sites in Kenya and, rightly so, they make a lot of money from Google’s Adsense program. This means that whenever any of the hundreds of thousands of people who visit Career Point Kenya every day click on the Google Ads, the guys running that site get paid. Sweet! To replicate this you just need to build a website that gets huge, HUGE, numbers of visitors and you’ll get paid like you won’t believe. This is not as easy as it sounds, though, and I would caution against betting on advertising as your sole means of earning online.
  2. Bankelele – the ever popular Kenyan blog. I think this is one of the oldest blogs in Kenya. It has only survived this long because the guy who runs it is a master at what he does. Unlike Career Point Kenya, Bankele makes advertising money by selling his own ads at his own price (you get this luxury when you have a site as good as his). Here’s how to do this on your own site!

B. Selling Stuff
Jua More, mentioned above, is just a lucky occurrence. If you want to really make money by selling something tangible (or digital), then you need to look at, and learn from, the guys below:

  • Mama Mikes – Mama Mikes is one of the first e-commerce sites to serve Kenyans. It is a site that excels at selling Kenyan stuff to Kenyans who do not live in Kenya. For example, you can pay power bills for your family in Kenya while living in Spain – or buy them gifts and groceries. Brilliant idea, eh? I think so too. Mama Mikes found a niche market very early on in the game and took it over.
  • Fab Guru – a fascinating business run by a lady off her Nairobi apartment. This is the face of “make money from home”. Fab Guru sells ladies shoes, bags and other items. She particularly excels at marketing her wares on Facebook where she has a large following of “fans”. Fab Guru makes quite a lot and the ingredients seem to be: a)find something to sell (preferably something that you love) and b)find a group of people who love what you have to offer (in this case, Fab Guru didn’t find those people, she built a place for them to come to).
  • Career Point Kenya – these guys have written a book that resonates well with the people who visit their site. I’m not sure of the sales figures, but I’d bet they do very well.

Do you see a trend here? If you want to make money online by selling things, then you need to first find a good product (or products) – something you love working with and which is likely to have a market large enough to support you. Then you need to find, or build, a place where people who would be willing to buy your product(s) can be found. If you manage to do that, you’ll be home free!

C. Freelancing
Of all the ways people make money online, this is the one way used by most of the people we have come across. Quite simply, this is nothing but being a hired hand. That is, being paid to do something for someone because of your expertise, experience or both. Here are examples of Kenyans who are already doing this: Wuogard, Linda Cherotich, Maria Maina and our very own Crystal.

How do you do this? Well, first off you need to be able to do something better than most people can do it. It can be anything, from writing to art, to web design.

Next, you need to build out your portfolio and then try your hand at finding jobs/gigs at some of the more popular freelancer sites such as Freelancer.com.

To put it in a way that it is more easy to relate to, I’ll give the example of Kenyan Freelancer. She’s a brilliant writer. She set up to do business online the smart way: she set up Smurt Notes which is her ‘business profile’ used to ‘seal the deal’ – but that’s not all – she also has a somewhat less formal site, Kenyan Freelancer, which I would say does more of the ‘marketing’. A nice little one-two punch to get her clients.

Seems very do-able, eh? Good luck!

See also: Interviews with Maria Maina, Kenyan Freelancer, and Crystal.

Conclusion
In my personal experience, and as seen and proven above, you can make money online in Kenya by:

  1. Selling adverts on your site
  2. Consulting
  3. Selling other people’s stuff (affiliate marketing)
  4. E-commerce (selling your own things)
  5. Freelancing

I am sure there are more ways through which people are actually making money in Kenya, but the above are what I have actually seen proven. What about you? Are you making money online? No? Need help?

Good luck, and God bless you!

Photo by timbrauhn.

Filed Under: Blogging, Case Study, Cool Sites, Internet Culture, Interviews, Make Money, Online Jobs, Small Business, Tips Hacking and Reviews Tagged With: , , , ,

Making Money Online

June 16, 2010 by 3 Comments

Written by guest contributor Jennifer Gorton from Forex Indicators.

If you haven’t thought of putting some of your paycheck into a savings account, there is no better time to start then now. Having a savings account will provide a cache of money that is stored away in case of emergencies. The money can also be used down the road as a down payment for your dream home or renovations of your current home. At the moment, the interest rates banks are offering are so low that the return you are getting by keeping your money in a savings account is minimal. Even though the return is minimal, your savings will slowly build up over time to a significant sum.

Interest rates that everyone is receiving right now might be just too low to justify keeping your money in a savings account. If you feel this way, there are other options available: there are stock brokers that will allow you to buy and sell stock online, charging little in commission. Some banks even offer their brokerage services that will allow you to make commission free trades up to a certain limit. This is a nice service to have as many investors that do not actively trade enough to warrant opening up another account with a different broker.

Having your checking, savings, and brokerage account all with one company makes transferring funds between your accounts easier. You can still keep some of your money in the savings account while adding small amounts to the brokerage account to buy stock. Buying stocks with higher dividend yields than the current savings interest rate might also appeal to you as an investor. With your money earning more, there might be an added incentive to add more of your paycheck to the brokerage account.

Opening up a foreign exchange account is another alternative to a savings account or buying stock. The foreign currency market, or Forex market as it is referred to, is the largest market available to invest or trade. With over four billion dollars changing hands each day, the currency market is a viable alternative that could produce a higher yield. If you are looking to trade to currency markets, be warned it is not as easy as letting your money sit in a savings account. The price of currencies will move quite substantially throughout the trading day and night. The Forex market is open 24 hours a day 5 days a week, so it is possible to trade or make longer term investments at a time convenient to you. The big swings in price could cause the average investor anxiety as your position might be profitable one moment and showing a loss next.

The big swings, however, are the reason that big profits can be made investing in currencies. All Forex brokers will introduce you to the latest strategies and ideas through training videos. The online retail currency brokers have these videos on their web pages for new investors to watch and learn from. These videos will tell the investor what the best Forex indicators are, and when and how to appropriately use them. There are many indicators out there that will help to predict the future price of the currency. If you utilize this, then these big swings in the price won’t give you as much anxiety because you will be able to understand at what time to close out your positions.

Currency positions can also be used by the more sophisticated investors as a hedge for another open position. Say the investor has bought shares of a company that is paying a high dividend, wants to hold the company for a few years, and then collect the quarterly payments for income. If the company is based in the United States and the market starts to go south, the stock has the potential to lose value.

The investor still wants to hold the stock for the dividend, but would like to make sure that the loss in share price is offset by a gain in another asset. If the U.S. market is going lower because of economic issues, he can then take a short position in the U.S. Dollar. If the U.S. economy weakens and the market continues to go down, the investor will profit from being short the currency of the country. He can then continue to collect his dividend payment without feeling as though his stock position is costing him in the long run. All reputable online brokers have investment advisors that are more than happy to talk to you about investment ideas. Make sure you talk to them so you can be confident that your investment decisions will make you money.

Filed Under: Make Money Tagged With: ,

Why Most People Go Wrong In Forex Trading!!!

June 11, 2010 by 5 Comments

I’m going to show you the 5 myths about Forex trading and why they are all wrong. Believing in a fake myth is a huge danger. Lots of traders learned this on the worst possible way…

When you finish reading this small report, you’ll be one step ahead them.

Myth number 1 – If I know how to trade stocks, I know how to make money in Forex:
If you have experience trading stocks and think you can simply apply your knowledge in Forex and make money, you’re going to be disappointed. The Forex market is much more complex. Firstly, the Forex market is open 24 hours a day. This may not seem a big deal but it’s a significant difference in relation to the stock market. As the Forex market is open 24 hours a day, this brings more complexity to a trader. If in the stock market you have periods of higher and lower volatility, in the Forex these differences are even higher.

Many stock traders think the Forex market is easy because it is open 24 hours a day. They think they can trade whenever they want and make their quick bucks. Truth is you can make money in Forex. But for that, you need to have a deep knowledge about this market. You have to know the best time to trade Forex in order to adjust your strategy to this market.

Besides this, the indicators that work in stocks don’t always work in Forex. The Forex market is more complex and, this way, the indicators that you use on stocks don’t work so well here.

Brokers are another huge difference between stocks and Forex. In the Forex market, due to the lack of regulation, a lot of Forex brokers don’t act in their clients’ best interest. It’s a lot more difficult to find a good Forex broker than a stock broker.

Later on this Free mini course I will tell you how to avoid Forex Brokers Scams.

Myth number 2 – Since the market is open 24 hours a day, you can make Money anytime you want:
Once again, this is not true. In order to make money, a trader needs volatility. Although this market is open 24 hours a day, in the majority of the time there isn’t enough volatility to make good trades. This is a big challenge because volatility can appear at any time of the day and the trader can’t be watching the market all the time. He has to adjust his strategy in order to trade only in high volatility periods.

Myth number 3 – There are no trading fees in Forex:
You don’t pay a commission fee when you place an order. Although, you pay the spread, which is the difference between the bid and the ask.

This way, the more you trade, the harder it will be to make money in Forex because you’ll have higher fees. In the Forex market, as in any other market, a trader must avoid the overtrading at all costs.

Myth number 4 – You need to predict what will happen to make money in Forex:
In order to make money in Forex, you need to react to what is happening. This is not the same thing as predict. A good trader simply reacts to whatever the market is telling him. He analyses charts, reads the news and all information he has at his disposal in order to react as fast as possible to market movements.

Myth number 5 – The more complicated my strategy, the best:
This is another myth that has nothing to do with reality on Forex trading. The truth is that usually the simple strategies or systems outperform the complicated ones.

This article was written by Moses, an online forex trading expert. If you would like to learn more about online forex trading, please contact Moses.

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How To Run a Virtual Business

June 8, 2010 by Leave a Comment

I hate to call our business a virtual one, but that really is what it is. We don’t have a bricks-and-mortar office location (unless the post office counts) besides our home offices. Some clients might consider it unprofessional but by running our business remotely, we are able to operate more efficiently and at a lower cost. We have created systems to allow us to operate our virtual business with the same effectiveness if we had an office full of people.
The Advantages of Operating in a Virtual Business

  • The biggest advantage of running a business is the significant cost savings. Without having to pay tens of thousands per month in rent, we have more flexibility in our cash flow and a much lower overhead costs.
  • We can run the business remotely. We are not tied to a particular location. We can quite literally work from anywhere in the world.
  • No one has to be in the same location. For instance, I study in the US and only come home occasionally but the business still runs smooth! We talk often and e-mail several times a day, but we aren’t forced to be in the same location. We can also hire employees and sub-contractors from different locations.
  • You can live wherever you want. This is similar to the last one but it’s a bit different. When I come back home I do not want to live in Nairobi. If our office was based there, this would not even be an option.

Running our Virtual Business
Creating a virtual business was a necessity based on how we started – part time. If we weren’t working on the business full-time, there was no way that we could have justified creating a bricks-and-mortar office for a business in which we almost never meet our clients. Once we went full-time, there was no need to change what worked. Here are some of the simple steps we took by necessity and now, by choice, to run our “virtual busines”.

  1. Don’t Look like a Virtual Business – A business without an office, doesn’t always inspire the most confidence in potential clients, so make sure that you have all the outward appearance of a professional business. This is pretty easy and usually just means having office phone lines, publicly displayed physical offices (which my actually be your dad’s), normal office hours, etc.
  2. Always Choose Online Software – By necessity, we have always gone with online applications as opposed to desktop applications so that we could access the same information from multiple locations. For example, we are a huge fan of Google Apps over any of the other applications. We are also thinking of going with the online version of Quickbooks over their standard desktop applications. One of the other advantages is that it provides more dependability. Even if a computer crashes, we have nothing to worry about since it’s just a web site away.
  3. Make Sure Your Tools Work Remotely – Similar to the last point but one of the first things that we did when setting up our business was to get a VoIP business line. It’s not that big of a deal now but it was pretty new then. We wanted something that we could operate from anywhere and that was configurable and accessible from the web. We also use tools like eFax so that we can both receive faxes and we have an online version, which is much easier for us to operate with. We also have e-mail accessilbe phones so that we aren’t tied to our computers (which need to be laptops, of course!)
  4. Keep Soft Copies of Everything – Again, by necessity, we have been forced to keep things online instead of printing them out and dealing with them by hand. Instead of filing cabinets, we try to keep everything on an online back-up site.

The Future of Our Remote Business
Someday, we may get a formal office location, and that’s only because it will be more cost advantageous when we bring some of our outsourced work in house. However, that doesn’t mean that we won’t still run a virtual business. Since I’m so lazy, there is no way I will be able to make it into an office everyday or have less than 2 vacations a month. Therefore, we will still need to run everything remotely.

Filed Under: Internet Culture, Make Money, Small Business, Tips Hacking and Reviews Tagged With:

3 Hot Tips For Online Forex Traders

June 8, 2010 by 2 Comments

If you’re just starting trading Forex, there are a few tips that can save you time, work and money.

The first tip is extremely simple:

1. Trade just a single currency pair – Most professionals trade just one or 2 currency pairs at most. However, most beginners tend to try to trade all the currency pairs. If you’re just starting trading Forex, it’s a good idea to trade for example the EUR/USD. Don’t trade anything else unless you already have lots of experience with this currency pair and feel you can start trading 2 currency pairs.

2. Trade the larger time-frames – Other common mistake in Forex is that traders try to make a quick buck. This way they tend to trade intraday charts in order to capture fast profits. This is a mistake. No matter what strategy or system you’re using, there’s a good probability that it will work much better on larger time frames. If you decide to start trading using, for example, a 4 hours chart, you’re way ahead of traders that try to trade on a 5 minute chart. The truth is that in the intraday charts there’s much noise, and since you can’t trade 24 hours a day, you end up losing some of the best movements. If you’re trading larger time frames, you’ll trade with less stress and you’ll be able to capture bigger trends. With these 2 advantages, it will be easier to start making money in Forex.

3. You need to use good risk management rules – Don’t start using too much leverage, because if you do so, a single mistake can make you lose your entire account. If you start by risking no more than 2% or 5% of your account on a single trade, you’re protecting your account in case something goes wrong. This is one of the best tips you can follow in Forex. Most traders lose money because they use too much margin. They end up losing all their account before they even learn how to trade Forex successfully.

If you follow these simple 3 tips, you’ll be on the right track to trade Forex successfully. These rules are simple but highly successful.

If you would like to learn more about online forex trading, please contact Moses.

Filed Under: Make Money Tagged With:

How To Increase Revenue By Decreasing Effort

June 3, 2010 by Leave a Comment

Work?When Sergey Brin and Larry Page founded Google, they created the original search engine based on a research project that they did at Stanford. Once they thought they had a real idea to work with, they rented out the garage of a house to begin their business and to continue working on their search engine. This was all occurring around 1997 and 1998. Google didn’t start making any money until almost 5 years later. However, the Google co-founders spent most of that time working on their business and not programming their search engine.

The lesson with their story is that they realized that they couldn’t continue building their product – they needed to build their business, even if there was no revenue coming in (there were investors to provide them with cash to survive on). If they continued to work IN the business instead of ON the business, the company would not have been the success it is today.

I’m not sure what specific actions they took to build the business but they had to implement systems and processes so that other people could work in the business (building and improving the search engine) while they could grow the business (getting financing, hiring people, creating systems to generate revenue).

As a small business owner, the only way you can have a truly successful business is by stepping outside of your everyday activities and create a self-sufficient business. It might seem like it will cost you more money but in the end, it is the only way to drastically increase your revenues while decreasing the effort you put into the business:

1. Create a Manual
No matter what task you are doing for your business, write down the steps you take in a manual. It might seem like more work without any direct benefit but this step is probably the most important thing you can do for your new business. The next time you do the activity, it makes it that much easier because you just have to follow the steps that you wrote down. It also makes it easy to hand it off to someone else to do in the future.

2. Outsource as much work as Possible
This doesn’t mean that you have to ship your entire business to India. It just means that you have to find someone to do a lot of the tasks that you do yourself. It could be something as simple as distributing marketing materials, doing weekly bookkeeping activities, or providing support to existing customers. It’s very easy to hire a virtual assistant to get stuff done for you.

If you completed Step #1, you just have to hand it over to someone else to complete. It might seem like a waste to pay someone Kshs 5,000/- to do something that is so easy for you to do but imagine if you can spend that saved time on 1 thing that will increase your revenue by Kshs 20,000? You increase your revenues and there is less work that you have to do.

3. Define a Sales Process
If you don’t have a defined sales process and just wing it with every new lead or visitor to your web site or place of business, you are missing out on a significant amount of business. You are reinventing the wheel each time you get a new prospect so you are spending too much effort on that initial sales effort.

It also means that you are not perfecting your sales process so that you can increase the effectiveness of your sales process. By finding a system that works, you can constantly apply that and make changes to increase the effectiveness of it. It also minimizes the human element so that you are not as reliant on a superstar sales person (whether it’s you or someone else). By having a sales process in place, you will increase your conversions and increase your revenues without any additional work on your end. You are just replicating what has already worked.

4. Automate Your Sales and Operational Processes
This draws on much of the first 3 steps. Once you have created a manual and have systems that are beginning to work, you need to work on automating processes as much as possible. If you’re automating your sales process, maybe you send the same basic e-mail to potential leads through an e-mail auto-responder. If you call to set sales appointments with leads, maybe you can hire someone to do that part of the process for you.

As far as automating your operational processes, software is often the best way to do this. See if you can purchase a product that will automate part of your process. It might even be worth it to hire a developer to build a program to help you automate part of your set-up or service delivery process.

5. Act on Regular Tasks Less Frequently
Start setting aside time each day, or week, or month for specific processes. I used to get in the bad habit of working on accounting tasks every day. Not that it’s so bad to stay on top of that stuff, but by focusing my attention on it once per week instead of each day, saved me a tremendous amount of time. I love checking on the status of some of my marketing efforts but I must force myself to wait until my regular time each week so that I’m not repeating the same thing every day.

Increase Your Revenues and Decrease Your Efforts
Creating a new business requires a tremendous amount of upfront time and effort. Successfully growing your business means creating systems and processes so that other people can work in the business while you grow it by working on the business. This is the only way that you can significantly increase the revenue in your business while decreasing your effort. In fact, it’s the only way to really build a business. Otherwise, you’re basically just a one employee company and you will never get much bigger than that.

Photo courtesy of eneas.

Filed Under: Make Money, Small Business Tagged With:

Earn From Resume Writing

June 1, 2010 by 4 Comments

At some time, it’s better to leave your brain on the loose – right? It’s better to give it the greatest freedom it deserves and it’s then and only then, that it will pick up many ideas – both dirty and fresh. At this point, you don’t need to care what it picks up, you will sort good from bad later on. It is under this principle that My brain picked up as many ideas as it could and when I started separating the good from the bad, I realized I was almost throwing one important idea to the dust bin, so I quickly picked it back, dusted it and decided to research more about it and I realized, wow, you can actually earn from writing professional resumes – God! ever thought of it?

Come on let’s face it, Times are tough, and we’re moving ever deeper into the age of specialization. Employers are demanding to know more about the applicant – their work record, natural talents and personality traits. They want more information upon which to base their interview selections than just the cold facts on the application form. Personnel managers are placing a higher premium on their time, and delegating to others the job of “weeding out” the unqualified applicants from those whose backgrounds and goals come closest to fitting the needs of the company.

To get in to see the person doing the hiring nowadays, the job applicant has to “sell the short-stopper,” and that calls for a professionally written resume. More and more firms are demanding resumes. Prove me wrong on this one. Most of the jobs worth having will require a written resume before even an initial interview is granted. On the other side of the coin is that Probably 80 percent of the people searching for jobs don’t have a resume. Of the 20 percent who do have resumes, many are ineffective; they simply do not adequately present the applicant’s total qualifications. Everyone – with or without a resume – is looking for this key: A professionally written resume, a sales presentation of their qualifications and experience that will get the job for them – the job they want. The job hunters are wound up in their own specialties and problems. They don’t know how, and they don’t have the time – AND they’re willing to pay you to put it all together for them.The demand for this service is growing daily. Here’s a business you can start for virtually nothing, parlay into a million dollar enterprise in less than two years – trust me!

Setting Up a Resume Writing Business
There is no special knowledge, education or experience required. Knowing the general format of a “modern resume,” and the ability to keep yourself up-to-date on new resume formats is the only qualifications you need. There are so many newsletters, websites, blogs and short courses on resume writing, you can consider signing up for some.

You’ll need a computer, professional quality printer. You can begin, with a lower quality printer but “think big” if you’re to survive in any business. You don’t have to book a big office at the city center or so, just start from the comfort of your bedroom.

Invest in a good book on how to write “job-winning” resumes. Select a book or eBook which discusses both the cover letter and the format of the body of the resume. You can also find free articles on the internet. Also study different types of modern resumes. You can check some here, www.bestsampleresume.com

In addition, you probably, at some point, will need a resume writing software that will help you. If you need a free software to get you started you can e-mail me on resumwriter@gmail.com.

Now that you’re set to go, there comes popularizing your services. If you have an e-mail list, you can send this to your subscribers explaining your services in details. You can also print posters and put them in relevant places. The notice boards at Odeon Cinema is a good example. You could also consider running an advert in the local newspapers or websites like Career Point Kenya depending on your advertising budget. Aside, you can print business cards and circulate them around. you can also create your blog and explain your services.

You’re now done. From there, you should start thinking of how to organize interviews with your future clients and establishing competitive prices that will keep you in business.

If you would like to get more tips on resume writing and frequent updates on online resume writing jobs plus other online money making opportunities, send the word, “money” to 4445.

Good luck!

Filed Under: Lazyweb, Make Money, Miscellaneous Tagged With: , ,