{"id":39501,"date":"2024-08-05T17:41:37","date_gmt":"2024-08-05T14:41:37","guid":{"rendered":"https:\/\/sbs.strathmore.edu\/?p=39501"},"modified":"2024-08-05T17:41:37","modified_gmt":"2024-08-05T14:41:37","slug":"overcoming-financial-struggles-in-nakurus-real-estate-market","status":"publish","type":"post","link":"https:\/\/sbs.strathmore.edu\/fr\/overcoming-financial-struggles-in-nakurus-real-estate-market\/","title":{"rendered":"Overcoming Financial Struggles in Nakuru\u2019s Real Estate Market"},"content":{"rendered":"
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    Inspired by her grandfather and father’s real estate success, Serah Wairimu decided to establish her own business, Ridgeside Realty Limited, in Nakuru County, Kenya. However, inflation and low sales led to significant financial strain despite her passion and dedication. Serah found herself using personal funds to sustain her business and retain staff. The business was struggling with financial management, market research, and visibility, which were hindering its growth and stability.<\/p>\n

    \u201cInflation made us struggle. We hardly made any sales,\u201d Serah recalls. \u201cBecause of the low sales, retaining staff became challenging, and we had to seek additional financial resources to maintain the business. This put me under financial strain.\u201d<\/p>\n

    Serah\u2019s search for better and long-lasting solutions led her meeting George Makau, the Program Coordinator of Kenya Small Business Development Centers (Kenya SBDC) in Nakuru County. George introduced Serah to the comprehensive support that Kenya SBDC provides to MSMEs. Kenya SBDC borrows the best practices in business development and advisory services from the U.S. Small Business Development Centers (SBDC) model, which has been tested and proven for over 40 years. It has successfully transferred the methodology to Kenya, making Kenya the first country to implement the SBDC model in Africa. It empowers micro, small, and medium enterprises (MSMEs) by facilitating markets and finance, offering business advisory services, and facilitating policy innovations.<\/p>\n

    \u201cGeorge visited my office and briefed me on their program, explaining how Kenya SBDC assists MSMEs across Nakuru and other operational counties. Inspired by the success stories of businesses supported by Kenya SBDC, I accepted George’s offer to guide me, hoping my company would be saved,\u201d says Serah.<\/p>\n

    Kenya SBDC conducted a thorough analysis of Ridgeside Realty Ltd., identifying its strengths, weaknesses, and areas for improvement. The study revealed gaps in financial management, market research, and visibility. With practical guidance from the SBDC, Serah implemented significant improvements in her business operations.<\/p>\n

    \u201cDuring a session at the office, George advised me to seek additional capital to stabilize the company, which I managed to do. I analyzed and disposed of one of my assets and pumped the money into the business. Now, I am out of debt, and we have operating capital. Our business is now stable,\u201d Serah explains. The SBDC’s support not only relieved the financial strain but also provided a sense of security, allowing Serah to focus on the growth of her business. The SBDC also assisted Serah in reviewing and implementing different staff employment strategies, helping her propel the business forward.<\/p>\n

    With the support of Kenya SBDC, Ridgeside Realty achieved several milestones, including formalizing the business, completing and renovating the office, and attracting more clients. The company\u2019s market reach expanded, increasing sales and overall business stability.<\/p>\n

    Serah\u2019s role as an entrepreneur evolved significantly through this journey. Weekly development plans and continuous learning contributed to her professional growth, helping her shift her perspective on life and business. The empowerment and growth she experienced are not just a personal achievement but also a source of inspiration for other entrepreneurs, motivating them to strive for success.<\/p>\n

    Serah envisions Ridgeside Realty Ltd. growing into a larger institution that employs many people and positively influences others’ perspectives. The company plans to integrate Corporate Social Responsibility initiatives, support local communities, and promote environmental sustainability.<\/p>\n

    Serah advises startups to begin with action and consider partnering with Kenya SBDC from the outset. She emphasizes the importance of mentorship for business growth, providing necessary support to address weaknesses and drive improvements. Her advice serves as a reminder that no business journey is solitary, and with the right guidance and support, success is within reach.<\/p>\n

    \n

    Serah\u2019s story is a testament to the transformative impact of Kenya SBDC\u2019s support on MSMEs. The guidance and strategic advice provided by the SBDC not only revived Ridgeside Realty but also contributed to the local economy by stabilizing and expanding a business that serves the community. The growth of Ridgeside Realty has not only created employment opportunities but also contributed to the local real estate market, thereby stimulating economic activity in Nakuru County.<\/p>\n<\/blockquote>\n

    Serah Wairimu\u2019s transformative story underscores the role of Micro, Small, and Medium Enterprises (MSMEs) and entrepreneurs as critical contributors to the country’s economic transformation by creating employment and supporting livelihoods. This has made the sector emerge as a vital part of the economy’s backbone. Numerous studies indicate that the country\u2019s economic trajectory and growth currently depend on MSMEs. Recognizing their importance, the sector is becoming a key to be considered for support and ensuring they are empowered for the overall economic development.<\/p>\n

    Through initiatives such as Kenya SBDC, the hope and future of MSMEs and entrepreneurs is assured. To this extent, the SBDCs have empowered more than 9,200 MSMEs, 60% of whom are women and 40% men. It has also facilitated access to more than KES 189,000,000 in funding for MSMEs, enabling significant business growth and development.<\/p>\n

    Looking forward, all stakeholders must deliberately collaborate to support entrepreneurs and MSMEs through training and advisory services to ensure their potential is fully exploited as contributors to the country\u2019s sustainable development and economic resilience.<\/p>\n

    Writer: George Makau & Joy Kamau <\/strong><\/p>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":39502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[39],"tags":[149],"class_list":["post-39501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ksbdc"],"acf":[],"yoast_head":"\nOvercoming Financial Struggles in Nakuru\u2019s Real Estate Market - Strathmore University Business School<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbs.strathmore.edu\/fr\/overcoming-financial-struggles-in-nakurus-real-estate-market\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Overcoming Financial Struggles in Nakuru\u2019s Real Estate Market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sbs.strathmore.edu\/fr\/overcoming-financial-struggles-in-nakurus-real-estate-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Strathmore University Business School\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-05T14:41:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sbs.strathmore.edu\/wp-content\/uploads\/2024\/08\/Overcoming-Financial-Struggles-in-Nakurus-Real-Estate-Market-web1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Juliet Hinga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Juliet Hinga\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/overcoming-financial-struggles-in-nakurus-real-estate-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/overcoming-financial-struggles-in-nakurus-real-estate-market\\\/\"},\"author\":{\"name\":\"Juliet Hinga\",\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/#\\\/schema\\\/person\\\/ef65175d48e8c61e0454cc7b137a849d\"},\"headline\":\"Overcoming Financial Struggles in Nakuru\u2019s Real Estate Market\",\"datePublished\":\"2024-08-05T14:41:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/overcoming-financial-struggles-in-nakurus-real-estate-market\\\/\"},\"wordCount\":1737,\"image\":{\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/overcoming-financial-struggles-in-nakurus-real-estate-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/sbs.strathmore.edu\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Overcoming-Financial-Struggles-in-Nakurus-Real-Estate-Market-web1.webp\",\"keywords\":[\"ksbdc\"],\"articleSection\":[\"News\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/overcoming-financial-struggles-in-nakurus-real-estate-market\\\/\",\"url\":\"https:\\\/\\\/sbs.strathmore.edu\\\/overcoming-financial-struggles-in-nakurus-real-estate-market\\\/\",\"name\":\"Overcoming Financial Struggles in Nakuru\u2019s Real Estate Market - 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