Adding stock to my clothing shop

Entrepreneur

About Me

I am born 4th in a family of 6 children. My family are mainly business people and are engaged in different types of business. My parents are both alive and they are still strong and looking young. My parents have taught us to be independent in life and I decided to start my own business. I went to school when I was three and half years, I looked young in school but I was a bright pupil. I finished primary school and secondary school. I joined Kenya Institute of Management to study a diploma course in Business management.

Life without hardships cease to be life again, I have indeed faced challenges but I am going to share one with you my challenge that led me to start the business. I did not have money to start my business and my parents were not able at that time I was to start business to support me. I had to figure out what to do. I approached my neighbor who was selling clothes and I asked her to give me some clothes to sell and in the evening she will pay me on commission. After one week of working for her, my uncle saw my seriousness and decided to lend me money. I bought clothes in wholesale price and started selling in retail price. Gradually I repaid my uncle till I finished. My achievement comes from the fact that had I not started selling for someone else, I would not have started my own business and my uncle would not have lend me his money. This is my great achievement.

My culture is very unique. People love keeping cows and any family that has no cows are regarded as poor. Without a cow, a family is marginalized and disregarded in the community. Other cultures regard our culture as bad but in my understanding it makes people to work and buy cows in order to provide milk for their families. Without milk children get no nutrition and die of diseases.

My Business

In my clothing business I do sell clothes of different types to suit my customers. I do sell trousers for ladies, trousers for men, shirts, skirts, vests and underwear of all types. I sell both new and second-hand clothes. This makes my shop busy because all the customers of different walks of life come and find clothes that they I can afford in my clothing shop.

Clothing business is on high demand and useful because people need to look smart, many people do not keep the same clothes for a long time but they buy new and replace the old clothes. They also take the old clothes and donate to orphanages and giving to street children. New fashions are coming in everyday and people love updating themselves as the world moves on.

In a month I buy clothes in a wholesale price that worth $120 and I sell them. When I calculate the profit I noticed that I make a profit of $50 to $70 in a month. I use this profit to purchase other clothes as increasing my stock and I also use the rest of the revenue to purchase furniture for my house improvement, pay for electricity bill, transport, food and rent.

Loan Proposal

I will buy trousers both for men and women that worth $20, I will buy shirts and skirts that cost$ 15 and I will also buy vests and underwear that worth $15. This will increase stock in my shop thus increasing sales in the shop. The more I have stock the more I sell. When I sell these clothes I will gain a profit/revenue of $60.

This will magnificently benefit me and my customers who buy clothes in my shop. My shop will have enough stock and I will tremendously increase sales for the subsequent months and therefore my income will increase. My customers will find all variety of clothes in my shop since I would have done enough stock. Since I offer new clothes my customers will be able match with how the world is moving.

I will be using my revenue to repay my weekly loan installment. Also I will use the revenue for reinvestment in increasing my stock and I also use the rest of the revenue to purchase furniture for my house improvement, pay for electricity bill, transport, food and rent. I hope to significantly increase in my business and thus increase my monthly income tremendously.

Feedback

Loan Info

Lenders