Adding stock to my food retail shop (cereal shop)

Walter

Nakuru, Kenya

11% repaid

Entrepreneur

Name

Walter

Member since

February 2015

On-time repayments

88 installments  •  3%

About Me

My name is Walter and I am born 1st in a family of seven children. I have 3 brothers and 3 sisters. My parents both parents alive. They are getting old now and they are just home. I started going to school when I was four years of age. I did two years in my pre-school called ‘baby’ and ‘nursery’ school before I joined grade 1. After finishing grade 8, I joined secondary school and I attained a mean grade of B+. I went to university and I graduated with second class honours, lower division in Business Administration. This could not allow me proceed for Masters’ degree. I therefore started looking for a job, which I got in various parastatals. I worked there for two years after which I thought of starting my own business. My salary when I was working was not enough to assist my siblings who have been in school. My parents being unable to help and me being the first born in my family, the whole responsibility of looking after my siblings was on my shoulders. I have been assisting my siblings get education and other needs.

When I used to work for a company, my salary was very little such that I could not make a budget that could satisfy me and my family. It became very difficult to handle life’s problems. Realising that my parents put all their effort and money to educate me thinking that I will come to help them by educating my siblings, I decided to sacrifice my one month’s salary and started a business. To solve my problems, I knew that business will only bring me daily income and that will help me do savings and cater for my daily needs rather than waiting till the end of the month. I started purchasing foods of different kinds from the farmers and selling them in the big city of Nakuru town. This is how I started my business. I opened a cereal shop where I sell cereals such as maize, sorghum, rice, beans, peas, groundnuts among other types of cereals. I buy these goods in bulk and then I break them in small quantities.

In my culture people eat food named ‘Githeri’. Very unique to my culture. This is a mixture of various foods such as maize, beans, potatoes and vegetables. This food is boiled in a pot, reason being that when cooked in pot it is more sweet and delicious. My people love this food very much. They treasure it immeasurably. They eat this food for breakfast, lunch and supper. Especially the indigenous people of my culture they eat it three times a day.

My Business

In my business I do cereals in a cereal shop which I opened. Even though I am an educated man working in this business while others are uneducated, I find it more advantageous to me because I use my education in business administration to manage my business very well. In my cereal shop, I buy cereals in bulk and sell in small quantities to consumers. I do sell maize, beans, rice, peas, and groundnuts among other types of cereals.

All these cereals are in high demand, however, maize and rice is on higher demand than others. The reason here is that middle class people use maize to get flour. While the high class people love eating rice. I want to put stock on these two products so that my customers will not lack them in my shop. I have new customers coming in every day while my usual customers keep coming. I am also intending of expanding my business to double the current shop. If I am given an opportunity to receive loans from your organization, I am sure I will attain my dream very soon.

This business generate tremendous income to me and yet not every one like doing this business. This is why I chose this type of business. For instance, I buy 1 bag of 90kgs of maize at $20, I break this into a bag of 5kgs then I sell each bag at $2. Since 90kgs brings me 18 bags of 5kgs, this means that when I sell 18 bags at $2 each I get $36. This brings me a profit of $16. In a week I sell 3 bags. This generates for me an income of $48. I then deduct the expenses incurred in transport and packaging them in to small quantities, this approximate $15. Eventually I make a gross income of $33 in a week by selling maize only.

I use my income to help my siblings in paying their school fees both in high school and colleges. I also provide their clothing and personal needs. Furthermore, I use my income to re-invest in the business and cater for my own needs such as transport, rent and food.

Loan Proposal

I will buy stock of food to my shop. I will give priority to fast moving and most demanded commodities in my cereal shop. I will, therefore, use the loan that you give me to buy the following commodities for my cereal shop: Three bags of maize, each 90kgs, this will cost me $60; four bags of rice, each 50kgs, this will cost me $40. When I sell these commodities, three bags of maize will bring me a profit of $64 and four bags of rice will generate a profit of $36. I hope to see an increase of 50% in my business.

I will benefit remarkably from the profits that will be generated by the loans that you will give me. I will be able to expand my business because I am anticipating making my business bigger than it is now. Not only I will benefit but also my customers will be benefit because I will also make sure that I supply fresh cereals to them, I break the commodities into small quantities thus, they do afford. My customers also will not lack any type of cereal food in my shop since I have then put enough stock.

I will use this revenue to re-invest in my business and to make sure I use it to repay the weekly repayment loans as expected from me by the Zidisha team. Moreover, I will use this profit to pay school fees for my siblings whom they look at me to assist them. I will also cater for my needs such as transport, food, and rent among other needs.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$100.00

Date disbursed

Feb 10, 2015

Repayment status

Late

Projected term

20 months

Lenders

T

Tmann

Los Angeles, United States

investor

Candiac, Canada

P

Philippe

Adliswil, Switzerland

YB Song

Seoul, Republic of Korea

BJ

Brandon Joz

North Carolina, United States

ads68

Melbourne, Australia

S

SabresFan

Oro Valley, United States

G

GanSatya

United States

Matching Fund

Sterling, United States

KM

Kirsty M

United Kingdom

The Bayiates Family

Chicago, IL, United States

Humble Bundle Community

San Francisco, United States

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