213 installments • 23%
I was born and raised in the suburbs of Nairobi..
I worked for several years before I ventured into business.I started my business with little savings I had accumulated during my working period. Todate, the business is still running and I see lots of growth opportunities.
The business am running is a wholesale shop.
With the the growth opportunities, I foresee a future where my store will be a big player in the market able to attract capital through sale of equity.
The business is engaged in promoting young people and women start up their retail outlets as we give stock on a 100% percent credit to be repaid once the stock has been sold.We do this without requesting any form of security apart from reference.In essence we play the role of a financial institution albeit at different level.
This model has required us to operate at 2 x the normal capital level but it has also helped us sustain and grow our business at the same time helping the community within our jurisdiction.
We are organizing our members to set up a cooperative society where they can save and borrow for their businesses. This will mitigate us against credit risk and release more funds for our business.It will also accelerate our plans to economically empower more youth and women.This will ensure we sustain the business beyond generations.
I spend my free time doing web research with particular emphasis to finance and technology geared towards solving problems of the most needy in society.
My model of business involves employing young people at a retainer and they acquire new customers whereby they earn commissions from gross sales.
We are also involved in helping young people set up retail outlets whereby we give them stock on credit and they pay us once they have sold the stock.
Our expenses includes business premise rent, utilities and wages.
We make between 5 and 20 percent gross profit and after expenses we are able to take care of our daily needs.The business grows at an average of 5% monthly.
So far we have not operated on any debts but going forward we intend to grow our business through the same.After expenses we retain about 1,000 USD which is used to cater for family expenses and business growth.
In this, we see Zidisha as our growth partner in terms of debt and partnership whereby we can act as local agents of manufacturers.
I will buy additional stock(wines and spirits) for my business.
As I am involved in daily sales the loan capital will help my business grow at the rate of between 5 and 20% depending on product portfolio.
The loan will eventually enable me grow the network of youth and women I help set up up business.This is possible to the the compoud growth of the money.
It will therefore have a social impact as my business model.
Jun 27, 2015
Cost to entrepreneur
Service fee: $1.98
Godfrey opted to pay $24.91 into the Zidisha Members Loan Fund in return for a higher starting credit limit.