Second-hand clothing business expansion into Kitale - Moi’s Bridge
Evans
Nairobi, Kenya
100% repaid
Entrepreneur
Name
Evans
Member since
July 2016
On-time repayments
149 installments • 29%
About Me
I spent most of my childhood and primary education in Kawangware where I currently reside. Due to financial difficulties I was not able to further my studies to college despite getting good grades in high school. I started doing casual jobs to avoid relying on my parents and in the process when doing a construction project my employer saw something that prompted her to employ me in one of her clothing store to be running errands. Due to my handwork, resilience and curiosity to learn more I was trained and promoted to a sales assistant position and that is when I realized I was good in sales and have never looked back since. I am currently employed in a bridal store.
My Business
I have been employed in the sales field for over 13 years now. My love for dressing people, customers complimenting my work and the need to be my own boss motivated me to venture into business. Due to the high costs of starting a high end retail clothing shop and importation costs I saw it wise to start a second hand store where I would target the medium and low income earners. I observed and realized there were very few shops that specialized in men clothing and saw the gap of men shirts which was scarce yet 90% of men you meet are wearing shirts. This is when the idea of “Stylishats Boutique” kicked off in March 2016, a shop that specializes in stylish, quality, designer gently used shirts.
I used most of my income that I had saved up in an investment policy to start the business and also my employment salary kept me going. My major expenses are stocking, rent and salaries and most of the profits I receive is currently reinvested back into the business, and improve my family living standards. My wife helps manage the business and I re-stock and take care of the financials as well as training the staff.
Since I joined Zidisha I have been able to expand further with the financial help I have received by increasing my inventory and opening another branch in my rural home where I do my clearance sale from for the items that are not doing well in town.
Loan Proposal
I am seeking a business loan of three hundred dollars to purchase inventory for recently expanded business.
I recently opened another branch in my rural home (Kitale – Moi’s Bridge) with partnership from my mother and brother. The motivation to open was brought about when my mother proposed I send her clothing that was not doing well at the town shop and push them in our rural home, I gave it a try and she started selling them in the open air market. The sales were very good for a start which gave birth to the idea of clearing stocks from that end. We discussed and were in agreement to set up shop and partner where I will offer my expertise and inventory, my brother to handle transportation of the goods because he traveled there often and also chip in the financials while my mother managed the sales and daily running of the business.
The business opened up its doors end of February and the reception has been good so far, however stocks are very limited hence the need to properly stock. The full amount I am seeking will buy a complete bale of gently used shirts (250pcs - @300$) which I will carefully select depending on customer base and swap with the previous stocks if need be then send the full 250 pcs to the new business. Each shirt will cost about one dollar and my target is to sell at 2.5 dollars a price that has been selling well. With the profits I believe I will easily repay the loan as well as keep growing the brand at the same time improve the living standards of my family.
Thank you in advance for your consideration and looking forward once again to your funding.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$323.00
Date disbursed
May 21, 2017
Repayment status
On Time
Projected term
3 months
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