Business permits and inventory of boys' shirts for my shop
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 requesting for a loan of 213 dollars to acquire business trading licenses and introduce boy shirts inventory for my shop.
I have been operating my business without any trading license and this has been a frustrating and expensive experience, I have had to part with a lot of money making payments three times a week to the city council, I have also been forced to operate without any form of entertainment in my shop because the last time the public performance license officers visited my business and found I was playing music without a license they warned I get one or stop playing any form of entertainment to the public.
If granted the loan I will acquire a business permit that will cost about 50 dollars and a Public performance license that will cost about 35 dollars. I will spend 8 dollars for any miscellaneous expenses during the acquisition of the two permits.
This will save me a lot of money that I pay weekly and if I am able to play music again it will create a better atmosphere as well as help customers feel more relaxed and create a better working environment for my staff.
In addition to this I am planning to add boy shirts inventory to my collection. I have received numerous request to introduce boy shirts and in my efforts to be customer centric, I did market research on it and found it viable and will not affect but enhance my core business hence the need for the loan.
If granted the loan I will buy 60 pieces of boy shirts at 2 dollars each, this in return I will sell at 150% profit which will easily repay the full loan as well as continue to improve my business, grow my brand and raise my family living standards.
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
$220.00
Date disbursed
Jan 8, 2017
Repayment status
On Time
Projected term
3 months
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