276 installments • 65%
I’m George Omolo; I’m married with three children. I live in mathare are of Nairobi. At first I wanted to be banker. I enrolled for a diploma in banking but, a year later, I drop out of collage due to financial problems. I worked for several companies in Nairobi and Naivasha as a temporary worker. In 2012, with the little saving, I decided to venture into self employment. After learning a few tips from those who were already in that field of fish supply, I went out to market my product. At first, the business has been tricky where I made a few losses, but now it is picking gradually. I like business ideas groups were we share information, motivate each other and on how we can empower the community. Apart from business, I like much of outdoor activities, watching documentaries, technical things and participating in community activities. I like children, and it gives me pleasure to go and show love and have quality time with the orphans and rescued children’s in children’s homes. I’m a friend to two children’s home where I occasionally spend some time with those children.
I am business of supplying fish and chicken to small and medium Hotels and restaurants in Nairobi. I supply; fish fillet, whole fish and chicken products. I started to supply one small restaurant with fish, a month later I managed to get three more restaurants to supply. I realised that there was a huge demand for chicken and chicken products where I added chicken to my list. Most of the small and medium restaurants prefer to buy their food from small suppliers. The small suppliers, supply more fresh goods, can deliver small orders, are timely and flexible as compared to big established companies which tend to be rigid; and have standardized stock.
When the supply is abundant, the price goes down and that is when the profit margin is big on my side. After deducting all my expenses and cost of good, I’m left with some reasonable profit that is enough to carter for me and have some to re-invest in the business. Some of the challenges I face are like are; When a customer fails to pay on time for the good delivered; A customer cancels the order after purchase but before delivery; When the supply of goods in the market is very low while the customer places a big order; Traffic jams delay on the road when going to make delivery of goods to my customers. Despite all of this I still do manage to meet my obligations
My business is still in the supply of fish and chicken.
There had been a steady rise in the prices of fish and chicken. In the past two months, the prices of fish and chicken have rose by $2/kg and $1/kg respectively. The prices increment is because of increase in costs, interrupted supply.
This has affected my trading capital, and I now need to be buying and keeping some extra stock overnight, so that I may be able to meet all my daily orders.
I will use this additional capital to buy more stock to supply, and to keep some to sell to other traders, who come late to the market, and to maintain a good cash flow as I wait for payment from my clients. With this funding, I will be able to run my business smoothly, and generate more profit with will be able to sustain and expand the business, and repay the loan.
I appreciate, and will appreciated your continues assistance.
Sep 30, 2014
Cost to entrepreneur
Lender interest: $442.89 at 8.71% annual rate over 4 months = $14.09
Service fee: $5.85