Expansion of my beauty and cosmetic business

Samuel

Nakuru, Kenya

100% repaid

Entrepreneur

Name

Samuel

Member since

March 2015

On-time repayments

314 installments  •  67%

About Me

My name is Samuel Njuguna and was born on 3rd January 1991 in Nakuru county, formerly known as Rift valley Province. I joined school at Mugwathi Primary School in 1998 and left in 2006. I enrolled at Bavuni Secondary School in 2007 and left in 2010. I stayed at home for one year before joining Tracom College in 2012. While at home in 2011, i reared a calf hoping to sell it a year later and add onto the money my parents would give me as school fees for my college fee. I reared the calf for a whole 11 months and while about to sell it in a month's time it was stolen. My hopes for joining college appeared dashed but my parents struggled to pay the entire fee. I pursued Computer Networking and graduated with a diploma in 2014. Upon graduation, my parents gave me $350 to venture into a business of my choice. I began a beauty and cosmetics shop along Langa Langa street.

My Business

I engage in selling of beauty and cosmetic products for ladies The goods are in demand because ladies all over the world are renowned for loving beauty, thus chose such kind of business. My costs are are as follows:
Rent- $44
Electricity- $6.
Whenever i buy goods worth $100, the sale is usually $200. On average i buy stock twice in a month and therefore my net income is usually $150. I use the profits to save and add more stock to my shop.

Loan Proposal

My plan with loan is to expand my beauty and cosmetic business by improving on the existing brand and adding new brands with the aim of making profit through ensuring supply and demand of the product equals and by this i will be challenging my competitors. am going to buy locally produce goods Hair clips, handbags,ear rings,weaves,braids,Abuja hair and bungles. i will also going to buy goods from Uganda which are really going this are both men and women shoes, cream,powder, makeup
cost of;
braids 20pairs costing 30$
hair clips 30pairs costing 20$
ear rings 60 pairs costing 20$
weaves 100pieces costing 70$
Abuja hair 50pieces costing 65$
bungles 30pieces costing 20$
shoes 80pairs costing 120$
cream 60pieces costing 35$
powder 44 pieces costing 25$
makeups120 pieces costing 70$
handbags 50pieces costing 60$
necklaces 100 pieces costing 80$
lotion 50 pieces costing 45$
women dress 10pieces costing 8$
with all this my business will be able to give back a profit of 70% and i will be able to pay my loan and able to face competition with other business around since we are approaching festive season in our country am sure that my business will meet the needs for this season and i will be able to retain and have new customers. this will be as an icon of development in the society.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$643.00

Date disbursed

Dec 3, 2015

Repayment status

On Time

Projected term

15 months

Lenders

Paul Buchheit

Mountain View, United States

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  • Samuel    Jun 3, 2022

    Hello lenders, Am really trying to finish my loan payment despite of current financial challenges am facing. I really feel bad for this,it has never happened before but life hope is not gone am going to stand again soon. Thanks for support and understanding my situations in advance

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  • Samuel    Feb 25, 2022

    Hello Lenders, am doing my best to make sure I finish my loan as soon as possible despite of financial challenges that am facing since I we huge loses in my business till closure that was accelerated by pandemic. Know am surviving just to keep life going but hope is not gone cause I believe am going to raise again soon. Thank you for support and understanding my situations.

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  • Samuel    Dec 5, 2021

    Hi lenders, hope you are doing well, it hasn't been easy for me in the business am now trying out something new and I know I will rise again. Allow me to be paying 150 weekly and the moment I
    stabilize am going to pay my loan in full.You've been supportive and I do appreciate it so much. Please know that am trying out to my level best and finish current loan. Thanks for understanding my situation.

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  • Samuel    Dec 5, 2021

    Hi lenders, hope you are doing well, it hasn't been easy for me in the business am now trying out something new and I know I will rise again. You've been supportive and I do appreciate it so much. Please know that am trying out to my level best and finish current loan. Thanks for understanding my situation.

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  • Samuel    Sep 19, 2021

    Hello Lenders, am pleading with you to allow me pay 150ksh weekly and when things get well I will clear this loan. I lost everything but I believe am bouncing back soon. Thanks for the support.

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  • Samuel    Aug 16, 2021

    Hi lenders, am going through a difficult situations financially I completely closed my business due to pandemic.am trying to see if I can start again. What I know is am going to bounce back and pay the full amount, though 9668 feel the minimum amount to adjust to is still high for me at the moment. I would request to pay 3$ weekly. Thanks in advance and for the support.

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  • Samuel    Aug 16, 2021

    Hi lenders, am going through a difficult situations financially I completely closed my business due to pandemic.am trying to see if I can start again. What I know is am going to bounce back and pay the full amount, though I feel the minimum amount to adjust to is still high for me at the moment. I would request to pay 3$ weekly. Thanks in advance and for the support.

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  • Lilian    May 31, 2021

    Samwel wasn't available on phone but I spoke to James who has promised to check on him

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  • Lilian    Apr 24, 2021

    I have spoken to samwel who says he will continue doing small deposits until he is done with the loan since the business was closed

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  • Samuel    Apr 7, 2021

    Hello lenders, I would like to inform you that my business is not running anymore. It was affected by the current situation of covid-19 and economic difficulties. Right now am struggling to feed my family and it's not easy I can say. I am therefore requesting for lower rates of repaying my loan since the current one is too high for me to make. At least 150ksh per installment. I can commit to that but if things turn around I will resume my normal schedule. Please consider my request. Thanks

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  • Lilian    Mar 16, 2021

    I have spoken to samwel who says his business went down but promises to pay an amount he is comfortable paying

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  • Samuel    Feb 22, 2021

    Hi lenders, my business was affected by covid-19, bill went on without profit till I closed since I could not afford to pay for the rent and other basic needs. Am now trying to fight back and stand up again though the minimum amount to adjust to is still big for me at the moment. I will be glad if lowed to 150ksh per week.

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  • Lilian    Jan 29, 2021

    I have spoken to samwel who says he has tried to reschedule payment but the button isn't working but promises to pay an amount he is comfortable to pay till the business picks up.. thanks for understanding

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  • Samuel    Dec 10, 2020

    Hi lenders, am facing financial challenges right now and I would like to reduce my installment to 51ksh. Thanks indvance for understanding and support

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  • Lilian    Nov 21, 2020

    Samwel says he is finacially down but promises to pay as soon as possible

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  • Samuel    Oct 28, 2020

    Hello lenders, am facing financial challenges right now and I would like to reduce the installment to 51kes. I will resume immediately things get back to normal. Thanks for support.

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  • Lilian    Oct 15, 2020

    Halo lenders, I have spoken to samwel who has promised to reschedule his payment to a lower amount until he is finacially stable

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  • Samuel    Sep 10, 2020

    Hi lenders, am facing some financial challenges in my business and I would like to reduce my loan installment to 51ksh. Thanks for support.

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  • Samuel    Jul 16, 2020

    Hi lenders, I would like to reduce my loan installment to 51 ksh due to business challenge in our country. Thanks much for the support.

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  • Samuel    May 17, 2020

    Hi lender, I would like to let you know that my business is not now working on well and I wish to reduce my installment to 51ksh. I will resume as soon my business pick. Thank you for support.

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