Inventory for culinary shop

Entrepreneur

About Me

my name is asuama salomey and i am 29 years old. i attended berekum presby basic school . i later attended sunyani senior high school in sunyani . after my senior high school i decided to set up my own shop. i sell food iterms like sugar , milk , food juice and ect.. Moreover, the business is young and therefore requires more investment so that it can reach a stage where it can sustain itself. As such, a certain percentage of the money that I earn from freelance writing is channeled towards expanding the range of products available in my shop. Before making the decision to invest my hard-earned savings in the shop business, I took time to locate the best location that had the potential for doing the business. With the help of my brother who have many years of experience in business, I was able to locate a good place in mpataasie. My hope is to grow the business gradually with the goal of having my own supermarket. My hobbies include playing guitar and posting comments on social media

My Business

My business is a retail shop that deals with selling food items such as rice, maize flour, wheat flour, sugar, cooking oil, baked products such as cakes and bread, milk, eggs, and juices. The shop is located in the outskirts of berekum City in a town called mpataasie. I started the business about three months ago with a capital of $250. The shop serves a fairly large number of customers since it is strategically located at a junction along a busy street with many residents and passersby. The goods that I sell at my shop have a high demand since the area is residential with many low and middle income earners who need to do frequent shopping of food items to feed their families.Moreover, the area is dominated by middle and low income earners who are often keen to compare prices before they make their purchasing decisions. My typical costs include the cost of buying stock to re-stock the shop and also introduce new items. On a weekly basis, approximately $140 may be spent on stock and transport of the goods from the wholesalers' premises to the shop. In terms of revenue, the business generates about $400 every month. Out of this, the profit is about $150. All the profit is reinvested into the business to expand the range of products available as per customers' demands.

Loan Proposal

If I am lucky to get this loan, I shall invest it in the following ways:
I will use $30 to increase the stock of cooking oil whose demand at my shop seems to increase by the day. I shall use $30 to buy stock of one type of maize flour that has been lacking in my shop for a while now due to shortage of funds. The remaining $40 will be used to purchase several products that I have not been able to stock for sometime now. These include food color, tomato paste, lemon seasoning, and certain types of bathing soaps. By increasing the range and the amount of products available in my shop, I hope to increase the weekly and monthly profit margin in a significant way. This is because the sales will be better given that customers who previously lacked certain items in my shop will now have all their needs met in one place. With enhanced customer loyalty, more profits will be ploughed back into the business thus enhancing its sustainability. At the same time, I shall be able to service the loan and also pay rent more conveniently. With this allocation, I expect the monthly profit margin to increase by 30% which translates to a gross profit of about $150.

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