Entrepreneur
Name
Faisal
Member since
November 2018
On-time repayments
4 installments • 50%
About Me
My name is faisal mohammed zakari, mostly called faisal for short , am from a family of eight and first to achieve a university degree by overcoming a lot of challenges when it comes to my educational achievement. had to work in between two jobs to complete my basic education and as a way of providing extra funds for the family , which included selling of kerosine and becoming a minor shoe maker around the neighborhood.
Through hard work i made it to the university not withstanding i had help from people who believed in me as i promised not to fail them. completed the University for Development Studies with a bachelor in Community Development, focused at this area because i like to get myself involved in issues that brings about change in the society. currently unemployed so mostly i engage in unpaid voluntary community and social work just to get myself busy.
Since one will have to survive not on bread alone, i decided to find something doing just to provide me with some revenue and relay on as i wait for my next appointment to start a new job. before this moment i worked as an investment promoter for while but ended that role in may 2018, currently waiting to be recruited for my next job.
My Business
In May 2018 i thought of starting a minor home appliances shop in my hometown- Wa in the upper west region of Ghana precisely. This was to focus on the sell of televisions, fridges, irons, water heater and the likes but due to lack of funds i had to join hands with a known and capable friend. i realized selling of electronics was cool due to the increasing need for technological products and need for a switch from old gadgets to new and more advanced ones in my community, though i knew the selling rate was going to be a challenge i took the mantle, as long as consumers buy and pay within the fixed repayment period of two months everything was alright, and such provisions where given to people with constant income earnings, as a strategy to meet the needs of all, for those without constant or regular monthly income a structured payment plan was made which involved you paying bit by bit until u reach your full amount then your handed over the product you needed. such idea was good since it aids me in getting extra funds to buy a product early to replace those to be taken in future.
To start this business my friend and i generated an amount of 15,000 cedis equivalent to $3000 American currency from our personal savings, this would have been enough to purchase more products but almost half of the amount went into rent and shop preparation and labour capital. so we had a little to buy to meet the needs of consumers when it comes to variety of products available in stock. i was able to manage this problem and ensure that i try to re- buy any product taken immediately not to create space for lack of products. so when i sell a product i replace it , when a customer needs something i dont have immediately i try to get it for him or her within the shortest possible time and that has kept me in business for four months now.
Although i want to boost the quantity of products available at the shop in relation to electronics i am searching for a wholesale partner that is willing to provide me with such needed products on credit to be sold and repaid immediately within payments interval of 2-3 moths when ever products are provided and base on the price/quantity.
I recently decided to make use of the extra space around the shop which involves me diversifying part of my resources into sells of Clothing, shoes, bags, and rappers. i realised with the influx of university students around my community one can make additional income in the selling of such low cost but quality products through door to door sales at the university campuses.
With this i am looking for capital value of 3000-4000 Ghana cedis, approximately $300- $400 American dollar.
In the local market where whole sales takes place i believe i could get a shirt or skirt for 15 -20 cedis ( $3-$4) which i can sell within my local market at approximately 25 -30 cedis ($5-$6) taking into consideration regional transportation to buy the products and sell. i believe i can make about %80 profit and cost regain within the shortest possible time through efficient marketing procedures to repay any financial aid i can generate on this platform.
i also intend to reinvest profits made for a good number of period to improve my standing to be self sufficient.
Basically my new project focuses on a clothing line up which i intend to call Chachos Clothing . chacho been the popular name people call me will help create awareness. i want my shop to be multi purpose and not one sided, so merging of home electronic and a clothing line up ( HomeTech Clothing and Accessories) will help draw more attention as people will either go in for this or that.
Loan Proposal
Buy clothing and accessories in bulk and retail them at my shop
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Loan Info
Project Type
Classic Loan
Disbursed amount
$4.55
Date disbursed
Nov 24, 2018
Repayment status
Late
Projected term
1 week
Other loans
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