424 installments • 80%
My Names are Isaiah Githaiga an accountant by profession. I hold a Bsc BA (USIU), MBA (UoN) and a CPA (K) Finalist. It has been a tough Journey which I have completed courtesy of my Family members and relatives who encouraged me never to give up despite the many financial challenges I faced.
Investing in education has helped me start an online business consultancy which runs via oDesk (Now Upwork) market place. I offer the following virtual services to various clients around the Globe:
* Income statement preparation from incomplete records.
* Bank reconciliations
* Accounts receivables and payable management.
* Payroll and payment processing
* Full bookkeeping services using Intuit Quick-books, Wave and Xero.
* Academic and Web research
* Data entry and analysis using Microsoft excel spreadsheets and SPSS
Currently I am serving ten clients who have extended a long term relationship. When I have too much workload I have an assistant who help me out in meeting clients’ deadlines.
The mission of the business is to grow and create employment for fresh university graduates and also teach them skills on how to successfully start an online business like mine. This will alleviate poverty and create a productive society. I have learnt to be successful online entrepreneur through the hard way and I believe with the experience I have gathered in the past few years, I can effectively teach the youth and impact on their life.
When I started my business in 2012, It was quite challenging and never thought I would succeed.On oDesk (Now Upwork) there is too much global competition from Contractors from all over the world.Cutting an niche requires dedication and commitment.I practice as a Virtual Accountant,currently serving clients from Canada,United States,Australia and Europe.
Offering quality services have enabled me to get repeat orders and thus I am usually busy throughout the year.
I thank you all for the support accorded to our online business so far. It has been a great experience since we joined Zidisha. I shared the news about Zidisha to friends and relatives and they have started enjoying affordable financing from you. The previous loans have seen growth of our business in terms of profits through cost cutting and increased revenue per month. We would now like to use the profits to expand our business by Investing in the real estate sector.
To kick start this noble idea, we hereby apply for a fourth loan to raise capital for the start up costs. About five years ago my wife and I used our savings to buy 100*65 feet piece of land in a prime location in the outskirts of Nairobi city. In this land we want to erect rental apartments to supplement our online business income. The land has been idle since then due lack of capital to invest. To start on the project we require an architect plan, structural engineer plan, county government approval, change of user and environmental impact assessment approval.
The project has been inspired by the fact that there has been increase in middle class population working in the city and requires affordable and decent rental apartments. The cost of land and construction has increased and thus people now prefer to rent than buy houses. This project will create employment for young youths in the construction sector in our community.
Here is a breakdown of the preliminary expenses of the project.
1. Architect layout - $438.00
2. Structural engineer plan - $219.00
3. Change of user and environmental impact approval – $438.00
4. Public health and county government approval fees - $766.00
5. Bill of quantity - $328.00
Total costs - $ 2189.00
I have already engaged an architect and paid a deposit of $219.00, the drawing should be ready in a few weeks time. The balance of the funds will come from savings from our business. This is a long term project which we are anticipating to complete within the next ten years. The first phase will comprise of a three bed roomed for my family and 9 one bed roomed apartments; which when complete will generate passive income of about $1300 per month. The savings from the project will be reinvested in building more rental apartments. In short, the blueprint (our dream) of the project is a four storey apartment with 50 rental units generating before tax and expenses passive income of about $5,700.00 per month. The total cost of the project is estimated to be $820,000.00. We are planning to raise more capital from potential investors in exchange of controlling equity in the project. A proportion of net passive income will be used to pay dividends to investors and rest will be transferred to retained earnings for future investments.
A 1000 miles journey starts with a single footstep; we have just made the first step in realizing our dream. Thank you lenders and Zidisha community.
Mar 24, 2015
Cost to entrepreneur
Service fee: $44.11
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