Name
Joseph
Member since
March 2015
On-time repayments
31 installments • 55%
My name is Joseph Awisi Yeboah. I live in Berekum, an area in the Brong Ahafo Region of Ghana. My house number is 204, Berenyakwa. I am 24years of age. My parents are Mr. and Mrs. Yeboah. I grew up with two siblings. I completed primary school and continue to have Senior Secondary School Certificate respectfully. I have always thought of setting up my own business to help create employment for other youths who are unemployed. As such I have set up a small business where I sell provisions to the people of Bberekum and its environs. My hobbies are; soccer and reading books.
My business is a retail shop that deals with selling food items such as,rice, sugar, cooking oil, baked products such as cakes and bread, milk, eggs, and juices. The shop is located at the central market in Berekum. I started the business about four years ago with a capital of $50. 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. The name of my business is "God’s chosen Shop." As such, customers have been flocking at my shop, curious of doing their shopping at better prices. 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 $127 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 $300 every month. Out of this, the profit is about $173. All the profit is reinvested into the business to expand the range of products available as per customers' demands.
If I am lucky to get this loan, I shall invest it in the following ways:
I will use $50 to increase the stock of cooking oil and sugar whose demand at my shop seems to increase by the day. The remaining amount will be used to purchase several products that I have not been able to stock for sometime now. 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 about 35%
Positive
4
Neutral
None
Negative
None
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Apr 7, 2015
Repayment status
On Time
Projected term
6 weeks
Other loans
Ask Joseph a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.
Loading...