Inventory for my second hand shop

Renaldo Ochieng

Nairobi, Kenya

97% repaid

Entrepreneur

Name

Renaldo Ochieng

Location

Nairobi, Kenya

On-time repayments

14 weekly installments  •  0%

About Me

Am a 32 years old Kenyan and married with a four and a half month old daughter. Am the first born in a family of three with two sisters. Both my parents passed on in 1997 my dad and 1999 my mum. We were brought up by my grandmother at kaloleni estate after my mothers death. I attended primary school at SSD primary in Nairobi where i sat for my KCPE exams in 1998 and high school at Usunge high school Bondo district where i sat for my KCSE in 2002. I graduated from the Kenya polytechnic with a diploma in business administration in 2007. After the post election violence of 2007 i got employed as a casual worker at deacons Kenya ltd which deals in fashion. In 2008 i was promoted to the position of shop supervisor for their shoe store at Sarit center Nairobi called Angelo. In august 2010 i moved from Deacons to Sankara hotel Nairobi as a guest relations agent. I stayed there until April 2014 when the hotel downsized due to low business in the hospitality industry in Kenya as an effect of travel warnings to Kenya by European countries and the United states due to terrorist attacks on Kenya by the al shabbab group in somalia. I used the settlement money to start the business of buying and selling second hand home electrical items and home furnishings at makadara estate Nairobi in June 2014 which am operating up to date

My Business

After Sankara downsized in April 2014 i was paid a total of 1200 usd as benefits. Since the economy was not doing well at that time there were no jobs so i opted to use the money to open a used goods store at makadara Nairobi. The main reason for venturing into this business was the low cost required for set up since all i needed was a shop no need for fittings, and i got a shop for 50 usd a month at a location where there were two other shops doing the same trade meaning customers were readily available. So my recurrent expenses are 50 usd per month for rent and 0.25 usd daily city council license fees so total fixed expenditure is 58 usd. I invested 900 usd in the business with the rest going to use for the family. By the end of the year 2014 i had an operating capital of 1300 usd and am projecting 2200 by close of this year. Most people in eastlands area where i operate are low income earners hence many people don't buy new electronics or furniture from shops as they are expensive they buy second hand. Secondly since most people work at industrial area where majority of the companies pay poorly and always delay salaries many people in this areas always sell their household items to get by hence a steady supply of goods and clients at the same time. My most busy months are January Feb March May September when many people sell of stuff to pay school fees. In December i get more buyers as many people have been paid end year bonuses.
On a good month i make a net profit of 300 usd and 180 usd on a bad month. My main challenge has been lack of capitalization as at times clients bring in goods and i don't have money to buy so they take them to the competition and this affects my reputation since they may not come back next time assuming i normally don't have capital. Apart from relying on the estate customers i also sell and look for goods from the online classified advertisement company called OLX.
From the profits i make 70% goes into family expenses and i always re invest 30% whenever possible.

Loan Proposal

I plan to use the whole loan amount to increase my stock inventory for the shop i run that deals in buying and selling second hand households items. December and january are very active moths in my line of business so the extra credit helps in retaining customers as they wont go to the competition due to lack of funds to buy the second hand items they are selling. Am looking to grow my business through 2016 through the help of zidisha as most saccos which give affordable loans again require you to save a third of the loan amount as guarantee. Considering that i will be tying capital if i go this route it means i will not be able to realize my target growth for 2016. With the help of zidisha am seeing my business grow as projected for the next year.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$150.17

Date disbursed

Dec 24, 2015

Repayment status

On Time

Projected term

3 months

Cost to entrepreneur

Service fee: $7.51

Lenders

4

42Theo

London, United Kingdom

A

Along

Tel Aviv, Israel

rosevines

New Orleans, United States

M

Marny

Melbourne, Australia

M

matts

New York, United States

O

Orchidx4

Seeleys bay, Canada

ColinReale

Lubbock, United States

TheMoonDuster

Brisbane, Australia

C

CharlyM

KL, Malaysia

dajawein

Gladstone, Australia

B

Bouwina

Rotterdam, Netherlands

M

missjoyy

Munich, Germany

Gillis

Helsinki, Finland

B

BartenKatrijn

Ghent 9000, Belgium

andreasol

Bielefeld, Germany

A

aguayo

Silicon Valley, United States

Mavos

Gothenburg, Sweden

M

MarcAndreD

Saguenay, Québec, Canada

MadsNissen

Oslo, Norway

Pascal

Gent, Belgium

A

Adriano

Sittard, Netherlands

Moyeji

Australia

F

fake_name

Boston, United States

J

j12345

Durham, United States

L

LeanneCZ

Sydney, Australia

D

dgarrard

Petaling Jaya, Malaysia

Susansfund

Colorado Springs, United States

T

tomdeneire

Eke, Belgium

A

AustA

Sydney, Australia

K

kloden

Chicago, United States

G

glomardor

Leonardtown, United States

M

markusfitza

College Station, United States

IA

Ismini and Jerry

Stamford, USA, United States

P

Pelle

Ragusa, Italy

A

aiban

Austin, United States

J

jzidi

Los Angeles, United States

S

Sabine

Courtenay, Canada

J

janp2001

Mountain View, United States

DukusP

Glendale, United States

clemenchiang

Singapore, Singapore

X

xdanny89x

Coventry, United Kingdom

M

mastodons

Chicago, United States

A

Anna01012

Bucksport, United States

A

Austrian

Graz, Austria

P

PhilACK

Brampton, Canada

W

wogman

Evanston, United States

saturn4peace

Porterville, United States

S

samiT

Brussels, Belgium

madnomad

San Francisco, CA, United States

C

cczapp

Hilliard, United States

Levanticus

Epsom, United Kingdom

Jalene

Redmond, Oregon, United States

H

Hello

Salisbury, United Kingdom

A

Aastra

Los Angeles, United States

S

Scampi

Overland Park, United States

S

swimgirl

Stamford, United States

K

Kinger

Dublin, Ireland

ATrain

Nashville, United States

W

Woodyrocks

London, United Kingdom

V

Va_Ce_Jo

Egham, United Kingdom

southcentral

Zürich, Switzerland

L

loistf

Madrid, Spain

MichelD

Bangkok, Thailand

A

Adembel888

Sydney, Australia

alicemmg

Boston, United States

K

Katehar

Maple Valley, WA, United States

B

BobJames

Toulouse, France

K

Kaz12

Winnipeg, Canada

J

jwharding

Hamburg, Germany

P

pellm

Ashland, United States

S

seatea1967

Madison, United States

J

janharg

Garland, Tx, United States

E

eirccharrie

Cupertino, United States

T

ThomasGermany

Wuppertal, Germany

H

hchsmicroloans

New York, United States

U

UmSaeed

Southfield, United States

D

Dionne

Pembroke, Bermuda

D

Dave22202

Arlington VA, United States

yorick

Springfield, United States

Alina

Amsterdam, Netherlands

A

Aaron

Zurich, Switzerland

W

WellingtonPFClass

Columbus, Oh, United States

R

rawlo5660

san jose, United States

Andreas Kiss

Vienna, Austria, Austria

D

djschin

Heber City, United States

C

cescotet

Needham, United States

J

justincomish

Riverton, United States

H

hivervan

watou, Belgium

B

Bluejay

Magrath, Canada

ohlandtmann

Moorestown, United States

J

jerryq

Redding, United States

fairspirit

Utrecht, Netherlands

Paul Buchheit

Mountain View, United States

Grant Xavier Storer

Seattle, Wa, United States

Roy

Espoo, Finland

Christopher Hey

Sudbury, Canada

M

Maggie

Australia

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