Inventory for rice, lentils, and beans for my grocery shop

Entrepreneur

About Me

I am the second born in a family of three. I was born and brought up in the village by my single dad who is a peasant farmer. He managed to educate me until I attained a bachelor‘s degree in education. After my studies, I got a job as a teacher and from there I started a general shop to improve my earnings get a better life. I use the profits to expand my business to a reputable size so that I can generate more and create more employment to the people affected by great unemployment levels in our country.

My Business

I run a general shop as my business, with a total monthly income of around 1200 dollars out of which 700 dollars is profit. I am advantaged to operate in an area with high population and a high demand for basic commodities and low competition. I always ensure excellent customer relations and also I provide goods at very fair prices therefore ensuring that I maintain my customers. Expenses in my business include rent, electricity and water that take up to 150dollars. I also restock every month the commodities that include flour, water, rice,sugar, soap among others. The risks the business faces include price fluctuations and changes in customer demands. These are handled by buying stock in bulk when prices are fair to avoid very high prices that in turn affect customers and buying commodities that customers need at different times respectively. In case I do not get enough profits to repay the loan, I will use my salary from teaching to repay it.

Loan Proposal

I will use the loan to purchase more varieties of rice, beans, and lentils, since my customers are interested in the new varieties, which will cost approximately $150. By purchasing more of these products, the business profitability will increase, and facilitate expansion of my shop to enable me create more employment opportunities to my suppliers, and ensure that my customers are satisfied with my services. I expect my profit to increase by 20% if I invest in the new products.

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