Inventory of phones for phone shop
Isaac
Kasoa Old Barrier, Ghana
100% repaid
Entrepreneur
Name
Isaac
Member since
January 2015
On-time repayments
296 installments • 6%
About Me
I am a Ghanaian by birth, born in a village in the Central Region of Ghana called Awutu Bontranse. I started basic school at age 5, and completed at the age of 14years. I had to leave the village for Accra, the capital Town of Ghana for my High School education. During my High School education, I had to return to the village every vacation to help my parent on their farms. Through hard work and serious studies, I successfully passed my WAEC exams and gained admission into the University to Study Business Management.
While studying at the University, I realized that most of the students were interested in owning a smart phone which helps them to easily search for information and notes online everywhere they are and at their convenient time.
I saw this as an opportunity to make some money. so I sold my own smart phone to one student and used the money to acquire another one. I sold the new smart phone to another student again and made some profit, and the process continued until I was able to buy about ten (10) smart phones from my savings.
Ghanaians are very hospital, appreciative, helpful, peaceful and above all loving.
Currently am Single with no children, but i wish to marry soon and have three (3) children. I love watching football and also surfing the internet
My Business
My business is one of the fast growing businesses in Ghana because of high demand for smart phones. I buy and sell all kinds of smart phones. I chose this business because Ghanaians taste and preferences for smart phones always keep changing and as a result will buy any new smart phone introduced to the Ghanaian market. my variable cost of selling each smart phone is about $100 and the unit price (selling price) of each smart Phone is about $120. So, averagely I make a profit of about $20 on each smart phone sold. I mostly reinvest my profit to grow my business.
Loan Proposal
I will use the loan raised to buy Phones to restock my Phone Shop. cost per unit of the phone is $100 and I sell it for $120. this loan will help me to increase my profit by twenty percent (20%).
through this loan I will be able to increase my inventory and make more profits than the profit I get from my current inventory level. also if am able to increase inventory to grow my phone business, I will need extra hand to help me at the shop thereby creating employment.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Feb 2, 2015
Repayment status
On Time
Projected term
3 months
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