Inventory of smart phones for my phone shop

Isaac

Kasoa Old Barrier, Ghana

12% repaid

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How it Works

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 new smart phones for my phone shop. I will buy 3 pieces of Tecno P5 smart phones for my shop. I will buy this phones because I already have ready market for it. This will first of all increase my stock of phones and again increase my profit by 20% weekly. The profit generated will help me to support my younger siblings who are in school.