Purchase inventory for my beauty salon

Monicah

Sega, Kenya

17% repaid

Entrepreneur

Name

Monicah

Member since

February 2015

On-time repayments

210 installments  •  32%

About Me

I was born in a family of 6 children with i being the first born. i was raised up in Sega town, went to school, both primary and secondary in Kitale town, I went to Amagoro primary and later Manor House High school . I finished, in the year 2009.

i joined Vera Beauty College for a short course in Hair Dressing and managed to graduate with a Diploma after six months. this I did to have myself busy as i waited for my results which were out in early March 2010.

I got a chance to do a Diploma in Secretarial studies in Mombasa Technical Training College in July, this I finished in 2013. I then started looking for jobs so that I could have some money on my own. I wasn’t lucky enough in the one year I was in Mombasa after finishing my course. since i had done a course in hair dressing what i did lack was capital to start my own beauty salon.

My Business

I started a hair salon in my home area back in Sega. I got a strategic place at the Sega stage /bus terminal. Got a room to rent at $20 per month and tried on getting items that I needed for the hairdressing work. I started the business with $88.90 registered my business with $16.60 paid rent $20. With the remaining items I bought some basins and shampoos $10 and various weaves $20.00 with the balance $5.9 on miscellaneous expenses. This capital was raised from my family and friends. I thank them for the support they've given me.

I consider my hair salon an upscale, full-service beauty salon. I offer a wide range of services that include; Hair cuts, relaxers,perms,colours,shampoo,conditioning, curling, reconstruction, weaving. Nails manicure, pedicure, polish,sculptured nails.

Products
As for my products i was selling a small range of hair products due to my capital constraints, but thanks to Zidisha community i have increased my products to a wide variety suiting my clients needs. I provide quality hair, nails, and a few skin products.
My hair salon apart from the competition is my commitment to providing all of these in one roof. From the Zidisha Loans i have emerged among the top five competitors in Sega. zidisha indeed is transforming lives and not forgetting my life

Pricing
the brand name products range in cost from $ 5 -$20. these costs do not vary from other competitors as there is a standard price salons may charge for these products. my markup price is at 60% above costs for retail price range of $24-$30. this is standard pricing in comparison to my competitors' pricing.

Services
my services average $ 15.0, with a range of $ 3.00 for hair trim to $20.00 complete beauty package ( hair, facial,manicure and pedicure). these process are lower than my competitors.

Customers
My customers are mostly ladies, women and school girls and also college girls some too are men. The luo people like fashion and therefore frequently visit the salons in the area so as to make sure their hair is well done. As for the college girls I get frequent customers from the Sega Youth Polytechnic, Silicon College among others. As for school girls I get frequent customers weekly mostly from those who are day schooling as for the Boarding school girls I mostly them while they have closed for holidays.
In a day, when work is good I make $ 35.00, after my expenses in a day add up to $6.50 leaving me with $28.50, of which I have to provide myself meals and transport to my business.

Advertising
my advertising strategy is simple one; satisfied clients are my marketing tool. when a client leaves my business with a new look, he or she is broadcasting my name and quality to the public. thus most of my clients are referrals.

My monthly expenses are as follows monthly gross $300.00
Hair salon rent $ 30.00
Salon inventory $45.00
House rent $25.00,
food p.m. $70.00
Emergency $40.00
Transport to my salon $15.00
Mum and Dad $75.00 for their own necessities or needs

Loan Proposal

With the current loan proposal I hope to increase my inventory so as to have a consistent product availability in my hair salon and from the profit margin obtained this time round enroll for a business management diploma course so that I can learn more on management of my business with the skills obtained. i am planning to enroll for the course in early August in a nearby college that i will be attending part time classes. early preparation therefore is needed and therefore if my proposal will qualify then i will have made my first step on the staircase.
My business proposal budget will include the following; hair shampoo $45, beauty cosmetics (nice & lovely, hair food, etc) $80, braids and weaves $125, dryers maintenance and repair 40, basins $10, repainting my hair salon $20, adding additional seats $30.
I know I will maintain or improve my daily sales so as to make a return of 45% in the borrowed loan this will help me pay my loans on time and as this time I have few responsibilities i will dedicate myself in the payment of the loan to complete within the stipulated time.
Thank you.

Feedback

1

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Loan Info

Project Type

Classic Loan

Disbursed amount

$369.00

Date disbursed

Jun 16, 2016

Repayment status

Late

Projected term

61 months

Lenders

N

nonnenore

Cashiers, NC, United States

G

GrandmaMae

Wausau, United States

I

IDGflygirl

New Jersey, United States

K

KennaMumford

Salt Lake City, United States

F

flaguy999

Tampa, United States

Hank

Göteborg, Sweden

Bivouac

Hillsboro, United States

TyrynyRed

United States

K

Keith

Luxembourg

M

MatzeFR

Frankfurt, Germany

FATman

Frankfurt, Germany

Roy

Espoo, Finland

GT

Gillian Tee

United States

Anonymous

United States

MG

Mike G

United States

LH

Lindsey Hoy

Brisbane, Australia, Australia

Geoffrey Gibbons

Broadview Heights, United States

WM

William Madden

Berlin, Germany

VW

Van Wooden

Utrecht, The Netherlands, Netherlands

A

Adam

United Kingdom

Eugen Stamm

Zurich, Switzerland

CR

Christine Randall

Brisbane, Australia

JP

Juber Patel

United States

Jared Silver

United States

S

Sean

Phoenix AZ, United States

T

Tucker

United States

Cliff

United States

Will

United States

AG

abel ghita

Bucharest, Romania, Italy

J

Jooles

Australia

WS

Warren Shen

United States

A

Anonymous

United States

A

Anonymous

United States

JG

Jake Gibson and Beverly Picardo

San Francisco, United States

Ask Monicah a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.

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  • Monicah    Jul 11, 2016

    i kindly request to pay the small amount in installments for i to start paying my stated installments.
    i kindly ask you to have patience with me thank you

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  • Monicah    Jun 25, 2016

    Dear lenders i received the funds on time and purchased the items in my inventory list i also managed to repaint my shop giving it an attractive appearance to my customers. i thank Zidisha community for the continued support.
    Thank you

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  • Monicah    Jun 15, 2016

    dear lenders am so greatful. i will use the amount to purchase inventory for my salon. paint my salon again
    Thank you once again for your support. God bless

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  • Monicah    Jun 15, 2016

    dear my lenders,
    i have only four days before my loan proposal expires am humbly pleading with you for your assistance in funding my loan.
    Thank you for your time

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  • Monicah    Jun 9, 2016

    Dear lenders , am greatful for the funding currently recieved i do hope you will support me in raising my loan. i do appreciate all the previous and now support that has helped me make my salon reach where it is now. all this could not have been possible without you guys. i humbly request for your help in funding my loan to provide my clients with the best services and products courtesy of Zidisha community. Thank you. God bless

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  • Monicah    Jun 5, 2016

    I would like to thank my lenders and the Zidisha community for the support and patience they have given me. The loan helped me grow my business and improve my services to my customers providing them with their desired products which were available at all times no shortages. The loan too enabled me through the high profit margin obtained, help my family pay my two sisters fees for their secondary education in full with the help of my parents. This will enable them complete their form four next year without a difficulty in fees.

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  • Monicah    Jun 2, 2016

    dear lenders,
    i would like to thank you for all the support in helping me grow my salon. i am really proud to see where my business has gotten so far. i hope to clear my loan in my next installment. i am hoping to post another loan application in which i think i will be in a position to set up another branch of my business.

    thank you for your support. God bless

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  • Monicah    Apr 12, 2016

    my business has grown as i expected and therefore capable of paying my installments without any problem. i thank my lenders for thier support and patience with me.

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  • Monicah    Mar 5, 2016

    Dear lenders,
    Am determined to make my payments quickly. the loans have made me achieve my dream i have a beautiful salon now well furnished, i even managed to employ an assistant . thank you for all the support i have received from you all. God Bless

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  • Monicah    Jan 13, 2016

    Dear Lenders,
    am sincerely sorry for not making my payments in time i am hoping business will pick as it had been last year and enable me get back on track making my installment payments on time as usual. thank you

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  • Monicah    Sep 24, 2015

    Dear lenders i have invited Sarah Oganga to Zidisha inc community. please help her fund her loan.
    i have indeed taken a long time to invite someone as finding a trustworthy person in money issues is not that simple.

    i will pay my installments this coming weekend no need to worry thank you

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  • Monicah    Sep 16, 2015

    I was to clear my loan early but due to the fact that my sister is joining college in September I and my big sister have to take responsibility to provide the tuition fee and other necessities so please bear with me for now.

    I will then adjust the amount higher and clear my loan earlier than this.

    thank you.

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  • Monicah    Sep 9, 2015

    Dear lenders my business performance is very good of late it started with a low progress but now it has picked and am very sure I will clear my loan in the stipulated time.

    Thank you for your patience

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  • Monicah    Aug 28, 2015

    i do apologize for my reduction in the installment amount but now i want to get back on paying more.
    i do thank you my lenders for understanding me and also for your patience.

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  • Monicah    Aug 28, 2015

    my business has now started performing well as am receiving more clients per day now. i do apologize for reducing my installments but will increase them from the next installment

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  • Monicah    Aug 28, 2015

    my business has now started performing well as am receiving more clients per day now. i do apologize for reducing my installments but will increase them from the next installment

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  • Monicah    Aug 14, 2015

    dear lenders, i did manage to buy my stock as i had proposed.

    I am kindly requesting to adjust my installments downwards for a few week after which i will increase it back. I lost my uncle yesturday and thus we as the family of Ofwona have to contribute funds to pay for the medical expenses and burial arrangements.

    i do hope you will understand my situation.

    thank you in advance

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  • Monicah    Aug 1, 2015

    I am glad to have received the funds 3 days ago. I am now planning to leave today to buy my supplies of inventory and that by around 11a.m. open my salon when well stocked.

    I do thank my lenders for funding my loan.
    Thank you all

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  • Monicah    Aug 1, 2015

    I am glad to have received the funds 3 days ago. I am now planning to leave today to buy my supplies of inventory and that by around 11a.m. open my salon when well stocked.

    I do thank my lenders for funding my loan.
    Thank you all

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  • Monicah    Jul 28, 2015

    dear lenders,
    I am very thankful for funding my loan.

    I see my plans working well for me as i will be in a position to buy the following inventory as stated in my proposal earlier:

    Shampoo $22.58
    Various types of Weaves including Human Hairs $172.05
    Braids $48.39
    New dryer (to add on the one I presently have) $75.27
    Transport $16.13
    Beauty cosmetic-(nice & lovely, Hair food, etc) $49.46

    this will boost my income and enable me pay my loan in time

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