63 installments • 100%
My name is Betty Mulatya. I am twenty eight years old. I am the second born in a family of five. I was born and raised in Nairobi but I currently live in Malindi because of work. I now work with Coast properties in Malindi and volunteer at the youth empowerment centre there. I also work with Ghetto Potential Trust in Kibera, Nairobi. I have a passion in community development and entrepreneurship and this is the reason why I work with community based organizations and operate a business respectively. I studied business management at the Management University of Africa in Nairobi.
My business is called Alien Youth Designs. I chose this name based on the Book of Joel 2 in the Bible.
I registered this business in 2011 but began operation in 2013.At first I sold my clothes and accessories to my friends and neighbors before proceeding o put it online on Facebook (https://www.facebook.com/alienyouthdesigns?fref=ts)
I started this business with the main emphasis of solving a need, offering affordable clothing and accessories to men, women and children. My vision for this business is to be able to design my own label for clothes and other accessories for men, women and children that they can identify with and be proud to be associated with it. Nowadays, finding elegant and yet stylish clothing and accessories that is also affordable is not easy. My goal is to ensure that this is possible and that people may realize that you can be stylish and remain elegant and decent. I decided to start with selling handbags and as I grow include clothes, shoes and other accessories.
Apart from fulfilling my passion as an entrepreneur, my business meets my daily needs and also allows me to read a lot about the clothing and textile industry.
I work with Coast Properties, a real estate agency in Malindi. I am also a part time content writer. These avenues assist me in earning an income.
My business also allows me to earn an income. Currently, I am selling unique and affordable bags and accessories on Facebook. The link to the site is: https://www.facebook.com/alienyouthdesigns?fref=ts
My customers agree that my products and unique and affordable. I know I am ahead of my competition because my products sell within a fortnight. The risk that my business faces is marketing but to counter this risk, I advertise by word of mouth and also rely on my skills as a content writer to make my site popular. My monthly costs are internet, rent and food. My business is indeed profitable because my business model is such that 60% profit is reinvested in the business and its operations. I started the business with US $ 340 and made a profit of US $ 190. Last month (February), I made a profit of $ 200. I would like to get a loan so that I can increase my stock and offer more products.
I must begin by expressing my heartfelt gratitude for your support and funding me with my first loan. With that loan, I was able to add more good quality bags on my page and this increased my market base and customers. We now have 203 likes and the numbers are increasing. https://www.facebook.com/alienyouthdesigns
I made a profit of $ 250 and I actually spoiled myself with a visit and picnic at the Nairobi National Park with some friends. I was also able to share my experience with my friends and the youth groups I work with and I know that they are on the process of joining Zidisha and empowering themselves financially. One of the challenges I faced was making deliveries in Nairobi because I am now based in Malindi. My sisters and a friend are now on board helping with the deliveries whenever I am strained.
My dream to have an all inclusive one stop online shop that stocks clothes, footwear and accessories for all sizes and gender is coming to reality and I am very proud of this. This is why I am here to request for my second loan.
My next business strategy is two part: to have a simple and unique website that will showcase my products and also allow my customers to make their orders on the website to ease delivery and processing of orders. This will allow me to also share relevant content, videos and pictures related to my business.
Secondly, According to my market analysis, jewelry and shoes are a girl's best friend. My customers have requested that we should add these to the page and subsequently the website. Indeed men are also catching up and requesting for good shoes and jewelry (silver jewelry is quite popular). I will begin with women's shoes and accessories and later add men's shoes and accessories.
One of my friends is a web designer and online marketer. With our combined skills, we will be able to make and promote the site. The risk associated with this move is increased operational costs of $ 60. New and target specific market base will counter this risk. Here is the breakdown of the running costs (USD):
1. Website and hosting costs - $ 60
2. Cost for purchasing new bags - $ 170
3. Cost for purchasing shoes- $ 110
4. Cost for purchasing jewelry - $ 102
5. Cost for Transport and delivery- $ 64
6. Internet costs - $ 35
I will use the loan that I receive and an additional $113 that I saved from my previous sales to meet these costs. With your help, I am realizing my financial freedom and I know that my friends and the youth groups I work with will see this as a challenge and pursue their financial dream of running a successful online business.
Looking forward to sharing my progress report with you.
May 31, 2014
Cost to entrepreneur
Lender interest: $450.52 at 7.27% annual rate over 3 months = $10.71
Service fee: $5.20