Add clothing sales to my shop

Francis Gatimu

Nairobi, Uthiru, Kiuru 87., Kenya

100% repaid

Entrepreneur

Name

Francis Gatimu

Location

On-time repayments

53 weekly installments  •  81%

About Me

I was born in Central province, but grew up in Rift Valley in a duty town called Gilgil. When growing up, grazing my parents' cows, goats and sheep was the order of the day as long as it was not a school day. Grazing was being subsituted with going to the farm where we used to grow maize, beans, potatoes and peas. My father used to run a retail shop and occasionally he would let my brothers and I run it. The greatest hardship I went through was lack of school fees especially after I joined high school. But I used to sneak back to school to study even after being chased away by the headmaster due to lack of fees. This gave me a determination that I must work hard at all the time and ensure my children don't go through such a difficult life. Being exposed to running my dad's shop gave me the urge to start mine. And I am glad I am running a shop today outside my formal employment. My eldest daughter who is 7 years old wants to be a doctor when she grows up. My son who is 4 years old wants to become a pilot. The last born daughter is too young to speak for her self. She is one year ten months old. My hobby actually is reading materials related to running a business.

My Business

My business goes by the name Shop 3. The name is derived from Stage Three, which is the name of the actual location of the shop. My little children were unable to call it Stage Three General Shop, which was its initial name, and simply summed it up as Shop3. And that stuck as the business name.
The general shop deals with groceries, cereals, and general shop merchandise. The objective is to be a one stop shop for busy shoppers mainly those coming from work and are heading home to prepare a meal, look after their families, relax after a busy day at work and wait for the hustles of the next day. This calls for stocking of fast moving merchandise especially for the common Kenyans citizen who either has no time or enough cash to purchase items from the big supermarkets in shopping malls.
I ensure the customers get the items they need at affordable prices, best quality and quantities that match their pockets. Since its establishment two years now , the shop has attracted a huge number of customers and this is on an upward trajectory.
My plan is to expand it even further and introduce new products/items which presently are not on the shelves. But stocking of the products is primarily demand driven. After being funded by Zidisha, I introduced M-Pesa services (Mobile money service) which is doing very well. The shop is also now well branded. But with increasing sales, I have come to learn I need to buy more things to serve customers better. I need to expand the variety of products I sell. I need to stock items which customers have been asking for yet I don't have. Items like torch, batteries, utensils, and the like. I also need to purchase more equipment like display fridge to serve my customers better and boost sales

Loan Proposal

I intend to use the loan to introduce new clothes for selling at the shop. Being a general shop, the shop has sections for various products. If I get this money, I will go to the whole sellers of new clothes and purchase for reselling. This will include baby clothes, dresses, lady tops, male and female jackets and shoes. This will attract more customers and boost my sales.

Income Source

Though many businesses are not operating due to Covid 19, my shop is still running. This is because it does not fall under the category of businesses the government of Kenya ordered closed, e.g bars and restaurants. Though business has not been as robust as before, I have never shut even a single day because of Covid 19. I will squeeze myself to ensure that the little profit I get, I will prioritize the repayment of the loan.

Feedback

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Loan Info

Disbursed amount

$492.71

Date disbursed

Jun 15, 2020

Repayment status

On Time

Projected term

2 months

Cost to entrepreneur

Service fee: 10% of $492.71 = $44.30

Credit risk payment: $66.45

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