278 installments • 65%
My name is Thomas Mwanza and I have a passion for making a difference in my local urban community. I believe that if every person contributes positively to the society, our world will be greatly improved in no time. In addition, I know that sacrifice is the reason for a better tomorrow. I was raised and educated up to college level in the rural areas of Eastern Kenya before relocating to the city in search of work. Since I could not secure a formal job, I opted to work in a barbershop as an assistant and saved some money with which I began my own business. Beginning the business was not easy since I had to skip meals to save some money . In the end, I was able to accumulate enough money because I was patient. In my culture there is a wise saying that: little by little fills the drum, and I completely agree with it.
My business is a barbershop where I offer the service of shaving people according to their desired styles. The reason for getting in to this business is because it was my hobby since childhood. Demand for barber services is constant and I always have customers. I am particularly good in relating with customers in addition to shaving them excellently so I have many new and return customers. The typical costs I incur in this business are related to buying shampoos, rent, electricity bill, and salary for one assistant. These costs are usually lesser than the income I get. Therefore, I will get money to repay the loan in timely manner.
In spite of the progress I have made, I have been losing business while repairing my old shaving machine which has been breaking down often. I would like to buy a new machine, which locally retails at about 55 U.S. dollars. I also want to purchase a seat that is more comfortable for my customers at the price of 80 U.S. dollars. These items will improve the experience of customers and more income for me. My income will certainly increase two times once I get the items because they attract customers.
Jan 1, 2015
Cost to entrepreneur
Lender interest: $100.16 at 5.96% annual rate over 16 months = $8.08
Service fee: $5.02