Phase 1 of business expansion

Entrepreneur

About Me

my name is lewis muchoki owner of krizz nail parlour.I was born in kirinyaga county.my family was not well off but interestingly we never lacked basic necessities.All that changed when my mother died while i was in class 3 and was left at the mercy of my step dad life became hard and I had to leave...fortunately through government funding I was able to finish my form four and get a certificate.After form four I looked for a job and my first job was as a cyber cafe attendant with an income of just 8000 ksh.which was hardly enough for me.i sought for greener pasture and got a job at a betting company as a sports betting cashier with a salary of just 18000 these was a relief at least I cousin spare some cash.i enrolled in university perusing a degree in computer science but half way I become jobless again and had to stop my classes.i looked for on other job and got trained as a nail artist and I saved for one year and got 60k. I started my own nail parlour with just that cash well it was not that comfy and stylish but I made it.
convincing customers was hard because there was no variety of services we could offer but what made me outstand against my competitors was services I offered one year later I was able to upgrade

My Business

Well 3 years after inception and the results and experience have been extremely motivating.when I started the monthly turnover was just 8000 that was not even enough to pay the business rent.i had to opt for a loan.i got a loan from a friend to top up for the rent and add some more commodities in our profile.six months later our customer base had grown to 200. and the monthly turnover was 20000.after one year the monthly turnover was 50000 thousand
That year the annual turnover was 105000.At the end of second year the turnover was 400000.We are targeting 600000 this year.

Loan Proposal

I have a client base of more than a 1000 royal customers and the available products cannot meet the preferences of 90%of the customers.
I intend to initiate phase 1 of 3 phase expansion model which entail increasing the variety of beauty products.for our case we focus on the gel polish retailing at 1000 per piece.
We apply our gels at a rate of 600 per person and on a low day we apply about 8 and up to 16 on a peak day
this comes to 2400 and 9600 respectively we are optimistic that if we increase the variety of the gel we shall increase this number by 40%
increasing our profit margin of gel application by 20% from 3600 to 4320 per day.this is on gel application without adding other services like pedicure manicure facial etc

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