Purchase bulk inventory of shoes for sale

Magret Akongo

Kibuye, Kenya

17% repaid

Entrepreneur

Name

Magret Akongo

Member since

March 2015

On-time repayments

198 installments  •  14%

About Me

I am 32 years old, born and raised in Kisumu, Kenya. I attended primary school and secondary. Though I managed to complete school, I went through a lot of hardships. Having lost my parents at an age of six, I was helped by my relatives.

Due to pressures they did have in our extended family, I had to find a way to make a rightful living. I didn't get help to join college. I regret why I didn't perform well in my exams to attain marks to join campus. I do know that education is valuable in life, but I know that I can get to rise and be someone of importance like Bill Gates.

I am single, trying to work hard to be financially stable so that I can think of marriage. I am hoping that everything will work out well so that my children may not go through what I did go through. I want them to have the best that I can provide for them.

My Business

It is through hard work that I managed to raise capital of $232 to start a secondhand shoe selling business. To get this capital, I worked different jobs as a nanny or house help and did garden work too. It took me two and a half years. I really needed patience, perseverance and determination to realize this. Life is hard in Kenya, but one has to try out his or her best, aiming high always.

I then got a stall at Kibuye in the market where I started my business. I buy my stock from the neighboring country Uganda because they are cheap there, and then I sell them in Kenya to make a profit of $5 to $8 per pair of shoes.

The key to success is to meet the demand for an upscale women's and men's shoe store with a wide selection and focused customer attention.

Objectives of my shoe resale store
1. To create a product–based retail store whose primary goal is to exceed customer’s expectations.
2. To increase the number of clients served by 15% per year by serving an unmet need with outstanding selection and customer service.
3. To develop my business surviving off its own cash flow.

Mission
To provide an upscale selection of women's and men's shoes and outstanding customer service. When I adhere to this, everything will fall in its place. My service will exceed the expectations of my customers.

Product
These are the categories of shoes that I sell: sandals, loafers, stylish shoes, dress shoes, canvas athletic/ stylish shoes. My business strives to have one of the largest selection of shoes in Kisumu’s Kibuye Market.

Market analysis
My shoe resale business targets two distinct groups of fashion – conscious females and male shoppers, professional workers and housewives. While both groups are interested in dress shoes, the professionals will be looking for fashionable shoes they are able to wear with their business attire. The housewives might be looking for fashionable but more casual shoes.

Market segmentation
Targeting two different population segments within the broad category of fashion – conscious females and males with disposable income.
1. Professionals: these are full-time working professional men and women working in Kisumu and its environs. They typically earn more than $200 p.m. They will purchase shoes for the workplace as well as for leisure time.
2. Housewives: the household income of this group is $70 - $150, generally towards the higher end of that range.

Advertisement
These markets are targeted through my attractive eye-catching storefront in my stall; this enables me receive walk-through customers.

My business deals with the retail of both new and secondhand shoes, which I purchase from a neighboring country, Uganda, delivering them to my stall for sale.
My monthly expenses are as follows:
Rent $27.00
Electricity and water bills $ 8.60
My salary $80.64
Transport $ 16.12 (twice in a month to and from Uganda)

My sales in a month $ 200.00
Less expenses $ 133.00
Profit $67.64
My profit in a month ranges from $65.00 to $75.00. This I use in the purchase of more inventory.

Loan Proposal

This second loan will help me increase my inventory a big deal as compared to my first loan. I want to increase my inventory and purchase them once from Uganda in one trip so as to cut down my transport cost to approximately 40% from $ 16.12 to $ 9.00.

Adding to the profit I currently have ($69.00), if my loan gets fully funded ($200) then I will be in a position to purchase stock worth $270.00, from which I expect returns of 60% , which will aid me in paying my installments in time. Reploughing back the profits will ensure continued flow of returns, hence ensuring I pay my installments without any hindrance.

I would like to thank Zidisha Inc. and my lenders for the support and in helping me better my business. I kindly request for their continued support in helping me raise my second loan.
God bless.

Show original English  

About Me

Am 32 years old born and raised in Kisumu kenya. I attended Primary school and Secondary. though i managed to complete school i went through a lot of hardships. Having lost my parents at an age of six. i was helped by my relatives.

Due to pressures they did have in our extended family i had to find a way to make a rightful living. i didn't get help to join college. I regret why I didn't why i didn't perform well in my exams to attain marks to join Campus. i do know that education is valueable in life but i know that i can get to rise and ne somwone of importance like Bill gates.

i am single trying to work hard to be financially stable so that i can think of marriage. i am hoping that everything will work out well so that my children may not go through what i did go through. i want them to have the best that i can provide for them.

My Business

it is through hard-work that i managed to raise capital $232 to start a second hand shoe selling business.to get this capital i worked different jobs as a nanny or house help did garden work too.it took me two and a half years.it really needed patience perseverance and determination to realize this. life is hard in Kenya ,but one has to try out his o her best aiming high always

i then got a stall at Kibuye in the market where i started my business. i buy my stock from the neighboring country Uganda because they are cheap there and sell them in Kenya to make a profit of $5 to $8 per a pair of shoe.

The key to success is to meet the demand for an upscale woman and man shoe store with a wide selection and focused customers attention.

Objectives of my shoe resale store
1. Create a product –based retail store whose primary goal is to exceed customer’s expectations.
2. To increase the number of clients served by 15% per year by serving an unmet need with outstanding selection and customer service.
3. To develop my business surviving off its own cash flow.

Mission
To provide an upscale selection of women and men shoes and outstanding customer service. When I adhere to this everything will fall in its place. My service will exceed the expectations of my customers.

Product
These are the categories of shoes that I sell: sandals, Loafers, stylish shoes, dress shoes, canvas athletic/ stylish shoes. My business strives to have one of the largest selection of shoes in Kisumu’s Kibuye Market.

Market analysis
My shoe resale business targets two distinct groups of fashion – conscious females and male shoppers, professional workers and housewives. While both groups are interested in dress shoes, the professionals will be looking for fashionable shoes they are able to wear with their business attire. The housewives might be looking for fashionable but more casual shoes.

Market segmentation
Targeting two different population segments within the broad category of fashion – conscious female and male with disposable income.
1. Professionals: these are full time working professional men and women working in Kisumu and its environ. They typically earn more than $200 p.m. they will purchase shoes for the workplace as well as for leisure time.
2. Housewives : the household income of this group is $70 - $150 generally towards the higher end of range.

Advertisement
These markets are targeted through my attractive eye catching storefront in my stall, this enables me receive – walkthrough customers.

My business deals with the retail of both new and second hand shoes, which I purchase from a neighboring country Uganda, delivering them to my stall for sale.
My monthly expenses are as follows:
Rent $27.00
Electricity and water bills $ 8.60
My salary $80.64
Transport $ 16.12 (twice in a month to and fro Uganda)

My sales in a month $ 200.00
Less expenses $ 133.00
Profit $67.64
My profit in a month ranges from $65.00 to $75.00. This I use in the purchase of more inventory.

Loan Proposal

This second loan will help me increase my inventory a big deal as compared to my first loan. I want to increase my inventory and purchase them once from Uganda in one trip so as to cut down my transport cost to approximately 40% from $ 16.12 to $ 9.00. adding to the profit I currently have $ 69.00 if my loan gets fully funded $200 then I will be in a position to purchase stock worth $ 270.00 from which I expect returns of 60% , which will aid me in paying my installments in time so as to finish my installments in time. Re-ploughing back the profits will ensure continued flow of returns hence ensuring I pay my installments without any hindrance.
I would like to thank Zidisha Inc. and my lender for the support and in helping me better my business. I kindly request for their continued support in helping me raise my second loan.
God bless.

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Loan Info

Project Type

Classic Loan

Disbursed amount

$192.53

Date disbursed

Jun 2, 2015

Repayment status

Late

Projected term

44 months

Cost to entrepreneur

Service fee: $7.99

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