Purchase of beauty cosmetics, weaves inventory for my salon

Monicah Ofwona

Sega, Kenya

100% repaid

Entrepreneur

Name

Monicah Ofwona

Member since

February 2015

On-time repayments

210 installments  •  32%

About Me

I was born in a family of 6 children with i being the first born. i was raised up in Sega town, went to school, both primary and secondary in Kitale town, I went to Amagoro primary and later Manor House High school . I finished, in the year 2009.

i joined Vera Beauty College for a short course in Hair Dressing and managed to graduate with a Diploma after six months. this I did to have myself busy as i waited for my results which were out in early March 2010.

I got a chance to do a Diploma in Secretarial studies in Mombasa Technical Training College in July, this I finished in 2013. I then started looking for jobs so that I could have some money on my own. I wasn’t lucky enough in the one year I was in Mombasa after finishing my course. since i had done a course in hair dressing what i did lack was capital to start my own beauty salon.

My Business

I started a hair salon in my home area back in Sega. I got a strategic place at the Sega stage /bus terminal. Got a room to rent at $20 per month and tried on getting items that I needed for the hairdressing work. I started the business with $88.90 registered my business with $16.60 paid rent $20. With the remaining items I bought some basins and shampoos $10 and various weaves $20.00 with the balance $5.9 on miscellaneous expenses. This capital was raised from my family and friends. I thank them for the support they've given me.

I consider my hair salon an upscale, full-service beauty salon. I offer a wide range of services that include; Hair cuts, relaxers,perms,colours,shampoo,conditioning, curling, reconstruction, weaving. Nails manicure, pedicure, polish,sculptured nails.

Products
As for my products i was selling a small range of hair products due to my capital constraints, but thanks to Zidisha community i have increased my products to a wide variety suiting my clients needs. I provide quality hair, nails, and a few skin products.
My hair salon apart from the competition is my commitment to providing all of these in one roof. From the Zidisha Loans i have emerged among the top five competitors in Sega. zidisha indeed is transforming lives and not forgetting my life

Pricing
the brand name products range in cost from $ 5 -$20. these costs do not vary from other competitors as there is a standard price salons may charge for these products. my markup price is at 60% above costs for retail price range of $24-$30. this is standard pricing in comparison to my competitors' pricing.

Services
my services average $ 15.0, with a range of $ 3.00 for hair trim to $20.00 complete beauty package ( hair, facial,manicure and pedicure). these process are lower than my competitors.

Customers
My customers are mostly ladies, women and school girls and also college girls some too are men. The luo people like fashion and therefore frequently visit the salons in the area so as to make sure their hair is well done. As for the college girls I get frequent customers from the Sega Youth Polytechnic, Silicon College among others. As for school girls I get frequent customers weekly mostly from those who are day schooling as for the Boarding school girls I mostly them while they have closed for holidays.
In a day, when work is good I make $ 35.00, after my expenses in a day add up to $6.50 leaving me with $28.50, of which I have to provide myself meals and transport to my business.

Advertising
my advertising strategy is simple one; satisfied clients are my marketing tool. when a client leaves my business with a new look, he or she is broadcasting my name and quality to the public. thus most of my clients are referrals.

My monthly expenses are as follows monthly gross $300.00
Hair salon rent $ 30.00
Salon inventory $45.00
House rent $25.00,
food p.m. $70.00
Emergency $40.00
Transport to my salon $15.00
Mum and Dad $75.00 for their own necessities or needs

Loan Proposal

My loan proposal is aimed at increasing my inventory; From my client share increasing my inventory gets to the reorder level quickly and therefore I thought of increasing my inventory so as to have a constant supply of inventory. I am looking forward to spend my loan if funded on the following:-
Shampoo $22.58
Various types of Weaves including Human Hairs $172.05
Braids $48.39
New dryer (to add on the one I presently have) $75.27
Transport $16.13
Beauty cosmetic-(nice & lovely, Hair food, etc) $49.46
With the above inventory purchased, I know my Hair and beauty salon will continue to perform well. I expect a return of 40% in terms of profit on the loan borrowed. By providing my clients with what they need I know I will once again make higher sales and this will enable me pay my installments in time as in my previous loans.
Thank you.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$375.18

Date disbursed

Jul 29, 2015

Repayment status

On Time

Projected term

10 months

Cost to entrepreneur

Service fee: $15.11

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