Relocate to spacious barbershop& hire more barbers

Enock Bett

Kipkoi, Kenya

Funds disbursed

$0 to go

100% funded of $393 goal

0

days left

Entrepreneur

Name

Enock Bett

Member since

June 2014

On-time repayments

17 installments  •  29%

About Me

I am a university graduate who studied linguistics.I have not been able to get a job so I resorted to self-employment to support myself and my family.I live in Bomet,a place called Silibwet.I am a youth leader in my church and I love singing in my church choir.I am from a humble background and my parents are peasant farmers.I am the eldest son and I have four siblings who are in colleges.I need to support them with their upkeep and fees so as to finish their education.

My Business

I run a barbershop,commonly referred to as KINYOZI locally.The business is located in one of the streets at SIlibwet.I have run it for 8 months now and it has been good despite the challenges.I have hired some young man to assist me to do the haircuts.I make an average of KSH500 OR USD5 per day after paying my worker.There is a lot of competition here but I have hired a very skilled and professional person to work.We are very hygienic and stylish and most young people come to shave with us.our target market is the busy town during market days and students from the neighboring schools.We charge a flat rate of ksh20 or USD0.23 per cut including the mustache.We are facing some challenges that I hope the lenders will address.We have poor furniture which includes poor seats and we need a huge mirror for the shop to keep up with the competition.I have a dream that my KINYOZI will be one of the best and I know with Zidisha,my dream is valid.

Loan Proposal

My business has grown exponentially since my last Zidisha loan.I have heard a 40% increase in clients and revenue.This has posed a new challenge to me:the current shop is getting congested and small;the 2 barbers working for me are also overworked.I am borrowing USD450 to use as follows: 1.Use USD180 to relocate to a more spacious shop,repaint and brand it.This will give my clients and workers ample space to enjoy our servicesI will use USD 150 to buy decent shaving chairs,shaving machines and modern detergents.I will spend the remaining USD 90 to hire two extra barbers:a lady and a gentleman who are professional and can perform massage,scrub and other services.I will also buy them good uniform.Kindly lenders,you did it before,help me again make my dreams come true.
Thank you.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$392.90

Date disbursed

Sep 8, 2014

Repayment status

Late

Projected term

2 months

Cost to entrepreneur

Lender interest: $392.90 at 5.14% annual rate over 2 months = $4.66

Service fee: $3.28

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