Reselling watches and clothes to put myself through college

Philomina Yeboah

Accra, Ghana

3% repaid

Entrepreneur

Name

Philomina Yeboah

Member since

February 2017

On-time repayments

60 installments  •  52%

About Me

My name is Philomina Yeboah from Accra- Ghana. I attended victory primary and junior high school. My parents are Ghanaians with nine children and i happen to be the third. My father is a driver and my mother a trader. After i finished my junior high school education, I helped my mother sell her goods at the market and i really learnt a lot about buying and selling. I gained a lot of experience about buying and selling business and i developed a passion for trading so when I got an admission at the teacher training college, i decided to do something to raise money to support my guardians take care of me and this got me into selling clothes and different type of watches on campus and this business has really helped me to achieve financial freedom.
I am a student entrepreneur and an an outstanding college of education student at Wesley college of education -kumasi. Am a business oriented person and i intend owning my own business after school. I sell watches and second hand clothes to colleagues who cannot afford the most expensive watches and highly priced designer wears and it has helped me a lot to get money to afford my basic needs. I started with a minimum amount but through stringent measures and determination, the business has been so successful. I want my children to have the best and quality education so that they will contribute their knowledge in national development agenda.
I read novels and my Bible when am free.

My Business

I provident students with affordable and quality second-hand clothes and watches on campus to generate income which is reinvested into the business to grow it. Second hand clothes and watches are in high demand because not all students can buy/afford the cost of the most expensive designer wears hence my resolve to provide the alternative goods for all irrespective of their financial standings. More students are in need of the things i sell but because of financial constraints am not able to satisfy them all since my principal amount would not allow me to procure more of the goods.The demand is very high, which far exceed my ability to supply. My mother herself is a trader and she inspires me to do the business which has really helped me. She gave me the starting capital to began and she still coach me on how to save money and many other necessary advices. The profits i get from the business is reinvested into the business to grow it bigger. The loan when given will help me to get enough products to resell and generate enough revenue.
The details of the typical cost and revenue are highlighted below:
Second-hand clothes = 500 dollars
Estimated revenue =320 dollars.
Watches =300 dollars,
estimated revenues= 150 dollars.
The goods are in high demand and about 800 dollars worth of goods will be sold within a shortest possible time.
The profit is reinvested in the business to grow and enlarge it.

Loan Proposal

The loan when granted will offer me the chance to expand my business and also procure more watches and second hand clothes to resell in order to make more returns and also be able to supply my many customers in and around campus with goods. I need about 800 dollars to buy more of these products so that I can generate more revenue to cater for educational expenses in school.
The loan amount will help me to expand my business so that I can make more money for the payment of my academic and residential fees.
I thank Zidisha lenders for the numerous financial support offered me and i am much grateful. The loan will help me double my earning on daily and weekly basis.
Thank you all.

Feedback

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  • Marcus    Aug 11, 2017

    well done, Philomina. It was a pleasure to give you a helping hand.

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Loan Info

Project Type

Classic Loan

Disbursed amount

$1,267.13

Date disbursed

Aug 22, 2017

Repayment status

Late

Projected term

122 months

Cost to entrepreneur

Service fee: $33.55

Credit risk payment: $37.60

Philomina opted to pay $381.22 into the Zidisha Members Loan Fund in return for a higher starting credit limit.

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