Restocking

Richard Murage

Nairobi, Kenya

100% repaid

Entrepreneur

Name

Richard Murage

Member since

May 2016

On-time repayments

83 installments  •  34%

About Me

I started my formative schooling in east lands Moi forces academy and later or upper hill school my childhood was that of any child born in east lands where crime, mugging, early teen pregnancy is the norm, but lucky for me and the values instilled in me by my parents i choose not to follow the norm and instead concentrated in my studies for i knew education is the ultimate key to success
My business startup was rather out of default if i might say because in the beginning i never considered myself venturing in that type of business. It all started when i got an old cabinet from my neighbor who was relocating to another estate so I repainted cabinet so that i could reuse it in my house but a friend offered to buy it and fetched a good amount for it and as they say the rest is history and that’s how i got myself in the second hand purchase and resell business.
The unique thing i must say about my culture is allot of my peers have not embraced entrepreneurship as a source of employment, instead most are studying hard so that they can get white collar jobs in big companies instead of being innovative and think outside their spectrum and get involve in their own businesses and be their own boss.
My daughter is two years old and she like gadgets and discovering how thing work so i think i see her in the information and technology industry when she grows up or even a programmer. But whichever path she chooses to follow i will be fully support her.
Amongst my many hobbies i love travelling reading inspirational books and watching movies when am not at work, and watching football am a diehard arsenal football club fan.

My Business

My main business is the purchase and resell of second and goods i.e. both electrical household and office furniture's..I basically purchase and make them more attractive i.e. by repainting and vanishing then reselling them at a higher price.
The Kenyan population is made up of mostly the middle class and lower class income earners thus providing a viable market and a great demand for second hand goods that are more affordable and generally serve their needs as compared to new items which are expenses
The main reason of choosing this business is due to the gap that i saw in the market for the need of good affordable second hand furniture and electrical in the country and i had to exploit this opportunity.
My typical day to day costs of business are purchase of items from individual people who want to dispose of their items and also refurbishing cost i.e. repainting, welding if need be, varnishing and polishing. On the other hand my main source of revenue is the sale of the revamped second hand items.
My main use of my business profit is reinvesting back into my business as in my line of business a steady flow of cash is important. This is the case because you may be called up any time when items are up for sale and a steady cash will come in handy.
The rest of my profits i pay up my monthly expenses which include rent, utility bills and other home improvement expenses.
I believe my business is quite viable and it can well repay the loan in good time and this will help me acquire more items for resell and propel my business to the next level in the near future and expand to other parts of the city and counties in Kenya
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Loan Proposal

I plan to restock further and add more products to my stock more so fast moving items that i have identified that are on demand withing the market.
This loan will go along way as it will grow my revenues further by around 20%

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$11.01

Date disbursed

Nov 18, 2016

Repayment status

On Time

Projected term

6 weeks

Cost to entrepreneur

Service fee: $0.46

Lenders

A

AHansen

Georgia, United States

R

RMIM

United States

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