To stock food & other household provisions in my shop
Peter
Nairobi, Kenya
100% repaid
Entrepreneur
Name
Peter
Member since
July 2021
On-time repayments
8 installments • 75%
About Me
My name is Peter Mogire Nyarenchi born on 14th of November,1977 in Kericho Nursing Home within Kericho County. Am the second born in a family of eight(8) children. I started my Primary schooling in 1984 in Kericho Township. I later transferred to a boarding school in Kisii County called Mosocho Academy where I sat for my Kenya Certificate of Primary Education in the year 1991 and attained 442 marks out of 700 marks. I joined St John's Nyamagwa High School in the year 1992 and sat for my Kenya Certificate of Secondary Education in 1996 having attained a grade of C(Plain). In 1993 I went back to Mosocho High School to resit for my form four exams and managed to attain a grade of B-(Minus).
After my High school I joined my Father who had an Agro-vet business to assist him in the daily running of the shop. I stayed at home for quite some time before I enrolled for a Management of information systems Course at the Kenya School of Monetary studies that was in early 2000. I managed to Complete the Higher Diploma Course in 2002. After that I tried looking for a job but did not succeed immediately. I remember surviving in Nairobi was not easy because I was living in my cousins place in Kibera Slums. I used to leave the house very early in the morning by foot using Ngong Road to reach Nairobi Town. I had a small pocket Radio and ear phones and used to listen to Radio programs aired by Kiss Fm. They would ask questions and the correct caller would be rewarded some cash. I used to go hang around Nyayo House where there were many telephone booths. when the time for the program came I would be listening to the Radio and trying to call with the right answer. The phone used to be engaged but it would sometimes go through. I was lucky one day to identify a "mystery laugh" and was rewarded with kshs.5000. I also joined the "who is Smarter Now?" program aired on KTN every Sunday and managed to get kshs.8000. That is how I used to survive in Nairobi after college. In May 2003 was lucky to be recruited to the Police Service. That is where I managed to get money to start up clothes business in Mutindwa Market. My wife was the one running it. We had bras and swimming costumes in our stall. After the Corona Pandemic came business was not good. So I had to switch to a retail shop.
My children are still young and would want them to work hard in school and become successful in life. It is not a must they get employed, they can venture into business. My unique hobby is I like volunteering in community exercises like general cleaning of the estate on weekends.
My Business
In my shop I sell all general household goods and mostly common foodstuffs. For example I stock the following items: Sugar, Cooking Oil, Rice, Bread, Milk, wheat flour. Baby Diapers, sweets, Body lotions etc. I also run an Mpesa Agent. The above goods listed are in high demand as my shop is in a densely populated area. I chose this kind of business because it would be easy to run and it does not require a lot of Capital to start. I saw it as the best business because many people need the common items like cooking oil, flour, rice from day to day. But my aim is to start a wholesale in the near future.
My typical costs is the monthly rent of kshs.15000 and the annual work permit of kshs.10000. The daily revenue averages between 5000 to 7,000.
From the profits I get to pay some fees for the children and also save the profits to restock when an item needs replacement or when stocking new items.
Loan Proposal
I will use the funds I get to add fast moving goods to my retail shop such as cooking flour or buy a a 50kg bag which moves very fast then maybe buy 20litres cooking oil. These are things which move very fast. In like 3 days I would have finished the products. The small profit I generate is what I save so that I can be able to pay the loan easily.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$48.00
Date disbursed
Jul 14, 2021
Repayment status
On Time
Projected term
3 weeks
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