Entrepreneur
Name
Wilfred
Member since
September 2015
On-time repayments
213 installments • 12%
About Me
My name is Wilfred Migosi a Kenyan citizen aged 25 years.My primary education started in a remote school by the name Nyagiti Primary somewhere in the heart of Kitutu Chache North constituency in Kisii County.I later on proceeded to St Don Bosco Secondary school where I schooled for four years before joining Chuka University for my Bachelor of Science Agricultural Economics.
My business focuses on beauty services. I have a salon with cosmetics and barbershop all under one roof.
The business started way back in 2011 when I joined University for my undergraduate. Students were traveling 5km away from campus to seek hair related services. Upon realizing the great need for students and staff as well as the community around Chuka University for these services, I decided to put up a facility to address the need.
In the process of conceiving the idea, I realized I had one great challenge; being a student and depending almost entirely on my parents for financial aid with the only hope being the Higher Education loans Board ,I had to slash my budget to an extent of missing two meals so that I could make a saving to start up the business.
I managed to save Ksh.15000 all of which I used to invest in a barbershop. The business picked almost immediately and within two months, I was able to recover the amount I used as my capital. I was motivated so much when I looked at what the work of my hands was able to produce.
You may be interested to know how I managed to serve my customers owing to the fact that I had class work to attend to not mentioning that I was a class representative which meant that I was responsible for coordination of matters within our program that is including but not limited to fixing classes and looking for venues for lectures when need arose. The answer is simple. Time management is a skill that will enable one to do wonders. I knew when i had classes and when there was none so if i wasn’t in class or library, I was in my small shop serving my customers. With time I conditioned my customers that the time for me to conveniently offer the services was in the evening and full time weekend.
I did it on my own until I was able to employ one individual who assisted me when I was unavailable. The business has operated since then up to now we have full salon services with three permanent employees. I with my dedicated employee are committed to providing the best beauty services in town all the time!
My Business
The business offers hair braiding services,trimming services,manicure and pedicure.Within the business we also sell braids to clients as well as nail polish and hair treatment chemicals.
The braids and weaves are basically very useful for both the customers coming for services in our business and those who want to buy the and use them elsewhere.
Looking at the university setting which majorly consists of individuals who focuses on their looks,this business idea came in handy.
We usually pay electricity bills,water as well as the rented room as part of the costs.Maintanance cost for our machines also is requred at least once per m,month
The Business operates majorly on self funding.The profits obtained are re-invested so as to keep the business providing the required services for the clients.
Occasionally,the business seeks soft loan funding especially from mobile banking service Mswari where savings are made and a loan obtained for short term funding.
Part of the income generated is also used for doing expansion within the limit of the available funds.For instance This year alone some amount was set aside to purchase a popcorn machine to utilize the outer extension space in the business.The income from the machine compliments the amount obtained from the main business which actually as seen the business improve each day.
Loan Proposal
I intend to purchase the following items for my salon.
1.blowdry machines@ USD 40.30
2.Two hair clippers @USD 45=90
3.Sink installation USD 20
3.2 seats USD 32
The purchase of the above items will enable ease customer traffic especially now that we will have more machines.There will be undoubted comfort to my waiting customers since they will have the seats to wait for their turns.
Finally the sink will give me a controlled drainage which will make my working space clean and dry.
Feedback
Positive
None
Neutral
None
Negative
None
Loan Info
Project Type
Classic Loan
Disbursed amount
$171.00
Date disbursed
Apr 17, 2016
Repayment status
Late
Projected term
44 months
Other loans
Lenders
Jake Gibson and Beverly Picardo
San Francisco, United States
Ask Wilfred a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.