Add beauty products into my salon

Hope Waudi

Nairobi, Kenya

28% repaid

Entrepreneur

Name

Hope Waudi

Location

Nairobi, Kenya

On-time repayments

26 weekly installments  •  69%

About Me

I am the mother of a 2-year-old boy whom I love very much.
I grew up in the city in an area called Eastlands, went to school in the city but for college, I went to Uganda, Makerere University to study Marketing but I had to drop out since I lost both parents and had to look for work to sustain my younger siblings.
They all managed to graduate and am very happy about that. So I got married, got a baby, and opened my business.
I have always loved to do business and at 14 years, I offered tutoring to the kids in my neighborhood for 1 dollar a day. Then at 16 years, I did a business of selling snacks to my fellow students in high school and at 18 years I had a small business of growing and selling tomatoes.
Currently my business(Salon&Barber shop) is located in a residential area, occupied by lower middle class.
My dream has always been to offer quality and affordable hair services to the working community to boost their confidence & self esteem as they go to work and still make it affordable as the cost of living has gone really high for city dwellers and many women are bearing the negative ripple effects.
The women come to the salon and are able to talk about their issues on a light note and we listen, offer advise, encourage and boost the morale of our fellow women when they come for hairdressing or manicure

My Business

I own a salon and Barbershop in Donholm Nairobi called Adis Magic Hair Salon. I opened it mid last year and it gave me a lot of Pride and Joy.
We have a staff of 5 young women who are single mothers and 2 Barbers who live in the nearby residential area called Soweto.

The business is located in a residential area, occupied by the lower middle class. We offer Hair Cuts, Braiding, Weaving, Perming/Relaxing, Dyeing, Curling, Dreadlocks, Manicure, Pedicure and Massage services.

My expenses include USD 300 paid yearly to the city council, USD 400 Monthly for rent, USD 75 for water & Electricity, I spend USD 30 for supplies weekly USD 3 For Garbage Collection paid monthly and Salaries USD 1200 Loan repayments USD 450 Total USD 2458

My revenues, pre-COVID averaged USD 100 per day totaling to USD 3000 per month, therefore, my margins were at 22%, but now in COVID, the revenues have gone down to USD 40 per day, totaling USD 1200 per month. This makes it impossible to pay staff their full salaries, which has made life really difficult since they are single mothers who have to pay rent, feed their babies and pay for their daycare services.

This has forced me to restrategize and I have come up with a new plan that edges on economies of scale that enables customers(target 2000 customers) to pay a monthly subscription fee of USD 5 that will enable them to get services at the salon twice a month, this will enable them to save up to USD 15 monthly. To be able to roll this out I need funding to buy supplies add no of staff, buy electricity tokens as we continue signing up the customers.

We attempted this plan in late 2019 and were overwhelmed by customer sign-ups and had to stop signing in more customers until we got more funding for supplies and additional staff who get paid weekly.

Loan Proposal

The loan will enable me to set up a mini shop for Beauty products within the salon.
95% of our customers have to buy hair accessories in order to get their hair done. Like weaves, braids, hair relaxers, dyes, oils, and other accessories.
This will enable me to increase the weekly profit margin.
Further, this will attract other customers who want to buy so that they get their hair done elsewhere.

Income Source

1)By increasing targeted Facebook Ads,
2) By giving discount to customers who buy hair accessories at Adis Shop on condition that they get hair services at Adis Salon
3) By giving existing customers a discount when they refer other clients.

Feedback

None

None

None

Loan Info

Project Type

Classic Loan

Disbursed amount

$800.92

Date disbursed

Sep 14, 2020

Repayment status

Late

Projected term

5 months

Cost to entrepreneur

Service fee: 10% of $800.92 = $77.35

Credit risk payment: $116.02

Lenders

J

Jason

New Jersey, United States

Brian

Midhurst, Canada

C

Christian

Saarbruecken, Germany

investor

Candiac, Canada

M

MarkAndMary

Seattle, United States

AltruisticSelfishnes

Chicago, United States

Hope2012

United Kingdom

ErikN

Stockholm, Sweden

F

Forba

Mo i Rana, Norway

P

Puffnstuff

Auckland, New Zealand

L

ldron7

Utah, United States

W

Walekkelson

Brisbane, Australia

G

guenter

Bremen, Germany

MakeSense

-, St. Kitts and Nevis

J

JakeA

Wellington, New Zealand

MindMuse

Talking Rock, United States

E

Elisa

Espoo, Finland

indeh

London, United Kingdom

M

Marij

Gent, Belgium

rasmus

Bern, Switzerland

Quentin

Toronto, Canada

Z

Zippo

Berlin, Germany

D

Divergent

Bethesda, United States

G

glomardor

Leonardtown, United States

Cloudways

Malta, Malta

element

Trondheim, Norway

J

jzidi

Los Angeles, United States

lorello

Vicopisano, Italy

S

SvenWaage

Stavanger, Norway

G

Goodwill

Oakland, United States

peanut

Halifax, Canada

R

Rking

Eugene, United States

P

Peksa

Espoo, Finland

basicus

Cairo, Egypt

G

glh25

Winooski, United States

Cricketca

San Jose, United States

P

prehders

Hamburg, Germany

BF

Bob Fitzjohn

Fontvielle, Monaco, Yemen

G

Goldrivermob

Gold River, Canada

C

Colmena

Chicago, United States

A

AndrewC

London, United Kingdom

S

Sreval

Manly, Australia

L

Leonora

TÄBY, Sweden

mojobob

Hayward, United States

tonnyschonewille

Maastricht, Netherlands

ibc123

Seattle, United States

xtrahardware

Cazenovia, United States

Freewolf

Salt Lake City, United States

mikeice

Kohler, United States

Evan Lamos

Brussels, Belgium

A

anson

Alexandria, United States

B

BobHope

United States

sderickson

Berkeley, CA, United States

G

GoughGirl

Washington, Dc, United States

pvilliger

Zurich, Switzerland

M

Marko

Helsinki, Finland

J

jenda

Czech Republic

M

mitchmk84

United States

johnhudson

Washington, DC, United States

B

bscent

Hong Kong

Grant Xavier Storer

Seattle, Wa, United States

Mimobo

Schwäbisch Gmünd, Germany, Germany

S

satheajay

United States

K

Kebrenagast

New York, United States

M

mbarbier

United States

Mike and Jacqui

United Kingdom

S

Stephan

Netherlands

S

Sven

Netherlands

Jeroen Decock

Gent, Belgium

Dave Bogard

New York, United States

MW

Matt Willis

United States

W

Wade

United States

JD

Jo Dane

Melbourne, Australia

Laurie

United States

Craig

Memphis, TN, United States

Kristin Rhodes

Kansas City, Kansas, United States

moursund

Beaver Nation, United States

Kevin

San Francisco, United States

I

Ian

United Kingdom

Jennifer Weber

Canandaigua, Ny, United States

ME

Manaal Eisa

Washington DC, United States

TH

tom hd

United Kingdom

Carla

Amsterdam, Netherlands

Framework Eyewear

Utrecht, Netherlands

F

Frits

Rotterdam, Netherlands

LH

Lisa Heinze

Milwaukee, Wisconsin, United States

GN

Gabriel N

Switzerland

Elise E

United States

Rory McLaughlin

Dallas, United States

Gabriel Fenili

Santo André, Brazil

I

isaac

United Kingdom

B

Boris

Bern, Switzerland

NG

Nick Gorrell

Surfers Paradise, Queensland, Australia

Kevin

United States

Sinan Taifour

Munich, Germany, Germany

Ren

Minneapolis/StPaul, United States

L

Lucy

Australia

S

Suzannah

New York City, United States

Craig Travis Provyn

Bradenton, Florida, United States

Day Family

Melbourne, Australia

VC

Victor Chong

United States

WM

Wei Min

Kuala Lumpur, Malaysia

D

Dalton

San Francisco, United States

hervey liu

United States

Diane U

Olympia, Wa, Usa, United States

GS

Gary Sinard

Franklin, TN, United States

M

Mack

Harbor, Oregon, United States

JF

J Fister

United States

KA

Khaled Asmri

Saudi Arabia

Mike

Indianapolis, United States

DW

Dan Winetsky

United States

L

Liam

New Zealand

Jane

Ontario, Canada

John Barnett

United States

Nethanel Kohen

NYC, United States

MC

Melissa Corrigan

Richmond, California, United States

Carrie

Arlington, MA, United States

Darren Jeppson

Denver, Colorado, United States

RD

Roel De Meester

Antwerpen, Belgium

LM

Lee Montecucco

Washington State, United States

AM

Andy Marston

United Kingdom

Claire Lewis

Wales Uk, United Kingdom

AA

Andrew and Kim

Nashville, TN, United States

PA

Peter A

New York City, United States

Stefan Koshold

Mülheim, Germany

Nick Studenski

Minneapolis, United States

Remo

Switzerland

Ryan Agnew

Australia

Lee

Washington, DC, United States

We Not Me

St. Paul, Minnesota, United States

C

Carol

Bayswater, WA, Australia

United States

R

RM

Australia

Girolamo Marroccoli

Basel, Switzerland

Peter Collins

Darmstadt, Germany

A

Ana

Australia

B

Bram

Germany

JR

Jose Ramirez

World, Spain

R

Roman

Germany

RS

Ralph Smyth

United Kingdom

Daniel Carvalho

Lusaka, Zambia

Christine

Munich, Germany

GF

Gammon Family

United States

NB

Nikolaus Bührer

Karlsruhe, Germany

Angela Chu

Toronto, Canada

R

Rafael

Switzerland

A

Atte

Netherlands

S

Sibyl

Basel, Switzerland

S

Sam

New Zealand

CL

Caleb Liu

United States

R

Ru

New York, United States

DK

Daniel Kalla

Saint Paul, United States

A

AM

United States

Utahna

United States

SF

Snow Family

United States

SK

Susie Kyoo

United States

EJ

Ewan Jones

Bristol, United Kingdom

C

Christopher

United Kingdom

O

Ochom

United States

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