Entrepreneur
Name
Hope
Member since
June 2020
On-time repayments
28 installments • 71%
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
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Loan Info
Project Type
Classic Loan
Disbursed amount
$860.00
Date disbursed
Sep 14, 2020
Repayment status
Late
Projected term
5 months
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Summary
Amount repaid
$224.87
Amount remaining
$576.05
Expected completion
Feb 23, 2021
Status
Repaying late
Installment amount
$4.60
Repayment History
| Expected Payments | Actual Payments | ||
|---|---|---|---|
| Sep 22, 2020 | $91.74 | Sep 22, 2020 | $91.74 |
| Sep 29, 2020 | $0.00 | ||
| Oct 6, 2020 | $45.88 | Oct 1, 2020 | $45.88 |
| Oct 13, 2020 | $45.88 | Oct 6, 2020 | $45.88 |
| Oct 20, 2020 | $0.00 | ||
| Oct 27, 2020 | $4.60 | Oct 24, 2020 | $4.60 |
| Nov 3, 2020 | $4.60 | Nov 3, 2020 | $4.60 |
| Nov 10, 2020 | $4.60 | Nov 11, 2020 | $4.60 |
| Nov 17, 2020 | $4.60 | Nov 18, 2020 | $4.60 |
| Nov 24, 2020 | $4.60 | Nov 27, 2020 | $4.60 |
| Dec 1, 2020 | $0.00 | ||
| Dec 8, 2020 | $4.60 | Dec 10, 2020 | $4.60 |
| Dec 15, 2020 | $4.60 | Dec 17, 2020 | $4.60 |
| Dec 22, 2020 | $4.60 | Dec 23, 2020 | $4.60 |
| Dec 29, 2020 | $4.60 | Dec 31, 2020 | $4.60 |
| Jan 5, 2021 | $4.60 | ||
| Jan 12, 2021 | $91.74 | ||
| Jan 19, 2021 | $91.74 | ||
| Jan 26, 2021 | $91.74 | ||
| Feb 2, 2021 | $91.74 | ||
| Feb 9, 2021 | $91.74 | ||
| Feb 16, 2021 | $91.74 | ||
| Feb 23, 2021 | $20.99 | ||
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