Increase inventory for clothing retail business

Entrepreneur

About Me

I am a 21 year old born a family of 3 where I am the first born. Although I passed well in my form 4 exam, I couldn't progress with my education and I found myself doing manual jobs for a living. Last year I managed to open a small business in Kimende town where I sell second hand clothes, offer photocopying services and offer money transfer M-Pesa services from my savings. I reinvest most of my earnings in my business and the rest goes to paying fees for my two younger siblings. I intend to open a chain of shops, here in Kimende and neighboring towns to become a fully fledged business woman by the time I hit 30.

I am a choir member of Full Gospel of Kenya, Kimende and an active member of the local youth group where I am the Treasurer. During my spare time I do a lot of reading and I also like listening to music besides playing volleyball. I am currently attending piano classes and hope to graduates soon. Other than that, I am God fearing, born again christian.

My Business

Although I do small time farming, my main source of income is generated from selling clothes. I specifically deal with children clothes. My other earning are from the the photocopy and the M-pesa services. Here is a breakdown of how I earn on a monthly basis

Farming $ 100
Children Clothes $300
M-pesa and Photocopy services $ 200

Total monthly earnings $600

My expenses are as follows
Rent $50
Food and clothing $150
Miscellaneous $ 150

On a good month I am able to make $ 250 and over in profits. This is not bad considering the scale and the age of my business. All the services and goods I offer are in demand here because there less competition and have managed to offer my services and goods at rates save for the Mpesa where the rates applicable are beyond my control. I have managed to create a loyal customer base by offering personalized customer service. My customers know that when they come to my shop, they will not only meet a smiling face, but they will get good rates and a service they won't find anywhere else and thus make more referrals to keep my business growing.

Loan Proposal

The reason why I am applying this loan is to buy more clothes so that I can cash in on the festive season that is associated with extra spending. Bearing in mind that I already have a customer base, I can predict good sales volumes for the month of November and December. The proceeds will help me increase my M-pesa float as we head to January when again, my customer will be seeking to use the services to pay school fees. I will also increase the stock on photocopying paper in January when school opening children will need to photocopy their certificates when applying for college vacancies. In other words, this loan will mark the onset of business activities all geared to expanding my business.

With my current earnings, I will be in a position to pay the loan comfortably.

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