I am Wilbur Kiplagat 21 years of age, hardworking and business orientated. My passion in business made me to be an entrepreneur ready to venture into the professional field. i am a fourth born in a family of five sons namely; Sammy, Nickson, Robert and Wilfred. we are parented by Joseph and Susan. My father is a businessman owning residential flats, a number of fixed assets and he also engages in commercial agriculture where he plants wheat for commercial purposes. My mother is a renowned farmer dealing with planting maize sorghum and vegetables in the well-known Uasin Gishu region.
My home is located in the great rift valley, Uasin Gishu region, Ainabkoi constituency and Kaptagat ward. We live near flax centre which is famous for storage and maintainace of fluorspar which is transported from Kerio valley. The nearest town from my home is Eldoret town known for its success in agriculture and production of re-owned athletes all over the world the likes of Ezekiel Kemboi, Asbel Kiprop and Nickson Chepseba.
I completed my secondary education in 2010 and attained a mean grade of B+ in KCSE and thereafter enrolled for university in the university of Eldoret (UOE) where I pursued a bachelor’s degree in actuarial science currently in 3rd year. I basically started the business to help my parents financially in terms of provision of basic needs in the campus. Apart from that, my passion in business made me to take a step in businesses.
To add on that my sense of responsibility natured from my high school that has gradually grown over the years eventually lead me to take a try in business especially because business was my best subject in high school. From the earnings of my business, I can add more stock to the existing stock of my goods and services since the business consist of a business shop enclosed in with an mpesa shop. Apart from that the earnings enables me to invest more in the business by injecting them to the m-pesa float adding more stock of chickens to the available stock etc.
Conclusion, the other reason for starting a business is that business itself is a career which can be done part time.
PROFITABLE AND LUCRATIVE SOFA SET MAKING BUSINESS, A BUSINESS WORTH!!
My business generally entails the making of quality sofa set and beds .The business premise is situated at a place known as Kimumu at the outskirts of Eldoret. The place is inhabited by the working class individuals who work in Eldoret town. Most of them are married making sofa sets and beds crucial necessities’
Beds and sofa sets are highly needed as they make an individual comfort keeping in mind that in this current generation, they are no longer luxuries. Apart from that, since the inhabitants are the working class individuals, the need of owning classic sofa sets and beds is crucial to ascertain and maintain their class. Sofa sets are very crucial to make a good impression when you receive your friends or family during those important meetings such as family get-together or celebration such as birthday parties and weddings.
Most of the hotels, lounges and offices nowadays preserve rooms for their clients equipped with a collection of conspicuous and comfortable furniture including sofa sets. This makes the clients comfortable and ready to enjoy the services offered by the hotel or office.
I basically chose this business because it is profitable and easy to manage. Apart from that, the fact that the business location is suitable makes it marketable considering that the goods are in demand in all hotels, supermarkets, lounges and offices in Eldoret town. It is an enjoyable business as it enables you to interact with many clients and master their tastes and preferences and enable you to improve on the quality of services offered.
TYPICAL COSTS
-Pieces of Timber for a 7 setter sofa set - 50 Ft *100 = 5000/= =$63
-Glue = 1000/= =$12.5
-Cushions 7 @ 500 = 3500/= =$43.75
-Nails (2 inches, 1.5 inches and 3 inches) – 4Kgs =1000/= =$12.5
-Labour - (2 workers) =1200/= =$15
Total 13,200 $165
REVENUE
One 7 setter @ 25000
Cost of one sofa 25,000 =$312.5
Total costs 13,200 =$165.0
11,800 =147.5
Revenue = Total sales – Total costs
My profits are well utilized by re-investing back to the business and paying of my employees which is very crucial for their work motivation hence enabling them cater for their family needs.
My Loan proposal
When awarded the loan I will use it precisely and wisely to ensure that the materials of making a comfortable sofa set are available in time for my employees to embark on work. With enough cash to run the business, the availability of the sofa sets to my clients will be in time and ready for transportation to various hotels and supermarkets in Eldoret and its environs if the need arises.
The loan will come in handy to solve the various financial problems that any business faces. With well planning and utilization of the loan, the amount of returns will be higher than the costs hence making the business profitable.
Apart from that, the welfare of my employees will be well catered and they will eventually take care of their families. The growth of a business is crucial and I will ensure that the general management of the business is effective.