Inventory to purchase new brand shoes for sale

Entrepreneur

About Me

I am 32 years old, born and raised in Kisumu, Kenya. I attended primary school and secondary. Though I managed to complete school, I went through a lot of hardships. Having lost my parents at an age of six, I was helped by my relatives.

Due to pressures they did have in our extended family, I had to find a way to make a rightful living. I didn't get help to join college. I regret why I didn't perform well in my exams to attain marks to join campus. I do know that education is valuable in life, but I know that I can get to rise and be someone of importance like Bill Gates.

I am single, trying to work hard to be financially stable so that I can think of marriage. I am hoping that everything will work out well so that my children may not go through what I did go through. I want them to have the best that I can provide for them.

My Business

It is through hard work that I managed to raise capital of $232 to start a secondhand shoe selling business. To get this capital, I worked different jobs as a nanny or house help and did garden work too. It took me two and a half years. I really needed patience, perseverance and determination to realize this. Life is hard in Kenya, but one has to try out his or her best, aiming high always.

I then got a stall at Kibuye in the market where I started my business. I buy my stock from the neighboring country Uganda because they are cheap there, and then I sell them in Kenya to make a profit of $5 to $8 per pair of shoes.

The key to success is to meet the demand for an upscale women's and men's shoe store with a wide selection and focused customer attention.

Objectives of my shoe resale store
1. To create a product–based retail store whose primary goal is to exceed customer’s expectations.
2. To increase the number of clients served by 15% per year by serving an unmet need with outstanding selection and customer service.
3. To develop my business surviving off its own cash flow.

Mission
To provide an upscale selection of women's and men's shoes and outstanding customer service. When I adhere to this, everything will fall in its place. My service will exceed the expectations of my customers.

Product
These are the categories of shoes that I sell: sandals, loafers, stylish shoes, dress shoes, canvas athletic/ stylish shoes. My business strives to have one of the largest selection of shoes in Kisumu’s Kibuye Market.

Market analysis
My shoe resale business targets two distinct groups of fashion – conscious females and male shoppers, professional workers and housewives. While both groups are interested in dress shoes, the professionals will be looking for fashionable shoes they are able to wear with their business attire. The housewives might be looking for fashionable but more casual shoes.

Market segmentation
Targeting two different population segments within the broad category of fashion – conscious females and males with disposable income.
1. Professionals: these are full-time working professional men and women working in Kisumu and its environs. They typically earn more than $200 p.m. They will purchase shoes for the workplace as well as for leisure time.
2. Housewives: the household income of this group is $70 - $150, generally towards the higher end of that range.

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These markets are targeted through my attractive eye-catching storefront in my stall; this enables me receive walk-through customers.

My business deals with the retail of both new and secondhand shoes, which I purchase from a neighboring country, Uganda, delivering them to my stall for sale.
My monthly expenses are as follows:
Rent $27.00
Electricity and water bills $ 8.60
My salary $80.64
Transport $ 16.12 (twice in a month to and from Uganda)

My sales in a month $ 200.00
Less expenses $ 133.00
Profit $67.64
My profit in a month ranges from $65.00 to $75.00. This I use in the purchase of more inventory.

Loan Proposal

the reason why i need the loan is so that i may purchase more shoes along with the money i have for my inventory so as to increase my sales due to having a wide variety available. i want to try brand new shoes along with the second hand so as to offer my customers a new line of shoes. this will increase on a customers choice on either new or second hand. i remain optimistic that i will be in a pisition to pay my installments in time so as to even be in a position to borrow a bigger loan and hopefully expand my business

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