- Francis Mugendi has mastered how to turn his motorbike into a mobile boutique from which he retails secondhand bags
- The idea came after two years of making losses and being conned by brokers who sold him bales too expensively
- He finally got married to a woman who not only helps him with recordkeeping but also ensures he looks good before clients
Twenty-eight-year-old Francis Mugendi from Embu county in Kenya has carved a niche in the business of secondhand bags.
In an interview with The Standard, the young entrepreneur revealed that the journey was tumultuous especially in the first two to three years.
This, he attributes to the fact that he was still learning the ropes.
"At first I bought a bale worthy KSh 7,000 ( N25,000. and maze zero profit on it, so I had to get a loan to top up and get a new bale. After which a broker overpriced the bale and sold it to me at KSh 12,000 (N44,000) instead of KSh 9,000, (N33,000)" he revealed.
Woman and her entire family weep as taxi driver returns N400k she forgot in his car, hugs him in cute video
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It was also a period within which he decided to focus on one line of items for specialisation, and bags sufficed.
After the difficult start-up period, Mugendi's business took off and stabilised well enough to start paying his bills.
He discloses that the business has made it possible for him to finish paying for a piece of land.
Run business with wife's input
Mugendi adds that it is also from the business that he bought a motorbike to help him reach markets that he initially could not.
"When my time to get married was ripe, I used proceeds from this business to pay dowry," he said.
Mugendi is now married to a lady named Purity who says that her role in his life is to make sure his life is comfortable and he looks presentable before clients
Apart from making business decisions together, the couple also prays together and ask God to bless their hustle.
"The one thing about us is that I can not eat before he gets home unless he tells me he will be too late," said Purity.
Purity also reveals that most of the time it is her who takes records of stock and sales, so she has come to learn how to do budgeting on days the business is down.
I set up LAPO from my living room
Earlier, Legit.ng reported that the founder of a popular Microfinance Bank in Nigeria and Sierra Leone, Dr Godwin Ehigiamusoe revealed that he started the company known as LAPO from his living room and was running it for one year.
Dr Godwin made this disclosure while speaking exclusively with Legit.ng’s regional reporter Adewumi Adeoye recently in his office in Lagos.
He also revealed that he started with about three staff members which were eventually increased to ten.