Tim Forhan and family hosted a Shark Pond service project in which 2 entrepreneurs pitched their businesses for a $1,000 USD startup loan. The businesses included Julie’s Local Rice and Lawson’s B2B Plumbing company. Watch the show below to see who won the funding.
You can review their business plans, financial statements, and pitch videos below.
Business #1: Julie’s Local Rice
Julies Ventures offers its quality, stones-free, nutritious yet affordable local rice to consumers in the Ashaiman and Tema Municipalities in the Greater Accra Region. The company has a solid modus operandi, strong market position and a coherent sales strategy that hinges on a sales vehicle to leverage what I call the “ice cream truck” sales model. The car is outfitted with a PA system to play ads for rice as they slowly drive through neighborhoods selling to clients who enjoy the convenience of not having to carry heavy bags of rice home from the market in a taxi.
The company faced transportation challenges earlier this year, so Julies Ventures had to use funds set aside for inventory to purchase a new car for sales and distribution. It forced the company to reduce its stock from 35 bags to 5 bags in May 2023.
The company quickly ploughed back its profits after the purchase of the sales car and thus increased stock from 5 bags to 10 bags in September 2023. It has also started negotiations with suppliers to receive stock on credit and pay after sales.
Although these strategies are effective to start turning its stock levels around, they are not enough to meet the demand of customers during this Christmas season and therefore it seeks for GHC 10,000 ($1,000 USD) to be able to increase stock to 35 bags in December.
Julies Ventures has a ten (10) month projection in place which centers on efficient utilization of an Entrapov micro loan. By the end of the tenth (10th) month, the company will generate Ghc 20,000 to pay back Entrapov and Ghc 60,039 as net profit. This amount is likely to go up by 1.4% by the end of the same period as the government of Ghana continues to pursue for economic recovery program with the International Monetary Fund (IMF).
Business #2: Ptwo Plumbing
Ptwo Plumbing Enterprises is committed to being the premier B2B plumbing provider, delivering excellence and innovation in Eastern Nigeria in the next 5years. We offer conduit and surface plumbing solutions and sewage removal. The $1,000 micro loan will enable Lawson to purchase the following assets:
- Cutting machine: $100 Uses: For cutting concrete, rods, and tiles
- Pumping machine $300 Uses: For removing water from sewage and water logs.
- Mini Gen: $300 Uses: To power the machines.
- Shop rental: $260 Uses: Serve as a contact point, a place to sell our materials.
- PPR Machine:$60 Uses: For welding pipes and fittings together
- Tools Box:$100 Uses: Contains useful plumbing tools needed to make work easy.
New machinery will enhance operational efficiency, streamline work processes, minimize labor expenses, and avoid potential hazards. This will enable a significant increase in project capacity, leading to a tripling of revenue and enhanced profitability. Establishing a dedicated workshop facility will facilitate the acquisition of additional contracts to expand training programs for students, further helping our market presence and growth opportunities.
