Ruth Waithera is the managing director of Beautiful Steel Interiors Ltd.
She is among Kenyans who have learned loan management the hard way having taken a loan without a spending plan.
Here is her story as told by WoK.
Background
Before setting up her business, Waithera was working as a consultant for interior decor, and while at it, she undertook courses in interior architecture.
She commanded a huge client-base which enabled her to save enough starting capital to open her business.
While starting, most of Waithera’s clients were family members and close friends.
“These were important in giving feedback and criticism on where I needed to improve as I opened up for a larger client base,” she said.
Since the inception of her company in 2018, Waithera enjoyed good business until 2020 when COVID-19 struck.
“This pandemic really hit the construction industry. Most of my customers pulled their brakes as a financial self-preservation measure,” she said.
As if that was not enough, the 2022 General Elections came calling slowing down the business once again.
“To complicate matters, the cost of running a project has been very high due to rising due to the rising inflation,” she explained.
Through her company, Waithera handles ceiling works, floor finishes, furniture design, paints, soft furnishings and décor.
She also does planning for both commercial and residential spaces, construction drawings and 3D impressions.
Loan management
As earlier highlighted, Waithera noted that she previously took a loan without having a proper spending plan.
As a result, she ended up spending almost half of the money she had borrowed on things that she had not planned for.
“Never take a loan if you don’t have a proper plan on how you are going to spend it. The repayment of the money was painful because I had nothing to show for it,” Waithera said.
Waithera advised people to take time in matters personal growth, financial stability and career success.
“For instance, if there are habits you want to change, you must appreciate that it will take time for you to do a complete turnaround. The same with wealth creation,” he explained.
