Sofia's Story

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The following story comes from one of our partners in Ecuador. Sofia’s story is one of our highlights from the financial literacy classes we are supporting in Latin America.

Sofia has always loved sewing, but never imagined how important her skills would be until her husband decided to abandon the family. The only way to feed her two children was to start a business. She had no experience or education, and her husband had told her she was worthless. In spite of her fears, she knew she had to move forward.

She considered her sewing skills and looked at the local market. She noticed that vendors in the market stalls were doing a good business selling bed sheets, but few were selling sheets with patterns aimed at children. She thought of an idea that would use her skills. She started very small and put in long hard hours on a borrowed sewing machine. She bought some fabric with patterns her children liked, such as Superman and Sponge Bob. People soon started buying her sheets.

Sofia put her business ideas in writing after joining a financial literacy group offered by one of ProLiteracy’s partners in Ecuador. She arranged her business ideas according to the 6Ps, a business concept she learned about through the financial literacy workshops (plan, product, process, price, promotion, and paperwork). She learned how to keep records of expenses and sales. She negotiated discounted deals to buy fabric in larger quantities and wrote her agreements with vendors. With so much of her own time and money invested, she was able to prepare a written plan for a small loan. With her paperwork and plan, she was able to get a loan to buy a sewing machine and even more fabric. Now her business thrives, and she is paying off her loan and increasing her income.

Sofia is pleased with her success. “I have a plan and my children help me after school. Together we are making a better life.”

Picture: Sofia proudly showing her picture, used in one of ProLiteracy's financial literacy flip charts on the 6Ps. Her story has been told all over the world.

Comments

  1. Nana 675March 27, 2012 at 12:19 PM

    Good for you Sofia!!! Keep up the good work.I wonder what her ex-husband would say now after he learns about her success.I think that financial literacy classes are an excellent methods to teach people about marketing and business basics.

    ReplyDelete

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