looking for a small business loan

Looking for a Small Business Loan?

So it seems I may have inadvertently started a series (of posts) centering around what was going on when I went missing from my blog for a year.  I promise there are happy endings and learning lessons wrapped up in all of these posts. 🙂

When things got tough with my business, I started to pour more effort into some side projects that were still in the construction phase.  One of my side projects was an online store.  I have always wanted to create products based on my illustrations, artwork, photography and quirky sayings, but I hit a bit of a funding snag when things got super slow with my design business.  This lead me to start looking for a small business loan.

My original plan was to bootstrap the online store concept with funds from my design business.  To be completely honest, the idea for the store and for different product designs came about long before I actually tried to launch the concept.  The tough times that I was experiencing with my business served as a catalyst to try to bring the ideas to fruition.  Desperate times call for desperate measures.

While I would have preferred to self-fund the store myself, I just didn’t have the cash flow needed to launch in a short period of time.  Instead, I decided to try financing with a small business loan.

The biggest expense I faced with launching the store was trying out different print vendors with my designs.  I needed to purchase samples.  I needed to see who had the best quality and which designs worked best for printing.  This required money.

Looking for a Small Business Loan

The first thing I did was to turn to “the Google.”  I did a search for small business loans and a familiar name popped up…Kabbage.

A friend of mine that is an eBay and etsy store owner had told me about Kabbage a year earlier.  He had used their site to get a small business loan to purchase inventory and supplies for his business.  The way he explained it was that it was an easy process to qualify for funds and easy to pay back.

Before I clicked on the link to check out Kabbage, I called my friend to make sure they were still a legit source for him.  I also wanted to make sure that in the year since he had first told me about them, his experience was still favorable.  He told me he did still occasionally use the site and that he still felt it to be a good alternative to going to the bank.

So I went back to “the Google” and I clicked the link.

The process to sign-up was pretty easy and because my design business uses Paypal as a payment processor, it was easy for Kabbage to analyze my revenue.  I honestly can’t remember if it took a few minutes or a few days to determine how much I qualified for and I don’t want to lie by trying to venture a guess.  I do remember that it was a very easy process and once I knew how much I qualified for, gaining access to funds was immediate.

I ended up qualifying for more than I actually needed and I liked that Kabbage did not force me to take that entire amount.  I submitted the amount that I wanted to “withdraw” from the approved amount, and they gave me a list of terms and a time period to repay the funds.  I was given specific dates and amounts that would be withdrawn from the Paypal account that I had linked to Kabbage.  Once I gave my agreement/acceptance, the funds were immediately made available within that Paypal account.  This allowed me to use those funds right away.

Another bonus or thing that I really liked about Kabbage was that there was no penalty for repaying the loan early.  At any time, I could go in and submit a payment for any amount.  It would post to the principal and reduce the amount I owed on the next payment.  I paid my loan off prior to the term limit (6 months) for the original amount.  I did go back about a month later to withdraw some more money to cover advertising for the new store.

It has been a little less than a year since I last used Kabbage, but if I needed funding for my business again, I would definitely use them.  Since that time, I received a notification that the amount I qualify for has increased.  Although I don’t need it now, it’s good to know! 😉

If you are a digital or online business and you are looking for a small business loan, I would definitely recommend Kabbage.  Like with any loan, you do have to pay it back and in a timely fashion.  So if this is something you struggle with, I think you should put your idea on hold.  If you can handle making payments, or just need an advance on funds, Kabbage may be what you are looking for in a small business loan.

I would like to note, that my experience with Kabbage is my experience and was favorable to me.  I also would like to note, that I am not being paid to write about my experience, although I was encouraged to do so by a Kabbage rep for a campaign they are doing to get the word out about their services.  With that said, no compensation has been given, no promises of exposure and no affiliate links appear in this post.  Just my two cents. 🙂

How I made it through a tough time with my business

How I Made it Through a Tough Time with My Business

So last week I announced that I was back from my hiatus and that there had been a myriad of reasons for my absence.  Over the next few weeks or so, I plan to write about some of those reasons that held me back and caused me to take a break from writing.  One reason wasn’t so much a cause, rather a hindrance and stressor that prevented me from writing.  I was experiencing a bit of a tough time with my business.

Prior to my return, my last posting was back in the fall of 2014, September to be precise.  2014 overall for me was a funky year from a business perspective.  I came off of 2013 on a bit of a high.  I saw a significant increase in revenue compared to the previous year and I was on track with my 5-year goal with my business.  I had high hopes and projections for 2014 and I was eager to start the year off.

That year sucked.

The year started off slowly, but that was expected.  I had gotten used to knowing when my high and low seasons were.  Typically the latter part of fall, through the beginning of winter is slow for me.  My busy periods typically are in the spring, the latter part of summer and the very beginning of fall.  My goals have always centered around capitalizing on those periods of time.

So when spring rolled in and rolled right back out without even half of the revenue that I normally would see, I got a bit concerned.  By the time I limped through summer, I was almost in a panic.  Fall was right around the corner and I saw it as my last opportunity and hoorah for the year, but the landscape was bleak.

No new clients, no new projects, and very few inquiries.  It was a tough time.

Prospecting for New Clients

I knew I needed to be more proactive than I had been to get some work to come in.  I had so much work come in during my busy seasons the previous year, that I think I got comfortable.  I stopped working to get work.  I had apparently subscribed to the thought that if I do nothing, they will come.  They, meaning projects and new clients.

So the first thing I did was try to figure out how to get new clients and work.  I turned to a fellow designer friend/mentor and asked the age old question: “How do you get new clients?”  He told me that he targets warm leads, instead of cold calls and pitches.  Basically he looks around locally and identifies businesses that are advertising in some capacity, but may not have very attractive ads/graphics.

He then calls or drops in to see if he can briefly speak with the business owner about their marketing and graphic design needs.  They are a warm lead because they have advertising dollars to spend and are spending it.  The pitch is to get them to stretch those dollars further with better concepts and designs, by spending it with him.  They are going to spend those dollars anyway, why not spend it on better visuals?

Because I am such an introvert, this was a little bit harder for me to do.  So I adapted his method to work for my introversion.  I had a bit more success by targeting businesses that were advertising or targeting digital channels like social media and blogs.

Another thing he suggested that I do was to pitch local agencies for overflow work.  When agencies are busy and don’t have the manpower to cover all of their project needs, they turn to freelancers.

For this, I used LinkedIn.  I signed up for a 30-day trial pro account and used it to identify art directors, creative directors, and principals at local agencies.  I made connection requests and drafted my pitch letter.  I pitched myself for their overflow work needs via the InMail feature and directly through email.

While I didn’t get any immediate work from doing this, I did receive quite a few responses and promises to be put in their databases for those times.

Gigging

A lot of agencies and corporate in-house creative departments turn to creative staffing agencies to staff their immediate short-term and long-term needs.  There are several local to me and contract gigs are something that I have done in the past.  My next step was to sign-up online for all of them.

Gigging would provide me with immediate revenue and I knew that if I could do short-term or part-time gigs, I would still be able to handle my freelance projects and clients.  It would also give me an opportunity to work with more recognizable agencies and brands.

Within about a month of signing up with every creative staffing agency in town, I landed a short-term gig at a large, reputable PR firm in a posh part of town (Porter-Novelli) and then an open-ended gig as a Jr. Art Director at a well established, Fortune 500 company (NCR Corporation).

Tough Time Take-Away

While tough times lead to immense stress and financial strain, I am actually glad that those tough times happened.  I learned a lot of things.  For one, never get lazy or too comfortable.  I always need to be marketing myself in some capacity, even when the work is rolling in endless streams.

I learned adaptability in taking something that worked well for someone else and adapting it in a way to work for me.  I also learned some new sales skills, copywriting for conversions and sales, and a better way to use LinkedIn for my business.

I also learned how isolating my freelance life, coupled with my introversion had made me.  It was kind of nice to see something other than my four walls in my home office and to have actual human coworkers and not just my dog.

By the time the winter of 2015 rolled in, I was back on top.  I was no longer panicked about revenue or watching my savings deplete.  I was actually seeing them increase.  I was also no longer scrambling for clients and projects.  I actually ended up turning a few down that I was really interested in and referring them to some of my freelancer friends, because I didn’t have the bandwidth to take them on.

About two thirds of 2014 sucked, but that last third turned out pretty awesome and it has continued to be awesome through this year, 2015.

Have you had to take measures to get through a tough time with your business?   What were some strategies you used to get through them?  Share your experiences below!

I'm back from my blogging hiatus

I’m Back from my Blogging Hiatus

She’s back!  Over the past few months I have been quietly making some changes and tweaks to my site and to my business in general.  It’s been a little over a year since I last wrote something here and there are a few reasons for my blogging hiatus.  Illness, burnout/fatigue and needing to explore some other avenues from a business perspective are just a few factors for my writing absence.  However, I believe that I am ready to return to writing and I’ve even convinced a couple of friends to join me here on my blog.  My fingers are still crossed and I may or may not have wished on a shooting star last night, but I hope to be back to writing on a (somewhat) regular basis here.

In the meantime, I encourage you to take a look around and check out some of the design changes that I have made to my site.  I’m still working out a few kinks and making tweaks.  Do not be surprised if things seem to shift around a bit and change.  I am my own worst client.  While I think I am great at designing and helping others, I am a bit indecisive and hypercritical of my designs and branding for my own business.

So I invite your feedback! If you like what you see, let me know.  If you hate what you see, let me know (try to be nice though).  If you think I’m doing too much, call me out on it.  You can even hashtag it with #teamtoomuch or #doingthemost, in a Twitter or Facebook rant. 🙂

What Does Your Headshot Say About You? Another Installment on @eZangaInc by Me.

If you’re using personal branding as a marketing strategy or to find a job, you need a headshot and you should read my guest post over on the eZanga blog.  It’s time again for my monthly installment and this time I’m talking about the visual impact your headshot has on your personal branding strategy.  Your profile image on social media or your headshot on a business “about us” page may be the first impression someone gets of you.

Head on over to eZanga and find out how you can make your headshot say what you want it to say.

“What Does Your Headshot Say About You?” guest post for eZanga.

ezanga-guest-blog-post

Your Stuff Cannot Stink – Prove Your Ability and Worth

Yep, here we go again. Colleen is on a bit of a rant again today. What has my gears grinding today? Businesses that think they are illusionists and use smoke and mirrors to dazzle you into believing their claims. They use their messaging to tell you how great they are, but do not show you how great they are. In the past, it may have been enough to use frilly adjectives like “awesome,” “great,” and “best” to sell a product or service. However, today’s consumers are a bit more skeptical and you need to demonstrate or prove that you really are the best, great at what you do and have an awesome product.

To borrow a line from the movie Jerry Maguire, “Show me the money!” For example:

If you build “cutting edge” websites, but your own website looks similar to Berkshire Hathaway’s website or you are using the free version of Wix (that includes their logo and favicon), I’m not going to believe you. I probably won’t bother to take a look at your portfolio, because you have proved to me by your own site, that you do not know what cutting edge currently means when it relates to web design.

If you are a self-proclaimed social media maven or guru, I should be able to find you on every major social media network. Not only should I be able to find you, but I should be able to see your prowess reflected in the quality of your posts, engagement and following/fandom on those networks. I need to see you walk the walk, not just talk the talk.

SEO, SEM or PPC expert that gets great results? Show me with a few case studies that include mathematical figures and percentages of how you took a client from point A to point B with their goals. If you can back that up with a few client testimonies from real and verifiable business owners, I might just believe that you can improve my search engine rankings and boost my website traffic.

In a nutshell, your stuff cannot stink. Fluffy adjectives to describe yourself and your business/product will only get you so far. If you are truly as good as you say you are, you should be able to prove it.

 

dont-just-tell-me-show-me-you-can