Carpet Magic
Equipment Financing Carpet Magic
Author: Stephanie Clarke
Date posted: 05.26.23

Everett started his carpet cleaning business small - with a unique combination of a powerful portable carpet extractor, an industrial strength vacuum with special filters, and a specialty carpet cleaning solution which helps keep carpets looking new even in heavy traffic. He has grown a consistent clientele throughout the city and hopes to eventually grow his business and take it statewide and beyond in the future. Currently his challenge is demand as his residential and small business clients continue to recommend his business. Finding responsible employees isn’t the issue, but the costs of the extractors and vacuums is high.

Everett plans to expand his renowned carpet business, celebrated for its touch of Carpet Magic. This expansion involves acquiring three more carpet extractors, three additional vacuums, and the specialized equipment needed to uphold his exceptional service standards. With a waiting list for three new employees, he recognizes the importance of providing them essential tools to meet client expectations and uphold the business’s reputation.

Upon finalizing the equipment procurement, Everett will then kickstart the hiring process and subsequent training. By implementing a deliberate, phased approach, he aims to ensure comprehensive preparation for each new team member. Furthermore, he intends to personally accompany them on various assignments, making sure their performance matches the elevated standards set by Carpet Magic.

Carpet Magic

Beginning his task, firstly Everett priced the carpet extractors and industrial vacuums from multiple vendors in order to find the best price. His current quotes total $145,000, encompassing three extractors, three vacuums, and essential equipment. Furthermore, simultaneously obtaining quotes, Everett also researched loan options, aiming to manage finances effectively.

In his thorough search, he extensively explored short-term and long-term options. Here, he came across equipment financing, which was ultimately the most suitable choice for his small business needs. Further exploring, he discovered that equipment financing allowed leasing, potential adjustments, and eventual equipment purchase after the lease term.

Confidently anticipating an influx of new customers and subsequent revenue, Everett foresaw smooth equipment financing loan repayment. He diligently gathered paperwork, including financials and bank statements, while also proactively securing his credit score. His comprehensive efforts ultimately led to a successful application acceptance.

Everett obtained the new equipment and then initiated the hiring process. With quick training and under Everett’s guidance, they smoothly shifted to working independently within weeks, ensuring client satisfaction. Subsequently, the lease ended at 18 months, with the increased revenue allowing Everett to purchase all the equipment. Looking ahead, continuing on this path, he plans expansion to other cities, thus enabling his skilled team to lead in those locations.

Carpet Magic
About The Author | Stephanie Clarke

Stephanie has a bachelor's degree in psychology and has been a professional writer for over 15 years. Her client list includes New York Times bestselling authors, publishing houses, prominent public figures and successful business owners. She resides with her family in Florida.

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