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 needs to acquire three additional carpet extractors and three additional vacuums as well as the specialized equipment needed to uphold his standard of service. He already has the waiting list needed to support three new employees but they will each need the equipment to ensure the business can meet the clients’ needs and expectations. Everett’s plan is to acquire the necessary equipment and begin the hiring process and training once the equipment is secured. He wants to take his time once the equipment is purchased, hiring each new employee in a staggered, timed process to ensure each is trained properly. He also plans to accompany each new employee on various jobs to ensure they are meeting expectations.

Everett began pricing the carpet extractors and industrial vacuums from various vendors to find the best possible price. His current best quotes total $145,000 for three extractors, three vacuums, and a variety of the needed specialty equipment and accessories. While he sought out quotes, Everett also researched loan options. He wanted to be sure he could easily handle timelines and rates without stretching his budget too thin.

 

He looked at short-term options, as well as long-term options, when he came across equipment financing, which was by far the most attractive for his small business needs. He discovered equipment financing would allow him to lease the equipment, make adjustments if needed, and purchase the equipment at the end of the term of the lease. Everett believes the influx of new customers and the revenue they bring to the company will allow him to repay the equipment financing loan with ease so he gathered the required paperwork – financials and bank statements, secured his credit score, and his application was accepted.

Everett secured the new equipment and began hiring the needed employees. Each was trained quickly and after a few weeks on the job with Everett oversight, they began working solo and keeping his clients happy. The lease ended at the 18-month mark, and Everett was excited to find the increased revenue allowed him to purchase all the equipment. If he stays on this successful track, Everett plans to expand to other large cities in the state in the coming years allowing his three well-trained team members to take the lead in those locations.

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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