Stitching Up The Finances

The shop’s popularity grew through its dynamic social media presence. As shoppers constantly filled their online store, orders poured in from all corners of North America. Furthermore, their strategy expanded to uploading videos on YouTube for project tutorials, and they began sharing fast quilting tips on TikTok.

Not only did the shop’s online success flourish, but the physical space also played a vital role. Divided into two sections, the shop boasted a massive size. One of these sections was dedicated to serving as a retail area where customers could visit, shop, and have fabric yardage expertly cut. Meanwhile, the second room was a treasure trove of online sales, brimming with fabric bolts awaiting display. In addition, they had set up a designated area specifically for filming their engaging video tutorials.

During a visit, a guest inquired about the shop’s familiarity with digital quilting machines. These innovative machines streamline the quilting process, requiring adjustments only after completing each row. Intrigued by the idea, the owner wholeheartedly embraced the concept of incorporating a long-arm machine into their studio. The prospect of offering this service to customers as an enticing add-on presented itself as a valuable opportunity. This strategic move could potentially assist in offsetting the initial investment cost of the machine.

Stitching Up The Finances

She embarked on research into new long-arm machines and the digital software required for hands-free operation. This marked the beginning of her quest to enhance the studio’s capabilities. However, acquiring everything would entail a substantial cost, totaling forty thousand dollars in the end. This financial investment was not taken lightly, but she recognized it as a pivotal step toward expanding her business’s potential.

 

While exploring financing options, she came across equipment financing. What set this loan type apart was the chance to lease the machine for a specified period, with the freedom to decide whether to retain it afterwards. She considered this the optimal choice since, if the machine failed to contribute to their business profits, she could return it at the end of the lease term.

Completing the application left her pleasantly surprised by its straightforwardness. Moreover, possessing the required yearly revenue and FICO score granted her the ability to furnish her bank statements. Additionally, she could provide her equipment lease details. When she decided to lease the equipment for two years, she secured the option to either buy it at the end of the term or return it. Her funding approval arrived in seven business days, promptly leading to the machine’s delivery and installation within two weeks.

The owner’s excitement was palpable as they integrated this valuable asset into their business operations. Already, customers had enthusiastically begun bringing in their unfinished projects. They were offered the choice to either rent the machine for a small fee, enabling them to take charge of their free motion quilting. Alternatively, they could opt for the digital design system and pay based on the square inches used. With a year having passed, the investment’s potential was growing more promising. Looking ahead, the owner had already started saving to buy the machine when her two-year term concluded.

Stitching Up The Finances

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