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Entrepreneur - New Business
Looking for $25,000 for Inventory/Working Capital
Posted by:
Steve Bendtsen
on 9/3/2010 2:13:18 PM
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Funding Needed
:
Under $100k
Category:
Retail / Distribution
Website :
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Location :
Bellingham,
USA
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Description:
We are a family owned and operated business located in Bellingham, Washington. We are importer of high quality and unique yarn from the Faroe Islands, between Iceland, Scotland, and Norway. Started as a part-time hobby business, we have seen measurable success and very favorable market place response. The reason for such positive response is due to the high quality of the product, it's pure and natural characteristics, and the 1`1story of the Faroe Islands themselves.
Our current strategy has been to grow sales through inside sales, Facebook Advertising, SEO, Ravelry, and through Social Networking sites. We currently have over 600 subscribers to our company newsletter and nearly 200 followers on Facebook. We also have a Blog and Twitter page. Depending on our advertising budget we see an average of 60-120 visits per day to our website. Initially, our VP had full time income as Director of Sales for a company that closed it's doors in April due to the economic downturn in manufacturing. We were planning on funding growth through VP' income but that plan has changed.
In order to acheive our goal of $1,000,000 within the next five years we will need capital investment or loans. The funds will be used for inventory investment, marketing/advertising including TNNA trade shows, and growth in the product line. We are currently evaluating additional wool products from Iceland and will continue to explore other opportunities and revenue streams that would appeal to our customer base.
We believe the net margins provide a strong return for reinvestment and will facilitate the payback of any debt incurred to finance the growth of our company. GPM=63%
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