This week we are lucky to bring you an interview with Becca Richards, business women/entrepreneur and owner of the excellent eBay shop “Crazy Magpie”. Her business has been going strong for two years and she can always count on the help of her lovely daughters.
Our interviewee told us all about why a small business loan is perfect for “Crazy Magpie”, why a p2p loan is far more accessible than one requested at a bank, and also the origin of the curious name of her online shop.
Becca requested a loan on Bitbond to grow her small business – including hiring new staff and increasing her shop inventory.
Becca’s loan is running for more 9 days!
Bitbond: Thank you very much for taking the time to talk to us. Could you start off by telling us what your relationship to bitcoin is and how you first heard of it?
I first heard of Bitcoin while searching the Internet for a small business loan. Like most small business owners with a growing business, the only time I have to look in somewhere between midnight and 3:00 am.
I was reading different articles about Small Business Loans when I came across Peer to Peer lending. I like the way Kickstarter or Go Fund Me work but I was not looking for a ‘hand-out’, I was looking for someone to take a look at how hard I work, the success I am achieving and trust me with a loan so I can continue to grow.
Although my business is only two years old, my financials are strong but not strong enough to walk in a bank. I get congratulatory emails from PayPal and eBay telling me what a great job I am doing and encourage me to sell more by raising my selling limits.
That’s all wonderful, but to sell more I need more inventory and help. When I was directed to the Bitbond site, I was elated that someone had created a site just for me and my business.
Bitbond: Cool. What do you think the future holds for bitcoin? Is it the modern-day equivalent of the internet or will it fall flat on its face?
I believe Bitcoin is the modern day equivalent of an ‘Internet Handshake’. I may be old school, but my father did the majority of his business with a handshake.
I work extremely hard and take my business seriously but most often when it comes to taking out a business loan, banks don’t look at the whole picture.
It felt good to have someone verify who I am and what I do, someone who could look at my accomplishments online simply by looking at how much I’ve made and how much I sold, not to mention that I have thousands of happy customers to make this money…and that all means something or at least it should.
My sales and earnings are transparent, available for potential investors to see. If I am able to keep thousands of customers happy, it means I am doing something right and doing it well. I am more than a credit report.
I think Bitcoin has the potential to fill a much needed marketplace and as the internet grows and as businesses grow, there will be a continued need for more loans by people who understand businesses on and off the internet.
Bitbond: What do you hope to achieve with your loan, and why did you choose Bitbond?
Simple, I chose Bitbond because I needed a small business loan, I liked that they were International as my business is open 24 hours a day, 365 days a year and more than 35% of my orders ship Internationally daily.
I liked that they could link my eBay and PayPal accounts to the history of who I am as a person and as a business.
What will I do with the loan? That is also simple, I have a very niche business. I sell antique miniatures and other related antique items to people who collect and build miniatures.
I NEED more inventory and help as I sell 99% of everything I buy currently. I buy it, I list it and I ship it. I buy whole antique and vintage collections that someone else spent 50-80 years collecting.
This means, it takes a lot of work to find these collections hidden in garages and attics. Some of my most recent business has come from recreating these antique pieces that are so valuable.
By having access to more funding I can buy and make products. My goal is to be able to have my own collections of miniature pieces created to look like the old pieces everyone wants.
Bitbond: What are the benefits of a bitcoin loan compared to a conventional equivalent like a bank loan?
The benefits of a Bitcoin loan compared to a bank loan are easy to describe. A Bitcoin loan means many, many people trust and believe in me. A bank loan is processed by a person who uses only my credit report to determine if I get a loan, they don’t care if I succeed.
When I make money from a Peer to Peer loan, so do the lenders. They want me to succeed. I can chose my payback schedule that’s right for me and my business.
Banks are still stuck on whether you have a traditional store with a front door. Internet businesses are not something they understand, they think having a internet business is a extra perk to having a storefront.
Bitbond: What is your favourite feature on Bitbond? What features do you think are missing?
My favorite feature on Bitbond as a borrower is being able to see other loans, who those people are, how quickly they are getting funded and being able to compare myself to other borrowers.
One feature I think is missing is having a more detailed outline of things like what to expect on this journey of obtaining a loan this way. I would also like to see more of what investors are looking for in a small business to see if I am doing things the right way or what I could improve on to make me more desired by lenders.
Bitbond: As a business owner or an employee, does your place of work accept bitcoin? If not, what do are the chances of that changing?
We currently do not accept bitcoin but you can be sure that will change, especially if I get funded through Bitbond.
Bitbond: What would you want potential investors to know about your loan?
I HAVE A GREAT BUSINESS!
My business is called ‘The Crazy Magpie’.
As a child my grandmother would always call me ‘Miss Magpie’. A Magpie, (like myself) is able to spot tiny treasures from far away and as it turns out, my business is all about ‘Tiny Treasures’.
I sell antique to vintage miniatures and supplies to collectors around the globe. I have more than 20 years experience in antique period set and costume design for film, theater and television.
I buy or recreate tiny items with history to people (collectors) who want to tell a story. You could say I ‘downsized’ and I did, because now everything I sell or make is usually less than 3” tall.
The miniature market is thriving and revenue is in the hundreds of millions each year.
According to a recent article in Forbes, the largest market share for spending on miniatures belongs to female Collectors who focus on one of three periods in the history of miniatures and dollhouses: the 17th to 19th centuries, when everything was still handmade; the Victorian era, or mid-19th century to about 1920; and post-war, or the 1940s to the 1960s.
I know this to be true because my business began when I purchased a life-time miniature dollhouse collection for $750.00 and had $40,000 in sales in just two months.
My business sells these time periods. I also have the ability to reproduce many of these pieces as well.
My business is growing, my sales are up 207.2% compared to last year.
I work from home, I don’t have a store to pay for and it’s open 365 days a year and 24 hours a day.
I have an International customer base with 40% as repeat customers.
I have a knack for finding these hidden collections but need additional capital to buy more inventory.
I also need my loan to hire additional help listing and shipping items.
I sell more than 90% of what I find. My items sell at 200% – 400% more than what I paid for them.
I use my former career to present the items in photos and descriptions to achieve great sales.
I am capable or borrowing and repaying a loan.
I absolutely LOVE what I do!
Thank you for the amazing interview, Becca!
We wish Crazy Magpie lots of luck.
You can invest in Becca’s loan for more 9 days!
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