Regular readers on the Bitbond blog will know that we publish a weekly interview, featuring fascinating individuals currently getting a loan on the platform. Today we are very luck to bring you an interview with Ibz, a successful online seller from the UK, who has already fully repaid one previous loan on Bitbond and hopes to grow his business further, with his second eBay loan.
In our chat, we covered why he is getting a second loan on Bitbond, and how his first loan helped him grow his business. Let’s meet Ibz! 🙂
B: Thank you very much for taking the time to talk to us. Could you start off by telling us a little about your business?
I: I run an online business mainly selling products on eBay, I have been running this business for a number of years now, I sell both in the UK and internationally, and use PayPal for payments.
B: What products do you sell and how did you choose your niche? Did you find it difficult to start your own business?
I: I sell a variety of products from IT and communication related products like computers, tablets pcs, docking stations, mobile phones, wifi adapters, cables etc. I specialise in New, used and refurbished products, for me, pricing is important and I strive to bring products to the market at very competitive prices, sourcing the right product is important, and I use a number of vendors, and buy in bulk, I also import a number of products from China.
Starting my business was relatively easy as my background is in IT, I was a software engineer before starting this business and this helps. It is important to have the right knowledge in respect of how the Internet works and how to list and promote products online.
B: How did you find a profitable niche to sell on eBay?
I: I have traded on eBay for many years, finding a profitable niche takes time. I researched quite a number of products, and each product is then tested against similar products on eBay, as there is a lot of competition, research and development is quite important, this is the key. I chose the products I sell based on my background in IT, it is important to have extensive knowledge of the products I sell to enable me to provide excellent customer service and after sales service.
I: The loan I got from Bitbond was used to buy inventory. I used the funds to introduce more product lines to the business, this has been worked great as it increased the number of products I sell and this in turn increased my profit.
B: How has your Bitbond loan affected the profitability of your business?
I: My profitability has increased as a result of getting my bitbond loan. I have been able to introduce more product lines and niches, put simply, the more products lines I have the more profit I make, this is what has happened to my business as a result of have more capital to invest as a result of getting my loan, it is that simple.
B: Are you considering selling on other marketplaces and why? Do you plan on expanding beyond the UK?
I: I am currently looking at selling on Amazon, I am at an advanced stage of getting this going, I am also looking at starting a similar business in Canada with a potential partner. The formula I use in respect of my business here in the UK is one that I think will work very well abroad, Canada will be my first venture and will be looking at other countries as well.
B: What tips would you give small business owners for their business, and for getting a loan on Bitbond?
I: I will advise anyone looking to get a Bitbond loan to do their home work. Identify exactly what they need the loan for, calculate how much they need and what type of returns they expect to get from investing the loan into their business.
It is important that they know they will be able to comfortably repay the loan, as this is very important if they want to be successful going forward.
B: What part of the process does Bitbond need to work on? What would you like to see us introduce?
I: I think the system Bitbond operates is quite good, my loan was funded quiet easily and the process was smooth, I did not encounter any issues and personally think the system works well, so no complaints from me.
B: Have you used other sources of financing and how does Bitbond compare to them?
I: I have used other sources of finance in the past, I prefer Bitbond though.
B: What aspects of Bitbond did you prefer compared to other sources of financing?
I: I prefer Bitbond for a number of reasons.
- Easy and very straightforward access to crowd funding of my loan.
- Flexible and variable terms in respect of time to repay.
- The excellent service I have received from the bitbond team.
I: I have just applied for my second loan on Bitbond. The first loan was funded very quickly and was repaid promptly and on time. The second loan will be used for exactly the same purpose as the first, it be used for introducing even more new lines of products and niches to add to my existing ones.
This will increase my profit even further and move my business into new territories, I have done some extensive research into a number of new products that I will be selling with a view to expanding my business, this is very exciting for me and I can’t wait.
B: Thank you for taking the time to talk to us Ibz. Readers who want to help Ibz grow his online business, can head over to his small business loan and help it reach 100%. You’ll have to be quick though, as it’s already 78% funded at 20.30% per annum.
Thanks for reading 🙂