This fascinating interview is with Nevil, an entrepreneur from the Netherlands. Our borrower owns a DIY natural cosmetics ecommerce store, and due to its great success, he is needing working capital to purchase new inventory. Read all about his interesting business and his ideas on bitcoin and bank loans.
His small business loan is on for more 13 days! Don’t miss it!
Bitbond: Thank you very much for taking the time to talk to us. When was the first time you heard about bitcoin? Have you ever used it?
Nevil: First time I heard about it was in 2013, when the price was around $10 or so. Bought just three for fun which I then sold at its peak at around $1100. Pretty good ROI… I have used it just a few times for regular purchases but have been following it closely ever since.
Bitbond: Great. Since when have you been running your own business? Could you tell us a bit more about what you do?
Nevil: In November 2015 we’ve acquired a website from an owner who did not see it’s potential, for just €500. It wasn’t doing a lot in sales but it had some interesting products and good content. Since I have already started other businesses, the purchase would save the initial work needed for setting up an ecommerce store.
It’s a DIY natural beauty store, where we sell 100% natural and sustainable ingredients and products for getting beautiful skin and hair. Think of products like shea butter, coconut oil, and African black soap. It has been growing steadily since we acquired it, so we’re very happy with that purchase.
Bitbond: Nice. How come you ended up starting this business and why have you chosen this particularly niche?
Nevil: My last ecommerce store was in vitamins and supplements, so I already knew the market. The competition also is less then in vitamins and in our country there is still a lot of demand for information about these products, which is why content marketing is a huge opportunity for us.
Bitbond: Cool! What do you hope to achieve with your loan and why did you choose Bitbond over a bank?
Nevil: Banks in our country won’t even talk to us unless we do 10k a month in sales, and since this is a business that needs some upfront capital for inventory it is really necessary that we got some of that capital somewhere. A Bitbond competitor made it very difficult for us to apply, even with the proper paperwork and requirements. Also, I would prefer to have a 100% ownership for as long as possible.
Bitbond: What are the benefits of peer-to-peer lending and why does it fit your business?
Nevil: For me, P2P lending is a no brainer. It’s really strange to me why this is not yet the norm in the startup world. I think about all the babyboomers who are sitting on a lot of cash, and then decide to invest in a mutual fund and gain 1% in a year or so if you count fees etc… It’s just crazy. Of course, the risk is higher on bitcoin investments, but you are in most cases actually directly contributing to the creation of jobs and value in the world.
P2P bitcoin lending opens the possibilities for every day people to invest small amounts in multiple projects. It’s the future in my opinion.
Bitbond: What is your favorite feature on Bitbond? What features do you think are missing?
Nevil: I really liked that the listings are public, and everyone can take a look at them.
There is a lot possible for new features, for instance, a loan calculator. Only on the very last page I could see what my payment schedule was going to be. Rates, fees, and financials are not 100% transparent in my view. Also, the help pages are a bit scarce. But the basics seems to work since I was able to publish my loan.
Bitbond: What would you want potential investors to know about your loan?
Nevil: Since we are already doing almost 5k in sales a month with a net profit margin of 30-40%, paying back the loan is doable even when we don’t grow anymore. Since every product added to the store means direct extra revenue, we want to invest as much as possible in inventory.
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