For many small businesses, bootstrapping is the only way to get a business started. When you bootstrap your business, you learn how to turn creativity, grit, and thriftiness into a knockout small business idea. However, once you gain momentum on your business, what strategy do you use next when trying to grow?
Here are 3 stories of small business owners who went from bootstrapping their business ideas into sustainable growth, thanks to loan crowdfunding with Honeycomb Credit.
Secretos de Mis Abuelos
Secretos de Mis Abuelos is a Puerto Rican restaurant and food truck based out of Pittsburgh. When owner Felipe Crespo moved to Pittsburgh for medical school, he noticed a distinct lack of Puerto Rican food in the region, and decided it was up to him to bring it, and he opened a food truck!
The food truck began bringing in so much revenue that in only a few months, Felipe decided to open up a brick-and-mortar restaurant, and he turned to his community to help finance the move, raising $28,755 from 54 investors. Now, Felipe is hoping to turn Secretos de Mis Abuelos into a franchise, and is already in talks with entrepreneurs in other cities to expand.
Chip’s Chop Shop
Chip’s Chop Shop is a barbershop in Pittsburgh that is being opened by Chelsea “Chip” Gaydos. Chip began her entrepreneurial journey cutting hair in shared studios, managing barber shops, and eventually owning her own studio!
When Chip’s clientele began bursting at the seams of her current studio, she decided it was time to break out for herself and open up a new, bigger place. Chip raised $20,000 from 37 investors on Honeycomb Credit to finance the buildout of the new location.
Klevr Tea
Klevr Tea is a functional tea company based out of El Paso, Texas. Owner Marco Vallejo was working in the
oil industry and was seeking some mental stimulation to help soothe his burn-out, so he began researching natural teas. Spurred on by the pandemic, he began developing his recipe and building a business plan and eventually started selling Klevr Tea at the farmer’s market.
Now, Marco is seeking to grow his business into an established CPG brand, and so he took on a loan from his community of $20,000 from 21 investors. This loan is going to help him grow by purchasing a delivery van, working on product development, and purchasing inventory so he can get on his way to his goal of becoming the premier local tea brand of El Paso!
Eventually you’ve got to upgrade those bootstraps for some high-stepping shoes
Does anything about these entrepreneurs’ journeys resonate with you? If so, you might be ready for your chance to get fast, innovative, and fair financing from the people who love you most - your community! Learn more about crowdfunding with Honeycomb Credit by filling out the form below.