We have another Under the Hood episode for you! Under the Hood is a new segment we are doing on the EcomCrew Podcast where we give our listeners the opportunity to be on the podcast and ask us any advice about their business. They get free coaching from us and our listeners get amazing content, too–it’s a win-win!
For today’s episode we have Megan Loftin of The Bootstrap Boutique on the spotlight. Megan is currently doing her business as a side hustle, and like many entrepreneurs still at the early stages of the ecommerce journey, she has been having problems about cash flow and keeping inventory. As is very common with an inventory-based business (especially if the inventory is coming from China), money can get tied up for months on end. In this episode Megan and I talk about the best ways to finance her business and solve this problem.
More specifically we talk about the following:
- Who Megan is and how she got started in ecommerce
- How hard it was to start, and how she failed with her first product
- How she got back up again
- Money getting tied up and running out of stock
- How I got over my hate of debt and how loans helped supercharge the growth of my business
- The specifics of getting an Amazon loan
- Other ways to get financing
This episode is just Part 1 of our entire coaching session and on Part 2, we continue to talk a little bit about financing, and then move on to Facebook ads. It is a very interesting conversation and if you are just starting on your ecommerce journey, then these two episodes will definitely be helpful to you.
As always, thank you for listening. If you want to become an Under the Hood guest, just sign up here. Until next week, happy selling!