How Eqpd Boosted Growth with Shopify Capital’s Flexible Funding
Table of Contents
- The Genesis of eqpd: Craftsmanship and Innovation
- Challenges with Traditional Funding
- Embracing Shopify Capital: A New Financial Approach
- The Impact of Flexible Funding on Business Growth
- Seizing Opportunities with Swift Financial Access
- Building a Loyal Customer Base with Quality Products
- Celebrating Milestones and Future Aspirations
- Conclusion
The Genesis of eqpd: Craftsmanship and Innovation
Jonathan Baker’s journey began on the East Coast as a freelance product designer crafting high-end sporting goods. This experience honed his skills and passion for quality, sparking a desire to create innovative, everyday gear for everyday people. After exploring hundreds of prototypes, the LastBag emerged as a standout product, inspiring the range of 12 products that eqpd offers today. Made from super durable dry bag material, with just four stitches and six rivets, the LastBag is designed to be the last bag you’ll ever need.
Challenges with Traditional Funding
As a small American manufacturer employing a significant portion of Twisp’s population, Jonathan faced challenges with cash flow to build and operate eqpd. Turning to traditional banks, he encountered complicated lines of credit and equity terms. Maintaining a line of credit required expensive yearly payments and taking a lien against personal property, which was far from ideal for a growing business.
Embracing Shopify Capital: A New Financial Approach
This is a common challenge among new Shopify merchants, which is why Shopify Capital is designed to remove financial barriers that delay and complicate growth. With no credit checks, personal liability, or equity taken, Shopify Capital allows merchants to separate their business and personal finances. Funding offers are based on business performance and scale with success, providing a more tailored financial solution.
Jonathan was intrigued by the idea of automatic repayments from daily sales when a Shopify representative discussed his funding offer. He decided to take a small amount of funding and give Shopify Capital a try. “Using Shopify Capital felt so effortless that I let my traditional line of credit expire,” Jonathan remarked.
The Impact of Flexible Funding on Business Growth
Beyond its simplicity, Jonathan appreciated that Shopify Capital feels like a supportive partnership because repayments ebb and flow with daily sales. This flexibility alleviates the stress of making large payments at the end of the month, allowing businesses to focus on growth rather than financial constraints. “That sensitivity to the challenges small businesses face makes Shopify Capital feel personal,” Jonathan noted.
Seizing Opportunities with Swift Financial Access
With 60% of eqpd’s business coming from custom orders, having fast access to funding is crucial for growth. Shopify Capital’s hassle-free process enables eqpd to take risks and say yes to projects that might otherwise be out of reach. The speed of Shopify Capital has been incredibly powerful for eqpd’s growth. When closing a project and needing to purchase fabric within 10 days, having fast access to money can make or break a deal. Shopify Capital had funds in eqpd’s account in just three days.
Since their first $5,000 round, eqpd has taken $68,000 in funding to cover everything needed to fulfill custom orders, from materials to labor to shipping.
Building a Loyal Customer Base with Quality Products
Manufacturing a bag that lasts forever encourages repeat purchases. In a world where reusable bags are common, eqpd’s 37% return customer rate proves that quality can still win customers’ loyalty. “It just warms our hearts to know that people aren’t just choosing us once, they’re choosing us three, five, nine times. That’s exactly the experience we were hoping to give,” Jonathan shared.
Celebrating Milestones and Future Aspirations
This year, eqpd celebrates its 10th anniversary with exciting collaborations on the horizon and dreams of designing gear for the US Olympic Team. Another round of Shopify Capital is ready to assist whatever’s next for eqpd, ensuring they have the financial support needed to seize new opportunities and continue their journey of growth.
Conclusion
Eqpd’s journey with Shopify Capital highlights the significant impact that flexible funding can have on a small business. By removing financial barriers and providing tailored solutions, Shopify Capital has empowered eqpd to focus on innovation and growth without the constraints of traditional funding methods. As eqpd continues to thrive, it stands as a testament to the power of strategic financial partnerships in driving business success.
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