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A lot of founders are quick to raise money because they "need it" at CUTS we been almost entirely bootstrapped since day 1. No venture capital money, all sweat equity. We did that with the help of Shopify Capital, starting with $2000 loan to over 1M. - Mini Thread Below - https://twitter.com/ShopifyPlus/status/1387427646548680705
We focused on profitability, first, which actually enabled us to grow 200% YOY. Let me explain
In the first 3 years of our business, all the early partners had 2nd jobs and we put all revenue back into the business.
We started with a loan from Shopify Capital for $2000 + a Kickstarter campaign. Because we weren't taking salaries which allowed us to be profitable on our first orders, we were able to pay back the money in a few months.
We repeated that strategy for 3 years, over and over and our loans grew quick. From $2,000 to over 1M. All without having to having to do a big fundraising round or to giving up much equity.
The case in point, loans > funding because you have to pay the money back which keeps you honest as a business and makes you look at every little detail.
If we got 10M in funding like lots of businesses in our space we probably would have spent money on things just because we had the money, rather than only what truly was driving orders.
There's never been this many good loan options for founders IF you're profitable and Shopify Capital is a great option!
This was my first thread ever! @KivaDickinson inspired me, should I do more?
