We had it in our heads that we wanted to create something different, really different. VeeV is a liquor brand based on the acai, a super fruit known for its antioxidant properties.
We funded the business through about five or six angel investors. Roughly a year ago, we decided to expand. We were growing really quickly, doubling our sales every six to 12 months.
We wanted to launch a seven-figure marketing campaign and decided to apply for a bank loan to fund it. That didn't go terribly well.
Within four or five months, we reached out to a lot of banks. We were only approved for small loans. We didn't want to cobble all of them together and deal with four or five banks.
So we decided to borrow the money from our initial investors and pay them back with interest. Luckily they agreed. We have had a great summer of sales. By the end of the year, it should be paid back.
I am not saying we will never take out a loan. But it looks like we will be debt-free for the next 12 to 18 months. We prefer it that way. The economy is still rocky. We also want to show all our investors that we are a well-managed operation and capable of paying off debt quickly. It also looks good to any company that is interested in buying us.
Regulation nightmares are keeping many small business owners up at night. Red tape is either adding more costs or gumming up the hiring process. Here's what seven entrepreneurs had to say about it.
