RECKON LOANS CASE STUDY

Simply Beautiful Hair & Beauty WA

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Finding the right financing solution for small business

Thriving day spa Simply Beautiful Hair and Beauty in WA has kept customers looking their best since the businesses’ conception in 2012. But when owner Suzanne Flanders needed finance for expansion, an online solution delivered by Reckon Loans proved truly elegant.

Since its opening, Simply Beautiful Hair and Beauty has specialised in offering complete day spa experiences including both hair and beauty treatments, which has provided the business with a competitive advantage against its local rivals.

However, in August 2016, with Perth experiencing an economic downturn following the end of the mining boom, Suzanne decided that her spa needed fresh investment in multiple areas. Her strategies included expanding the spa’s premises, investing in more stations, and improving her marketing reach. These changes would enable the business to grow and remain profitable in such a harsh economic climate.

Without having the cash flow available to reinvest, Suzanne evaluated her external finance options. After discovering an offer from Prospa-powered Reckon Loans, she shunned the big banks and applied for a small business loan.

“I saw Reckon’s offer on Facebook, and learned that they can provide access to finance without needing you to submit a lot of paperwork such as business plans and projections,” Suzanne said.

“I’m not a clairvoyant and don’t have the time to spend away from the business creating forecasts, and usually the banks ask you to reassess and re-submit all the paperwork anyway. That’s why Reckon was an easier process to access finance, it was fantastic.”

“We used the funds to make changes in the salon like expanding the rooms, investing in marketing and bringing in a new product.”

– Suzanne Flanders, owner at Simply Beautiful Hair and Beauty

Reckon Loans is a service offered by Prospa Advance Pty Ltd ACN 006 593 219. Reckon Limited is the introducer only and does not guarantee or support Prospa Advance Pty Ltd in any way. Prospa is not part of Reckon Limited. Reckon receives a fee for referral or may elect to participate in the loan.

“It was hassle free, they only considered my main business account, not my personal financial
situation, and I did not have to provide any other paperwork.”

– Suzanne Flanders, owner at Simply Beautiful Hair and Beauty

Improved ROI

Suzanne had the funds she needed in no time, and has used them to grow her business successfully.

“We used the funds to make changes in the salon like expanding the rooms, investing in marketing
and bringing in a new product,” Suzanne said.

“I had been researching into our new brand, Skinstitute, for quite some time, and already it has been very successful. It is very affordable for clients, and in fact we had one of our best sales weeks in a long time following its launch.”

With Simply Beautiful Hair and Beauty already seeing the benefits and return on investment on its small business loan, Suzanne is hopeful the spa will continue growing as the local economy gradually improves.

“If we can survive these tough times, then we should be great once things improve,” Suzanne said. “It had been a tough few months, but at the end of the day it comes down to the quality of your staff, and how they upsell and promote products.”

“Reckon was an easier process to access finance, it was fantastic.”

– Suzanne Flanders, owner at Simply Beautiful Hair and Beauty

A hassle-free solution

Suzanne’s success story is an example of just one of the thousands of small businesses that have been helped by business loans from non-bank lenders.

When asked whether she would recommend Reckon’s loans to other small businesses, there was no doubt as to the answer.

“I would recommend them, particularly to people struggling to obtain finance from the big banks and other traditional lenders,” Suzanne said.

“It was hassle free, they only considered my main business account, not my personal financial situation, and I did not have to provide any other paperwork.”

To conclude, for small businesses like Simply Beautiful Hair and Beauty, obtaining hassle-free finance from online lenders like Reckon is fast and the process is easy, allowing owners to keep the focus on pleasing their customers.

Visit Reckon Loans for more information about online business financing solutions.

Are you ready to grow your business?

Apply for Reckon Loans today for finance that works for your business. Receive funds in 1 day.

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