SOS: SAVE (Y)OUR SÓLO #SmallBusinessRelief
Donation protected
When I started sólo in 2013 I started with $10,000. $8500 of that went to buying the Synesso Espresso Machine that we currently have and the rest of that went into buying coffee and milk, the remaining became a small cushion to grow. As money rolled in we grew the business slowly putting drywall on the walls, putting in air-conditioning, adding more items etc. Knowing that I wanted to build a business with the limited funds I had, I needed to make it work and get creative. So I pulled up my bootstraps and dove in head first. We started in what was then a basement, with a cart and a machine. Everyday I would start at 8a, making drinks for pick up or delivery. I shopped for and ordered supplies, created inventory and bookkeeping systems, cleaning and everything that comes with building a business.
For the next four years everything sólo made went back into the business for operations. From that moment until late 2017 sólo had zero debt. We did a major renovation which was necessary for the business to grow in the way that it was heading. That renovation is the manifestation of the sólo you've recently enjoyed. Currently, sólo is in a very difficult spot financially, as most businesses are as well as most individuals. I have never been one to crowd fund for sólo as an entity, maybe I was “too proud” to ask for help that way. When COVID hit I reached out to our community to see if there was any room for donation for the staff, which people were so generous and we are so grateful. I also gave folks the opportunity to donate towards sólo via gift card that they could use at any time for anything in the shop. I have never reached out asking for 100% donations to the shop. Anytime sólo needed extra money I worked shifts without pay, I baked without pay, we reduced hours and days, we closed for weeks or months to rebuild the cash flow during summer, anything to make it work. We made it work. Currently, I don’t know how I’m going to make this work, nor do I have the energy to pull up my bootstraps again in the way it is demanding. Which is why I am reaching out to my community to see if you can help.
I just got the letter today from the SBA that we were denied our loan. We still have about $40,000 in debt from the renovation in 2017. If that wasn’t looming over my head, this time would feel a little bit more comfortable and doable to get out of. I try to ride the waves as best that I can, going through pangs of complete anxiety and stress that paralyze me and toss me into thought processes and downward spirals. Then periods of stilling the mind, meditation and trusting that everything will work out and be OK and that sólo will be just fine and her legacy will carry on.
In all transparency, sólo has about $3000 in the bank account which is what we are using currently to stay open two days a week to buy the supplies, pay the electric, water, insurance and some of the loans. In addition to that, sólo has $40,000 in debt from the renovation in 2017 of which one of those loans is on deferment until the beginning of July and the other one gets paid a percentage of our daily credit card sales. As long as we stay open and make $20 that day, a percentage of that $20 goes to paying our loan. On top of that, we still owe $2000 in 2019 federal income tax. And did I mention we are heading into summer, where business already slows down naturally in nola.
We did receive a grant for $6000, which I am holding onto in order to pay down one of these loans when the time feels right. Right now as we head into summer, I have no idea how this is going to work once we start slowly reopening for more days and hiring back staff one by one. This is why I have decided to crowd fund. If we could reach out to our community and source some funding that would help us to pay down our current loans it would help sólo get above the water that she’s treading.
I am forever grateful for your patronage and support since 2013 and I hope to rebuild and be an ever shining star, a beacon for this community that I so dearly cherish.
42k loans and tax
- 6k grants
= 36k
I'm setting the gofundme for $36,000 which is all of sólo’s debt minus the grant we received. Anything towards that is SO helpful. I love you, sólo loves you, and thank you from the bottom of my heart and listening to me be vulnerable. xo
Once we hit $500 #SmallBusinessRelief will match that with a $500 grant.
#COVID19 #CoronaVirus
For the next four years everything sólo made went back into the business for operations. From that moment until late 2017 sólo had zero debt. We did a major renovation which was necessary for the business to grow in the way that it was heading. That renovation is the manifestation of the sólo you've recently enjoyed. Currently, sólo is in a very difficult spot financially, as most businesses are as well as most individuals. I have never been one to crowd fund for sólo as an entity, maybe I was “too proud” to ask for help that way. When COVID hit I reached out to our community to see if there was any room for donation for the staff, which people were so generous and we are so grateful. I also gave folks the opportunity to donate towards sólo via gift card that they could use at any time for anything in the shop. I have never reached out asking for 100% donations to the shop. Anytime sólo needed extra money I worked shifts without pay, I baked without pay, we reduced hours and days, we closed for weeks or months to rebuild the cash flow during summer, anything to make it work. We made it work. Currently, I don’t know how I’m going to make this work, nor do I have the energy to pull up my bootstraps again in the way it is demanding. Which is why I am reaching out to my community to see if you can help.
I just got the letter today from the SBA that we were denied our loan. We still have about $40,000 in debt from the renovation in 2017. If that wasn’t looming over my head, this time would feel a little bit more comfortable and doable to get out of. I try to ride the waves as best that I can, going through pangs of complete anxiety and stress that paralyze me and toss me into thought processes and downward spirals. Then periods of stilling the mind, meditation and trusting that everything will work out and be OK and that sólo will be just fine and her legacy will carry on.
In all transparency, sólo has about $3000 in the bank account which is what we are using currently to stay open two days a week to buy the supplies, pay the electric, water, insurance and some of the loans. In addition to that, sólo has $40,000 in debt from the renovation in 2017 of which one of those loans is on deferment until the beginning of July and the other one gets paid a percentage of our daily credit card sales. As long as we stay open and make $20 that day, a percentage of that $20 goes to paying our loan. On top of that, we still owe $2000 in 2019 federal income tax. And did I mention we are heading into summer, where business already slows down naturally in nola.
We did receive a grant for $6000, which I am holding onto in order to pay down one of these loans when the time feels right. Right now as we head into summer, I have no idea how this is going to work once we start slowly reopening for more days and hiring back staff one by one. This is why I have decided to crowd fund. If we could reach out to our community and source some funding that would help us to pay down our current loans it would help sólo get above the water that she’s treading.
I am forever grateful for your patronage and support since 2013 and I hope to rebuild and be an ever shining star, a beacon for this community that I so dearly cherish.
42k loans and tax
- 6k grants
= 36k
I'm setting the gofundme for $36,000 which is all of sólo’s debt minus the grant we received. Anything towards that is SO helpful. I love you, sólo loves you, and thank you from the bottom of my heart and listening to me be vulnerable. xo
Once we hit $500 #SmallBusinessRelief will match that with a $500 grant.
#COVID19 #CoronaVirus
Organizer
Lauren Morlock
Organizer
New Orleans, LA
