How Define Hair & Skin simplified its financing to improve cash flow

Building strong roots with a vision

Growth has been a constant at Define Hair & Skin. In just nine years, Rachel Gribbin and her husband expanded their business from a small studio into one of the largest local spa & salons.

Their vision was to create a salon that not only provided exceptional customer experiences but also built up their community through offering continuing education opportunities to their stylists.

Their passion for investing in customers and employees alike shone through difficult times like the COVID pandemic, where they endured decreased demand for spa and salon services.

Fueling the business through strategic financing

From times of growth to survival, Define Hair & Skin has used various business financing solutions to support their business– from credit cards to various types of small business loans.

While it can feel daunting to take on additional financing, Rachel approaches each situation with a plan to ensure every move she makes supports her business goals.

“[I’m] constantly looking at our revenue projections…and costs and making sure that it was something we could afford to do. [W]hether it be an upgraded equipment expense or doing any kind of renovations in the salon…and asking: Is this the right year to do this? Should we do it now? Should we push it to next year?”

When Define Hair & Skin hit a slower season and needed to purchase equipment, Rachel initially used credit cards and other independent financing to support her business. As these payments accumulated, she recognized the benefit of refinancing to make the financial obligations more manageable.

Finding a “financing stylist” at Credibly

After finding Credibly online, Rachel was assigned to work with a dedicated representative, Danielle, who helped her think through different options that met her goals.

“I was very upfront about [my goals] and asked, “Can you tailor me an offer that’s going to match what I need?” [Danielle] was really good about giving me scenario breakdowns so I could go in and plug it into a mock cash flow and say, ‘Okay, this still works for me from a profitability standpoint every month.’”

With the detailed options from Danielle, Rachel could confidently plan her next steps. She used her monthly cash flow spreadsheet to model how each loan would impact her bottom line.

Rachel has now successfully navigated two small business loans with Credibly, saying, “It’s always been really easy, really seamless financing,” she noted. “I’ve never had to jump through hoops.”

Investing in the future

By refinancing into a single loan with a better rate, Define Hair & Skin was able to improve its cash flow and give Rachel and her husband breathing room to focus on their business dreams.

The salon’s next major goal is to relaunch “Define Academy,” an initiative to offer courses to the wider salon community. For Rachel, this isn’t just another revenue stream; it’s a way to exercise their passion for education and “share what our experiences have been and our successes to help other salons become successful as well.”