Co-owner Angela Rose shares Right Electrical’s story on how their slogan, “Do it the Right way”, has helped them separate from the competition and how partnering with the right lender has helped them grow their business.
When did you start Right Electrical Services and what was your motivation behind starting it?
We began contemplating starting our own business in 2015. Jason had worked in the electrical field his whole life and had helped run other companies. When you’re in a Management position for someone else, you can certainly propose ideas for improvements and make some adjustments, but in the end, the owner has the final say. When Jason, earned his “unlimited” electrical license, which is the highest-level license that can be earned in our trade, we made the decision to start our own company. We were confident that we could provide our customers with quality workmanship, reasonable rates and exceptional customer services. We adopted the slogan “Do it the Right way” and that’s the focus we’ve maintained since the beginning.
When we started the business, we had 4 things: an unlimited license, extensive knowledge/experience in the trade, good credit and an unwavering desire to create something that we could feel proud of in serving our community. Notice, the one thing NOT on that list was money…and No, we didn’t have rich relatives to hand everything to us. We had one old truck, some tools and, most importantly, a goal!
What were some of the initial challenges you faced when starting Right Electrical Services and how did you solve them?
Having good credit and previous industry contacts helped us in getting suppliers and new customers to give us a chance. We made sure to “promise only what we could deliver and then deliver what we promised”. That strategy worked well for us. We’ve actually surpassed our sales goals each year. Our biggest hurdle and frustration was being given opportunities to grow but not having the funds to grow. We tried getting traditional business loans and were basically told that we needed to be in business longer to apply. We met with multiple banks and got the same answer, “your credit is good and you’ve got an impressive start, but you haven’t been in business long enough”. We found ourselves turning down great opportunities for growth as the bank doors kept closing. It was like taking a child into a candy store and telling them they can’t have any. It was a cruel irony to be given opportunities for growth and being forced to decline them.
As this was your first time looking at non-bank borrowing, walk us through how you started?
Feeling beyond flustered, we took to the internet and began looking at “nontraditional” funding. Honestly, I was extremely skeptical. I couldn’t imagine why “these” lenders would be willing to help us, when the local banks said we’d have to wait it out. Thankfully, we stumbled upon this company called “Breakout Capital”. I had never heard of them, but as fate would have it, they were there for us when the banks were not! I could not be happier with the service they’ve provided us. The application process wasn’t difficult and they’ve always been professional and willing to discuss things at length. During our initial funding application, I was so impressed with the process. It never felt like I was being formally interviewed and judged, to the contrary, they initially spent time educating me on who they are and to answer any questions I had about their company. I felt respected rather than feeling like another small business owner begging for money!
What goals did you achieve with the loan you received from Breakout?
Our initial loan with Breakout Capital allowed us to say “yes” to a large apartment complex job we were offered. We were able to get the additional employees and vans that we needed to grow! Of course, if you have any experience in this industry, then you know that start delays and temporary halts to production are all part of the business. Again, Breakout Capital came through for us! We’ve been able to meet our schedules, exceed our customers’ expectations and keep our employees. When we started we had 1 truck and 1 employee. Thanks to Breakout Capital taking a chance on us, we now have 4 company vehicles and 11 employees. We’re not huge, but our sales have gone from around 75,000 our first year to over 1 million so far this year.
What advice do you have for other small businesses that may be in a similar situation as you were?
The best advice I can give to other small business owners is to know your industry, set realistic goals & track them, and don’t give up when you meet your first hurdle, there will be more to come. Owning your own business doesn’t mean life gets easier and that you suddenly have this money flowing in. Initially, it probably means working days, nights, weekends, holidays and instead of having more, you may find yourself having less. However, small business owners have a unique opportunity to treat others the way they would want to be treated. If you have integrity along with a strong work ethic and an AWESOME company like Breakout Capital to help you over those hurdles then you WILL be successful!
Where is Right Electrical Services headed over the next couple of years?
Over the next couple of years our goal is to continue providing exceptional service to our existing customers, expand our customer base and hire more employees, hopefully to include some additional office staff. Our sincerest thanks to Breakout Capital for providing guidance and assistance through this journey. It’s obvious that you truly have our interest at heart and I would highly recommend your services to any small business owner that finds themselves in need of additional funding to “break out”!
Breakout Capital is proud to have helped Right Electrical Services and look forward to seeing their continued success!
