Do you have dreams of scaling your ecommerce store and blowing your sales out of the water, but are limited by a lack of funding? Do you lie awake at night thinking about how if only you had access to more capital, you could pour fuel on the fire and take your business to new heights?
8fig is an equity-free funding platform that connects you with the financing you need to make this vision a reality.
Not every entrepreneur has the luxury to tap into an infinite number of credit cards, get help from an angel investor, or beg friends and family for additional funds, which is why a tool like 8fig is so useful. In this 8fig review, we'll go over the details of this service, and how it can be leveraged to fast-track your path to success.
What is 8fig? 🚀
Simply put, 8fig is a financing platform that provides working capital to ecommerce stores. It provides dynamic, continuous financing so you can double down on the strategies that are resonating with consumers. Whether you run a Shopify or Amazon store or have a presence on another ecommerce site, 8fig helps answer the question: “what could I accomplish if funding wasn't a problem?”
8fig is not a revenue-based financing tool, but rather allocates funds according to your projections. So if inventory gets delayed and capital allocations need to be pushed back, this can easily be accomplished.
Payback is scheduled based on optimizing for cash flow, and there is enhanced flexibility on that side of things as well. Each batch of inventory gets separate, independent funding, and you don't need to make payments until 2 weeks after your goods are received in your warehouse. Also, it's important to note that payback isn't interest, it's just a fixed cost of capital between 6-10%. All of this taken together provides an added layer of protection and security for you as a seller.
In addition to providing much-needed funding for cash-strapped businesses, 8fig also puts software at your fingertips that helps you manage and streamline your supply chain. This means 8fig not only gives you direct access to the capital you need to stay afloat and prosper, but it also increases the likelihood that your operations will continue to run smoothly and all the moving parts of your business will stay in sync.
How does 8fig work? 🤔
First, you connect your online store to the 8fig platform so that an analysis can be run that measures the health of your business. This takes into consideration metrics like sales projections, revenue trends, unit volume, and more.
Next, you will input the amount of capital you need to fuel your growth and the algorithm will determine your offer. After approving and agreeing to the terms of financing, you receive the funds. This capital–which is strategically deployed rather than given in a lump sum–can be put toward ramping up marketing, keeping your best-selling SKUs in stock, expanding your product line, and more.
With the Growth Plan they make available, you get access to uncapped financing, CFO-level operations, management support, and supply chain software that puts you firmly in control of your ecommerce destiny.
8fig Key Features 🧰
With intuitive, user-friendly dashboards, 8fig allows you to get rid of tedious, unreliable spreadsheets. You can track all your financial and sales data directly on the platform.
It's not just about the funds you've already received. You also have access to forward-looking tools that let you forecast your sales, assess your revenue targets, and monitor your trends.
The cutting-edge planning features at your disposal let you map out batches of inventory and associated costs (freight, logistics, etc.). This ensures that you are not flying blind and have a firm understanding of not only where your business stands, but where it is headed.
This central location lets you build the foundation for steady, sustainable growth one batch of inventory at a time. You can visualize your business schedule according to target dates, built-in expenses, marketing budgets, deposit amounts, and more.
This advanced tracking technology allows you to see how well you are executing in relation to your projections. It gives you the insight and clarity you need to make adjustments and modify your approach as needed.
This feature lets you stay on top of your supply chain and react in real-time to unforeseen events. Say you have a ship stuck at port, you can make a change request, and your sales forecast will automatically update.
8fig FAQs 🙋
What are the requirements for 8fig?
You must have an active online store, been in business for at least 6 months, sell physical products of your own (no dropshipping), and have made $8k in revenue per month over the last 3 months or done $100k in sales over the previous 12 months.
What rates do 8fig charge?
Payback doesn't come in the form of interest, rather it's a fixed cost of capital between $6-10K for every $100K funded.
What percentage of product and supply chain costs will they fund?
They'll fund up to 90% of supply chain costs for products with a high level of demand. This financing covers components including inventory, freight, logistics, and marketing.
What selling platforms are supported by 8fig?
Ecommerce platforms like Shopify and Wix and marketplaces like Amazon, Walmart, and eBay are all supported. They primarily specialize in Amazon and Shopify.
8fig Pros ✅
- Capital grows with your business. As you scale, your funding scales also. There are opportunities for continuous, uncapped capital that can be drawn upon to fuel growth.
- Based on future potential. You are not restricted by the past historical performance of your business but rather what lies ahead.
- Limited personal risk involved. There is no collateral or personal guarantee required to get started.
- Mobile app makes the platform more efficient. You can track and monitor your store, make changes to your projections, and check your sales forecasts while on-the-go.
8fig Cons ❌
- You may be receiving additional funding, but you still have to run your business day in and day out. More capital is not necessarily a silver bullet.
- You can better track what's going on with your supply chain, but your supply chain can still break down. Some things are simply out of your control.
- While incredibly valuable, it is another platform to manage. You may already have a comprehensive tech stack in place related to forecasting, so make sure you are not adding more tools with unnecessary overlap and redundancies.
- Added pressure and responsibility of outside funding. No longer are you bootstrapping on your own.
What makes 8fig different?🦸
8fig leaves the competition in the dust when it comes to both financing and software capabilities. It's a smarter, more individualized approach to funding than other traditional methods. With something like a bank loan, you are on the hook no matter if there are ups and downs in your sales forecasts.
What sets 8fig apart is its ability to be agile and respond to volatility with ease. It provides you with cutting-edge analytics that let you break down every aspect of your supply chain and see at a glance exactly how your business is operating. It is essentially a platform for supply chain planning, marketing, and paying suppliers all in one convenient place.
8fig Pricing 💰
8fig has one plan available: the Growth Plan. This gives you access to everything on the platform, including their sales forecasting and financing tools. There is a set fee after signing up between $6-10K per $100K funded based on the calculated risk of your business. No credit checks are required.
Final Thoughts 🕵️♀️
8fig provides flexible financing and adaptable, continuous capital when you need it most. If you are in a cash crunch or just want to get your business past immediate hurdles that are resulting in a slowdown, this platform has the potential to not only get your business back on track but set it up for long-term success.
With scalable funding that takes into consideration future projections, 8fig helps you develop an aggressive path to growth. It puts 6, 7, and even 8 figures (as the name rightfully suggests) firmly within reach. With user-friendly dashboards that give you a bird's-eye view of your logistics and operations, it empowers you to constantly adapt and proceed with confidence, so that you can unlock your full potential and propel your business forward.
👉 Sign up for 8fig here