How a small business owner made a big business purchase!
Deanna Taylor is the owner of Sophisticated Linen, one of the first black-owned linen companies in New Orleans which specializes in event décor including table linens, chair covers, and just about all the essentials needed to create an elegant party experience. She has been a member of OnPath Federal Credit Union for over 6 years. Last December, she was on the search for a new addition to her business, a company vehicle. With the help of our commercial loan officer, Princess Vincent, she scored a good deal on an SUV. “The finance process was very smooth and fast. Princess knew exactly what I had to ask for. Most people either approve or deny you, but she really took the time to investigate and help me watch every dollar,” says Deanna. Deanna now has a vehicle large enough to fit her staff and equipment when traveling to off-site events.
We sat down with the business owner to talk about the impact COVID-19 has had on her business, advice for future entrepreneurs, and how OnPath FCU has helped her along the way.
What would you say is a key element for starting and running a successful business?
You must get your personal credit in order before starting a business; that helps you build business credit.
As a business owner, what would you say has been one of the most difficult challenges you’ve faced?
In the beginning, it was financed and getting the business name out there. (Deanna started her business 7 years ago.) Since then, I have grown with my company and it has been a learning experience.
How has your business been impacted by COVID-19?
In February 2020, the venue rental portion was highly impacted. We didn’t receive any calls; the phones had completely stopped ringing. (During this time Deanna and her team had just moved to their new location, which was previously a beauty supply store. The new location had to undergo major renovations including the addition of a bar and a more open floor plan. A lot of events had to be canceled and rescheduled for 2021, due to COVID-19.) Towards the end of the year, the venue business picked up and we began hosting smaller events. Since then, we have gradually increased the size of parties based on the COVID-19 state guidelines and are getting back to our regular schedule.
How did you hear about OnPath FCU?
When I first opened my business I went to a bank, and they wanted me to have thousands of dollars in my account and starting a business I didn’t have that. One of my friends told me to try OnPath FCU (ASIFCU at the time) and that they were more lenient, so I opened an account there. My very first Sophisticated Linen location was on General De Gaulle in Algiers and there was an OnPath FCU (ASIFCU at the time) down the street, which made it very convenient for me.
How did OnPath FCU help you purchase a vehicle for your business?
The customer service was great, and the finance process was very, very smooth and fast. Princess (Commercial Lending Officer) knew exactly what I had to ask for. I wanted a vehicle that was affordable and reasonable. She really walked me through the process. The car dealership put me through a couple of hassles, and she walked me through it all. Most people just approve or deny you and send you on your way, but she really looked into things and helped me watch every dollar.
What advice would you give to an entrepreneur who is just starting out?
Seek God first; That is the best advice I can give anybody. Ask God if that is what he wants you to do. In my first business, I did uniforms, it was a complete failure. I was in it for the wrong reasons. I told myself I would never open another business. I lost thousands and thousands of dollars. Then one day I told God I needed another form of income or something I can do on the weekends that would not interfere with my job. Months later I had a dream about Sophisticated Linen, it felt so real, so I began researching and started my new business.
If God gives you the vision, do not sleep on it. I never thought my business would grow. I thought I would just be doing something on the side to get extra money, but it has taken off and it is by the grace of God.
What has been the most rewarding part about being a business owner?
Starting from scratch, watching the business grow, meeting lots of people, and putting smiles on people’s faces. Sometimes I think I am in the wrong profession and should have been a counselor.
Deanna looks forward to expanding her business and sharing her business knowledge with others. This April she hosted her Annual Women Empowerment Brunch.
You can learn more about the services Sophisticated Linen offers, by visiting, http://sophisticatedlinen.com/about/
Facebook: @Sophisticatedlinenllc
Instagram: @sophisticated_linen