The concept of Huey K.’s business is to buy broken electronics and restore them for resale. After being laid off, Huey used his background in electronics to create the concept for Yard Sale Electronics in 2007. He started the business in 2008. The idea of owning his own business interested Huey, and he decided to “take the plunge.” He thinks making a profit in a self-owned business is a powerful concept. In the future, he would like to expand his business into buying and selling other forms of electronics.
Huey’s loan from ACCION Texas-Louisiana really helped his business. It gave him the capital to go back to school to take a couple of classes. The loan also helps him pay for a storage facility. He needs the storage space to keep the broken products that he buys before he takes them to his apartment to fix them. Once he has created a working product, he uses Ebay and Craig’s List to sell his electronics.
The concept of microbusiness was something that Huey found compelling. He read about microfinancing for the first time in a newspaper article and was doing more research on his own when he came upon information about ACCION. He believes that microlending is a “winning idea” and that the concept is going to catch on even more than it already has.
Huey describes himself as a true entrepreneur. He loves taking risks and took the risk to start his own business involving something he knows well – electronics. His advice to new business owners is to not be afraid of failing. He thinks people have to be brave to start their own business, but if they can get over their fear, it is worth it.
LiftFund. (www.liftfund.com) is an award-winning nonprofit organization (previously known as Accion Texas) with a mission to provide credit and loans to small and start-up businesses that have limited or no access to credit from commercial sources. Established in 1994 in San Antonio, LiftFund has helped Texas and Louisiana entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment, and contribute to the economic revitalization of their communities. Learn more at www.liftfund.com.