Jim Elliott was able to take his home brew to a million dollar business. He had been in retail much of his life, then a school teacher for 14 years. He had been home brewing his beer for 7 years and everyone loved it. He talked to the wife and decided to start a brewery. Jim had made a good business plan to organize his thoughts and try to get the money he needed. He did not have a lot of money, but between his personal money and all his friends and family he scraped $150,000 together.
Jim’s credit was good but even with the help of the SBDC he was still turned down sixteen times by banks for the loan he needed to start his brewery. (more…)
I have heard so many stories of people in the last few weeks that have put $1,000,000 in their bank account. I have interviewed on the phone about 8 people- 4 have at least $1,000,000 or more in the bank, 3 will have $1,000,000 or more in the bank, and 1 could have $1,000,000 but is in her 70’s and is very happy with her single location very successful book store. None of these businesses were exotic- a bakery, a plant nursery, a book store, a clothing store and tried and true types of business of all types. (more…)
SCORE and the SBDC
SCORE and the SBDC are tremendous assets. I am very excited about my investigation of these two agencies that could really be helpful to so many people. Get free advice and education at SCORE and the SBDC, do not pass up these resources.. In short SCORE has retired executives who can help you start or improve your existing business; the Small Business Development Council (SBDC) has professional counselors to help you do the same. Both organizations also have educational courses very cheap or free. (more…)
I interviewed a 38 year old lady on the phone this week. Talk about just a normal business, she started about 5 years ago when she opened a small ladies clothing boutique shop. It did well, she opened a second shop about a year ago, and has a schedule to open 3 more in about 6 month intervals. These extra 4 shops are how she is scaling her business. I will not say her exact numbers, but one store might make her about $70,000 a year net, 5 stores will simplistically make her about $375,000 net. (more…)
One Million in the Bank Website is Launched
I am Michael L. F. Slavin, and I recently started the One Million in the Bank concept with the strong belief this is a realistic goal in reach of almost anyone. Most millionaires have created their wealth through business ownership. You do not have to be a genius, have money or even an original idea. Tried and true businesses of all types, using the proper execution, can earn the kind of money to make this dream come true. Through my personal story as a backdrop, the book explains how you can become a millionaire, too. (more…)