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. On the average it took about 6-7 years. None of these people were rich when they started, some were very poor, but most were doing fine, had a little in savings, a decent credit score, and were paying their bills. I want to remind everyone I had a bankruptcy and no cash when I stated my business. This just makes it harder because you have to get the money from private sources, but obviously it can be done.
If you want to give yourself a chance of having $1,000,000 or more in the bank, start your research. Pick a likely kind of business, and start a business plan. This will force you to focus and give you an idea of how much money you need to start and run your business. Research-research-research. Once you know this number, you can possibly start planning how to reduce it by getting creative and cutting deals with suppliers so you have a little float, or get payments delayed on services or materials you need for your business until you cash flow. You would be surprised how many people will work with you.
Also start training for owning your business at SCORE and the SBDC, take the free or low cost classes offered and when you get some kind of plan together go to one of their mentors or counselors. So if this is something you want, get started on your one million in the bank, you can do it.
“By failing to prepare, you are preparing to fail.”
