Grinding Out $1,000,000 Part II

Grinding Out $1,000,000 Part II

Part I Summary

In Part I you met Gary, struggling to make his business work. Then he got married and his wife proved to be the best business partner he could ever have. They slowly grew the company and saved their money. They became millionaires by grinding out $1,000,000 almost one dollar at a time.  (click here to see Part I)

 

Gary is Comfortable-Not Taking The Step

Gary is now 55 years old and doing well. Gary is doing something he likes. He has no website and proudly told me that he does not spend a dime on advertising. Gary is a millionaire, and continues to add to his net worth every year. I do not think he really wants to change anything-which is fine. Grinding out $1,000,000 might not be a fair description, grinding is not meant to imply unpleasant. But I don’t think anyone could argue that Gary has worked hard for his success.

What Could Gary Do Differently? Lessons!

Seek advice

-Gary apparently was very good at fixing and installing air conditioning, but Gary had no business experience when he started. If he had sought help and advice, he may have been able to grow his business sooner and bigger.

Business Plan

-If Gary had sought advice, he probably would have been encouraged to make a plan. This might have led him to get better organized with his business to include the accounting. Now Gary doesn’t really need a formal business plan. He is not seeking capital and he has a business that works. Still, if he wanted to grow, or maybe become more efficient, some planning would not hurt.

Advertise

-He could have gotten a website, but probably never felt the need to do it. Gary did give himself a web presence with a G+ page. It is only a presence; it is not inviting, engaging or interactive at all. He does have many reviews on Angie’s List and I am sure this helps his business. Almost all of his business is word of mouth and referrals. It is enough work to keep him and his two technicians busy. He loves this business because there are no credulity issues.  He said when he gets an inquiry from the internet; it is all about cost and credibility, because they do not know you. He said those leads take so much time and often do not even lead to business. He did tell me he does plan to put a website up, but it isn’t a priority.

The Business Value

-Gary has a business that nets about $200,000 a year. Because it is pretty much due to his personal service work, plus his brother and one other tech, his business does not have much value to be sold. Gary never tried to work himself out of the service work. If he had tried to grow his business and delegate the actual work, if he had more technicians and a company that could operate with a new owner, he could get a good multiple on his company’s net profit. He would have something to sell. As it is, someone might pay him for his book of business, but it will not be much at all. This is not a criticism. Gary is comfortable the way he does business and the size of his business, it is just an observation.

The Big Lesson-Almost Anyone Can Make and Save $1,000,000

Would you think the service man showing up to work on your air conditioner is a millionaire? Probably not, but if Gary shows up, he is a millionaire. His main ingredients were doing a good job and having a good work ethic.

He started with no money. He started a tried and true, ordinary type of business. He did not seek any help or advice like he could have gotten from the SBDC or SCORE, but still he succeeded.

I feel he could have gotten his first million dollars much quicker if he had sought advice, but he told me that he had never heard of these organizations until I mentioned them. Grinding out $1,000,000 is not the only way to do it, and it may not be the way for you, but it is one way. Start looking for your path with your business, you can do it.

$1,000,000 in 3-7 Years

If the AC man can be a millionaire, basically doing it with his bare hands, crawling around the hot attic in the summer, then what is your excuse? Start today, take some action. You may not be a millionaire overnight, but it probably won’t take 19 years either. The average time of the people I have profiled who made a good plan and sought help and advice did it in 3-7 years.

Link to Part I

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