How did you come up with the money to start your business? Did you save up or borrow to start your dream?
Starting out, I used my own money to acquire the equipment needed. It kept the risk low while I navigated our first few years in business.
Which path did you choose?
Bootstrapped first business and used profits to start several more then used that capital to start acquiring other businesses. Now I'm using OPP and growing a portfolio along with a **bleep** good team. Not only am I proud of myself, Im deeply proud of some of the lives I've contributed to and people I've gotten. chance to work with.
Using business an agent for change is what wakes me up now. We can use these businesses for catalysts to improve people, our community and education.
My partner and I put in $2,500 each and he cosigned for our first truck. I spent another $4,200 to get licensed. We both worked at the same company and we kept our jobs while working nights and weekends. After two months, we put in our two-week notice. We didn't pay ourselves except at the end of the month from our net profit and never more than what we were being paid at our old job. We kept stacking the company money, buying equipment, fronting costs for materials on bigger jobs, and then started expanding.
Even when we had over $80k in the company bank, we didn't increase our pay or take anything from the company. Our vision was clear and we knew this company could be great if we kept feeding it.
This year, we've scaled quickly and spent a LOT. We're up to six employees, five trucks, TV/Radio/Digitial marketing, an office and a shop. We have over 130 5-star reviews. We're on track to cross over a million in revenue this year after two years in business.
How much is profit? Almost none. We keep enough to pay all overhead and payroll for three months, the rest is reinvested in the company. We're considering bonuses for everyone this year, and raising our personal pay an extra $100 a week.
For us, the capital was raised by taking from our personal finances. It made the hunger for success absolute. You'll never put more into your company than when you have everything to lose.
I saved up as much as possible after working for a year and getting an increase in stocks bought through the pandemic.
We have a unique start up story- my uncle semi-gifted it to us. We took over and just told ourselves that we were going to make it work!
We used our own money from the start thought to get it up and running (there wasn’t much already started)
