If you want to be a millionaire, you don't need to invent the next Uber.
Here are 7 ways to start making $1 million in a year without a brilliant idea:
1. Do a platform acquisition
Buy 1 company for $30k-ish down.
A laundromat is a simple example.
We found one for:
• 15% down on $250k
• Using seller financing
• At a $65,000/yr profit
Buy 1 company for $30k-ish down.
A laundromat is a simple example.
We found one for:
• 15% down on $250k
• Using seller financing
• At a $65,000/yr profit
2. Add-on acquisition
Add vending machines (cost $3-5k)
Better option: buy an existing route (revenue $20-50k)
Snacks, drinks, soaps, toys, plus potential machines at other locations…
Now we’re talking an extra $50k/year
Add vending machines (cost $3-5k)
Better option: buy an existing route (revenue $20-50k)
Snacks, drinks, soaps, toys, plus potential machines at other locations…
Now we’re talking an extra $50k/year
3. Vertical acquisition
You’ll get to know your competitors – who’s bigger, who’s ready to retire.
Now you buy a bigger laundromat for $300k/yr AND they give you seller financing.
You’ll get to know your competitors – who’s bigger, who’s ready to retire.
Now you buy a bigger laundromat for $300k/yr AND they give you seller financing.
4. Asset acquisition
Another laundromat is going out of business, you buy their machines at a discount.
You use an equipment loan to fund it.
The increased capacity adds an extra $50k revenue.
Another laundromat is going out of business, you buy their machines at a discount.
You use an equipment loan to fund it.
The increased capacity adds an extra $50k revenue.
5. Satellite acquisition
Now you’ll want to expand your customer-base and your margin.
Add a wash & fold service.
You could even swing buying a delivery fleet for greater upsells.
That contributes another $250k/yr.
Now you’ll want to expand your customer-base and your margin.
Add a wash & fold service.
You could even swing buying a delivery fleet for greater upsells.
That contributes another $250k/yr.
6. Horizontal acquisition (products)
Review P&L, find your biggest costs, and turn them into profits.
A major laundromat cost? Soap.
You can bottle and brand commercial-grade detergent.
It cuts your own costs by 40% (and you can go sell to competitors)
That's another $200k.
Review P&L, find your biggest costs, and turn them into profits.
A major laundromat cost? Soap.
You can bottle and brand commercial-grade detergent.
It cuts your own costs by 40% (and you can go sell to competitors)
That's another $200k.
7. Hard asset acquisition (real estate)
Your greatest expense at this point is likely the lease.
You're doing $915,000 in revenue so you buy your building.
Prices are down so you buy the whole strip mall.
Now you're over $1M.
Your greatest expense at this point is likely the lease.
You're doing $915,000 in revenue so you buy your building.
Prices are down so you buy the whole strip mall.
Now you're over $1M.
There are a lot of variables here.
But you’d be surprised at just how easy it is to tack 7 streams of income on 1 business.
Might as well bet on yourself.
But you’d be surprised at just how easy it is to tack 7 streams of income on 1 business.
Might as well bet on yourself.
You can follow @Codie_Sanchez for more business and acquisitions frameworks.
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You'd be surprised how many businesses this 7-step model works with:
• Gyms
• Moving co
• Carwashes
• Landscaping
• Home services
Basically anything from my list of 130 favorite biz's (they're my favs for a reason..)
Get that list free here:
contrarian-thinking.ck.page/130-boring-biz
• Gyms
• Moving co
• Carwashes
• Landscaping
• Home services
Basically anything from my list of 130 favorite biz's (they're my favs for a reason..)
Get that list free here:
contrarian-thinking.ck.page/130-boring-biz
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