A $500 Startup Budget Turned Into a $3.9 Million Business for The Kingston Group
3 min read · RealCase summary
Childhood friends Ricky Scott and Robbie Edwards started The Kingston Group, a residential construction and remodeling company in Nashville, Tennessee, in 2007 with $500 -- running it out of the spare bedroom in Edwards' home for the first two years and using tools, equipment, and computers they already owned. They kept legal costs down using online resources and built their first customers through Facebook, email, and word-of-mouth networking.
They focused on custom builds and remodels that required upfront deposits, stayed debt-free by reinvesting profits instead of taking on leverage, and deliberately avoided the fix-and-flip trend that bankrupted some competitors. "Having a good network, and using it, is vital to getting a business off the ground," Scott said.
Revenue went from $340,000 in their first year to $2.38 million in 2012 and $3.9 million in 2013 -- six years after the $500 start. The company now runs with eight full-time employees and owns and renovated its own office building.
Key takeaways
- ›Launched with a starting budget of roughly $500
- ›Built the business up steadily rather than relying on outside investment
- ›Reached $3.9 million in annual revenue
Original source
Read the original (Entrepreneur)
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