How A Mother Turned Her Last $ 5 Into A Millionaire Company – Small Business Big Business

How A Mother Turned Her Last $ 5 Into A Millionaire Company - Small Business Big Business

American uses his final 5 dollars to make cupcakes and becomes a millionaire (Photo: reproduction / Instagram)

in 2007, Lovely francois He lived in Nashville, United States, with his seven children and was in a very difficult financial situation. On a desperate afternoon, he placed a sign with the word “Bakery” on his door, hoping that a neighbor would order bread or cake.

To his surprise, a neighbor ordered 600 cupcakes. As she did not have enough money to buy the ingredients, she agreed with the customer that she would deliver the first 60 cupcakes and that by receiving the money from the first order, she would buy the ingredients to produce the rest. So they took the last 5 dollars in their bags and bought what they needed to make cookies.

$ 5 became $ 60 with delivery of first order. The following year, Mignon François founded Cupcake Collection, A bakery with shops spread across the country. The brand’s specialty remains cupcakes, although they also produce bread and cakes.

The cupcake brand today has stores across the US (Photo: reproduction / Instagram)

The cupcake brand today has stores across the US (Photo: reproduction / Instagram)

According to a report published in business Insider, The Cupcake Collection series earns US $ 1 million per year and Mignon continues to lead the François business.

For those who want to start a business and don’t know how to deal with finances, the entrepreneur signs up to follow the “envelope rule”, which includes setting aside funds for different needs of your company in different folders is. Simply, the idea is a preference for the fixed expenses of the company, the payment of employees and suppliers, as well as the purchase of the materials needed to produce your product and the amount that can be invested to grow the business. Then, the money that is left without an envelope is what can be considered a “profit” and goes into the entrepreneur’s pocket.

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“That’s what I started with and it might work for you too,” says Mignon François.

Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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