How to Become a Main Street Millionaire
Entrepreneur magazine|November 2024
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
CODIE SANCHEZ
How to Become a Main Street Millionaire

I'll never forget the day I bought a laundromat, nearly a decade ago. It was my first real step toward financial freedom.

As I turned the key and shoved my shoulder into the jammed door, I paused to breathe it all in. That sweet smell of detergent...and mold. Aah! Then the doubts flashed through my mind: Codie, WTF have you gotten yourself into? You know nothing about washing machines. You barely do your own laundry! I batted the thoughts away. For better or worse, everything was about to change-because I had a theory, and I was putting my own money down to test it.

Here's the big idea: Buying Main Street businesses is the most underrated path to wealth. If you do it right and are willing to put in the work, it can not only pay you enough money to quit your job, but also allow you to pay someone else to run it with you. By Main Street businesses, I'm talking about small, local businesses that involve minimal intellectual property and provide a needed product or service-like car washes, laundromats, vending machines, storage centers, repair shops, pack-and-ship centers, and more.

Why are these so valuable? Consider this: Thirty-five percent of boomer-owned businesses have been in operation for more than a decade. Nearly 80% are profitable, with steady, loyal customers. And most of these businesses will end up permanently shutting down. They are too big for their competitors to buy out, yet too small for Wall Street to acquire. So when their owners retire, nobody else will take over. Their children don't want these businesses. Instead, the owners will simply turn off the lights and put the "closed" sign up one last time. Game over...

Unless you buy them.

Esta historia es de la edición November 2024 de Entrepreneur magazine.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición November 2024 de Entrepreneur magazine.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE ENTREPRENEUR MAGAZINEVer todo
THE TERRAIN TAMER
Entrepreneur magazine

THE TERRAIN TAMER

Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.

time-read
2 minutos  |
November 2024
THE INTELLIGENT READS
Entrepreneur magazine

THE INTELLIGENT READS

Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.

time-read
1 min  |
November 2024
THE CURSE OF GROWING TOO FAST
Entrepreneur magazine

THE CURSE OF GROWING TOO FAST

FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.

time-read
10+ minutos  |
November 2024
There's No Perfect Answer
Entrepreneur magazine

There's No Perfect Answer

I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"

time-read
1 min  |
November 2024
HOW TO ASK FAMILY FOR MONEY
Entrepreneur magazine

HOW TO ASK FAMILY FOR MONEY

Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.

time-read
2 minutos  |
November 2024
Give Yourself the Gift of Time
Entrepreneur magazine

Give Yourself the Gift of Time

Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.

time-read
2 minutos  |
November 2024
How to Become a Main Street Millionaire
Entrepreneur magazine

How to Become a Main Street Millionaire

It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.

time-read
5 minutos  |
November 2024
Want to Better Serve Your Clients? Become Them.
Entrepreneur magazine

Want to Better Serve Your Clients? Become Them.

As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.

time-read
3 minutos  |
November 2024
How to Succeed With Gen Z Workers
Entrepreneur magazine

How to Succeed With Gen Z Workers

People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.

time-read
2 minutos  |
November 2024
The CEO's Advice to the MVP
Entrepreneur magazine

The CEO's Advice to the MVP

Kickstarter CEO Everette Taylor knows the formula for a successful launch. NBA champ Jaylen Brown recently launched a shoe and athleisure brand. They have a lot to teach each other.

time-read
5 minutos  |
November 2024