Matt Miller’s time as a military pilot taught him a few things, the greatest of which is that Uncle Sam is a demanding master who only rewards time and service and not performance. His frustration with his not-growing income finally helped him decide to leave the military after 13 years and go into the private sector.
He then spent 11 years in corporate America making more money but he still wasn’t satisfied with the way decisions were made on how to reward employees. After being penalized for being the #2 salesman in the company he was working for and reading Rich Dad, Poor Dad, Matt knew that if he was going to get anywhere financially, he needed to be “doing his own thing.”
Gumballs to School Spirit
Matt got into vending in 2003 with gumballs, but the economic downturn meant that his income dropped drastically in 2008-2009. A random visit from neighborhood kids selling school spirit items door-to-door gave Matt the idea to sell those same items in vending machines in the schools.
Matt now has franchisees all over the United States servicing vending machines in schools; selling stickers and whatever other small items the kids in their schools want. Each item is custom made to represent that school’s mascot and colors.
Why Should You Consider a Franchise?
We’ve never talked about franchises on this podcast, so what exactly is a franchise and why should you consider one if you are looking to be financially independent?
First of all, “a franchise is a company with a proven concept that teaches systems and processes that can be duplicated by others.”
There are several benefits to owning a vending franchise through Matt’s company.
- Some people actually continue with their corporate careers and use the vending for extra income.
- Others eventually leave their careers and use the vending business to create more business ideas.
- And yet others do vending for a full-time income.
Hitting the Financial Bottom
While Matt’s business has earned over $12 million to date, it didn’t start out that way. Matt had $100 to his name when he bought his first gumball machine. He actually tried to get a payday loan and was turned down. Nobody gets turned down for a payday loan! But he did.
Matt found himself at the bottom. Here he was – a graduate of the Air Force Academy, a former Air Force pilot – and yet he had so many bank overdrafts that he couldn’t even get a payday loan. For years, his family had a York peppermint patty for their birthday cakes. It was simply all they could afford.
When Matt first began reaching out to schools, he was using the same marketing techniques he had used with traditional vending. And he quickly found out that it didn’t work. One of the first things he had to learn was how to market to the schools and get in the doors.
Matt also had a friend from his Air Force days that came and hung out with him at a trade show near Dallas and had a chance to not only see the business that Matt was building, but also the reactions he was getting from the people at the trade show. He called Matt a week later and told him he wanted to get involved with the business.
Making Transitions in Business
As Matt’s business began to grow and expand, and as he began to consider bringing on team members as franchisees, he knew he needed help doing that. So he hired a business coach to walk him through the process. They worked for 4 months, an hour and a half every week, figuring out how it would look and what needed to happen in order to make it a reality.
Matt currently uses interviews on Zoom to talk to prospective team members. He firmly believes that he needs to spend time with people and get to know them so that each side knows for sure whether this is the right decisions for their family.
Control over Time and Money
Having the money to do what you feel called to do instead of spending the best days, weeks, months, and years of your life slaving away just to make ends meet is Matt’s definition of success.
If you can focus on more than just keeping a roof over your head, then you can begin to live out that calling. And remember, this is a marathon, not a sprint! There is no such thing as “get rich quick.”
You need to
- settle in,
- get excited about work,
- and put in the time it takes to see success.
Links From Today’s Show
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Rich Dad, Poor Dad by Robert Kiyosaki
Matt's business and a special free download for YOU
My business on purpose, Scott Beebe
Today’s Resource Highlight:
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