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The Man Who Turned a Part-Time Job into a Billion Dollar Business

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Today we have an amazing story about a guy who started out just looking for some extra income with a part-time job but ended up turning it into a billion dollar business.

Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary of our discussion.

Jim McCann started out as a social worker, which didn’t pay so well. So, in the early 1970s, he got a part-time job in a floral shop to earn a little extra money. In 1976, he took the plunge and started his own flower business.

Let’s go to The Professor’s Whiteboard as we break down 5 lessons learned from the part-timer who built a billion dollar business.

Whiteboard 1056 - part time job to billion dollar business

Jim McCann started out as a social worker, which didn’t pay so well. So, in the early 1970s, he got a part-time job in a floral shop to earn a little extra money. In 1976, he took the plunge and started his own flower business.

1) Always look for opportunities

Jim could have looked at the situation of needing a part-time job as a negative. Instead, he found his BIGG opportunity! The key is to have a grasp on your current situation with a positive outlook, have a willingness to explore new ideas, and trust that things will work out well.

Jim did well in the business, but his one little shop didn’t make that much money. So, he opened another one. Then another one. By 1983, he was running a small chain of fourteen stores.

2) Scale smartly

He only succeeded moderately. But it was enough to think he should try another store. And then he did it again. You may only jump from A to F, not A to Z.

And Jim was ready for an even bigger challenge!

He had an epiphany, one day while getting ready for work. He was listening to the radio as he shaved when he got his BIGG idea: He would build a nationwide flower service!

To support that vision, he thought he needed a memorable toll-free number. He found a company for sale that owned 1-800-FLOWERS. What a great phone number! So he decided to buy them.

3) Don’t be afraid to go for it all

Once or twice in your business career you have to be willing to bet it all. We’ll translate that as you’ve got to be willing to make a BIGG move when an opportunity presents itself. That’s what is going to take you from F to Z.

BUT buying this company was a terrible mistake!

The company had filed for bankruptcy. It was no longer an operating company. In fact, its only asset was the phone number he wanted. But Jim agreed to assume all the liabilities as well. He figured that they couldn’t have any significant debt since they were no longer an operating company.

This is how he got burned!

Once Jim owned the business, he started uncovering the extent of the debt. It was over $7 million! He nearly lost everything he had worked so hard for the previous ten years. His friends told him he should just give up and file for bankruptcy.

4) Don’t skimp on due diligence

When you buy a company, you want to get access to all of their financials. You’re going to talk with customers, employees, vendors, landlords, financiers and the like.
But Jim made up his mind that he would persevere!

He realized that he would have to scale up bigger and faster than he had planned. He used his original company’s assets and good reputation to borrow even more.

It took about five years to get back on his feet, but he did it!

The Professor & Mary-Lynn have an interesting conversation about due diligence. Learn more about this process starting at 7:15. Click the player about to listen.

5) Cover your assets

One of the biggest reasons businesses fail is because they don’t have access to capital. Cash is king, but capital reserves are worth gold. Protect your borrowing capacity and watch your profit margins.

Jim’s next move was to establish an early internet presence. That increased sales even more!

He took his flower company public in 1999. Last year, 1-800-FLOWERS recorded sales of nearly $1.5 billion!

Jim McCann turned a part-time job into a billion dollar business.

Jim’s story proves you can build a significant business  even if you are just trying to make a few extra bucks from a part-time job. The key is to just take action and do something that moves you towards a goal. It leads to BIGG success!

signatures: George & Mary-Lynn
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success

Sources

Stop and Sell the Roses, by Jim McCann

1-800-FLOWERS

Jim McCann: My Biggest Mistake, August 1998, Inc.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/forcedn/biggsuccess/01065-071321.mp3

3 steps to cure if-only-itis

3 Steps to Cure If-Only-Itis

3 steps to cure if-only-itis

If-only-itis is an unhealthy state of mind. This type of thinking can impact your present and future if you don’t put a stop to it fast!

Click the player to this episode of The BIGG Success Show podcast, or read the summary below.

Cambridge Dictionary says, “we use if only to express a strong wish that things could be different. It means the same as I wish but is stronger.”

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Professional woman sitting at desk with the blog post title: 3 Tips for a More Fulfilling Career blog post image

3 Tips for a More Fulfilling Career

Professional woman sitting at desk with the blog post title: 3 Tips for a More Fulfilling Career blog post image

Whether you are looking on your own, or are forced into it, there are certain steps you can take to find a more fulfilling career.

Click the player to listen to podcast episode #1056 of The BIGG Success Show. Below is a summary of our discussion…

Our show today is inspired by the movie, Larry Crowne.

Here’s the storyline:

Larry, played by Tom Hanks, was a superstar team leader at a big-box company where he’s worked for over 20 years. He gets called to the office, where it’s expected that he will be recognized as “Employee of the Month” again, but instead, he is told that due to a company policy change with management, he was being let go.

His bosses said that his lack of a college degree would prevent him from moving any further up the ladder. Larry had enlisted in the Navy as a young man and started working for the store after his service was over.

As a middle-aged man, he finds it hard to get hired. Deep in dept with a mortgage and unclear on what to do, Larry heads to his local college to start over.

Let’s go to The Professor’s Whiteboard for 3 tips for a more fulfilling career.

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7 Things to Do Instead of Comparing Yourself to Others

image of people walking with article title 7 Things to Do Instead of Comparing Yourself to Others

If you feel discouraged because others seem to be getting ahead faster, avoid the trap of comparing yourself to them with these 7 things.

People who think like an entrepreneur are ambitious and set BIGG goals. The downside is sometimes it seems others are doing better we get discouraged.

Social media makes comparing yourself to others easy to do. While comparison can be used in positive ways, it seems to be our human nature to do it in a negative way.

We look to The Professor’s whiteboard to see what to do instead.

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Stay Confident When Your Confidence is Shaken

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We share 4 ways to stay confident in 4 situations that you will likely face, that can shake your confidence. Click the player to listen the The BIGG Success Show podcast episode #1054. Here’s a summary of the discussion…

Entrepreneurs, and those who have the entrepreneurial spirit in their career, need confidence. Without it, you won’t be able to step outside of your comfort zone, seek new opportunities, and grow to your full potential.

What is confidence? We like the definition from Financial Coach, Debbie Sasson.

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