You don’t have to reinvent the wheel to get rich. Instead, you can glide into a fortune by launching a business that serves a common need.
Financial influencer Codie Sanchez, founder of Contrarian Thinking, recently posted an interview with husband and wife Korey and Caroline McDavid, co-founders of Juiced Fuel, on her YouTube channel.
Essentially a mobile gas station, Juiced Fuel customers submit a fuel request and a team member comes and refuels their tank. The service comes as a practical solution of an age-old problem — not having the time or desire to go to the gas station.
The idea came to Korey when his wife was pregnant with their second child. She hated going to the gas station, which inspired him to start the mobile refueling service.
“Korey and Caroline didn’t wait for some sexy perfect business model,” Sanchez said. “They picked something simple, profitable, easy to scale, that didn’t take much cash upfront.”
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All businesses have to start somewhere. Juiced Fuel initially had one truck with two tanks — one for premium fuel and another for regular fuel.
Korey delivered the fuel himself before heading to his full-time job. In the company’s second year, he hired drivers, but still helped with deliveries during busy times.
Now in its third year, the company has four employees that deliver fuel. This allows Korey to spend most of his time working to grow the business.
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Getting Juiced Fuel up and running required an initial investment of $80,000. The company managed to nearly get out of the red after the first year as earnings reached $77,000.
Sanchez called this quick return incredible, as entrepreneurs often slowly bleed a small amount of cash without realizing it. In its second year, the company earned $385,000, rising substantially to more than $1 million in its third year of operation.
When it comes to buying and investing in businesses, Sanchez doesn’t think big. Instead, her holding company consists of small and medium businesses below $10 million EBITDA — that’s earnings before interest, taxes, depreciation and amortization, according to her Contrarian Thinking site.
She’s also not investing in flashy companies. Instead, Sanchez focuses on “boring businesses” that are often service-related — i.e., laundromats and lawn care.
