How one muffin company started with $1800 and become a $10 million company
Turning your business into an overnight success is near impossible unless you consider Whatsapp or the few freaky businesses that come through the cracks.
Most buddying entrepreneurs have a good story to tell, and many like me love reading about it.
Today, I started my day by re-reading the case studies out of Mastering The Rockfeller Habits. With the work we are doing in Charters Towers, I thought it was good to refresh my memory on why this book was so pivotal in growing Marketing Eye and what relevance some of the case studies have to potential businesses in rural communities.
So, the Mostly Muffins company was my first port of call.
A young Molly Bolanos in 1987 built a baked goods company from an initial investment of $1,800, to grow into a company that employed 100 people with $10 million in revenue selling into coffee houses, airports, ferry terminals, and grocery stores.
Some tips that come from her rags to riches story include:
Training
Molly committed to training and development and created structure and discipline around that.
Leadership
Letting go and learning to delegate to other people was her biggest challenge from $1 million to $5 million. She used a Gazelles coach to help her with that.
Growing customers
She was innovative and took her best customers and created targeted merchandise programs for them. By customising the selling approach, it eliminated the need to create new product lines.
Meeting Rhythm
Having meetings daily, weekly and monthly and making sure they were productive and added to the team spirit was important.
Potential
Moving product lines into organic products and becoming certified means that the company was then able to go from potentially $10 million in revenue to $30 million in revenue.
I see this type of model working in jams in places like Charters Towers. There are so many great jam makers and who doesn't love a good jam spread?
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comments ( 5 )
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21 Jan 2019Marketing has changed to one of the most asking for and also critical aspects of must manage a business.
ReplyThis ultimately suggests that the general success of
your company is visiting depend mainly on the effectiveness of your marketing campaign.
David Leong
14 Aug 2016Dear Melissa,
ReplyIt's interesting how instead of dramatically increasing her product lines Molly chose to focus on her core customers who continually supported her through repeat sales. Many businesses tend to want to increase their sales by expanding their product range rapidly into different uncharted areas rather than simply focusing on what made them successful and growing deeper relationships with the customers they already have.
Ian
05 Aug 2016Excellent blog you possess here.. It's hard to find quality writing like yours nowadays.
ReplyI seriously appreciate people like you! Be mindful!!
Alfred Johansson
30 Jun 2016Hello Mellissah!
ReplyThis is the last step of my application for an internship at marketingeye next spring. I really hope that I get it, it would be a blessing and an adventure for a lifetime!
Alicen Freeman
29 Jun 2016Dear Mellissah,
ReplyThank you for this blog post! It was so interesting to learn about Mostly Muffins and how Molly expanded her company. It is clear that she was very creative and smart about where she invested her money and sold her products. Ferry terminals, what a wonderful idea! I was particularly interested in learning that one of her biggest challenges was delegating tasks to other people! I've been in several leadership positions in the past and it was crucial that I delegated tasks and believed in my helpers in order to finish big projects! This was way harder than I thought it would be, but ultimately, it helped me achieve greater results and become a better leader! Thanks again for the great read!