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Hard-driving entrepreneur, not yet 26, on a new venture(一)
Hard-driving entrepreneur, not yet 26, on a new venture
Even before Kyle Baker graduated from college, the wheels were turning. Lessons he learned from his first business are paying off in the second.
By HYPERLINK /bioshtml DICK YOUNGBLOOD, Star Tribune
Last update: March 25, 2008 - 11:08 PM
Kyle Baker
Dick Youngblood, Star Tribune
HYPERLINK /businesshtml Bullseye LLC (Floor Coverings International)
Unlike many of his University of Minnesota classmates who were up to their mortarboards in debt when they graduated, Kyle Baker not only was debt-free when he collected his diploma in 2006, he had $35,000 in the bank.
The secret: As a freshman, he latched onto a College Pro Painters franchise that grossed upwards of $500,000 during the five years he ran it -- while also maintaining a 3.1 grade-point average for his triple major in finance, accounting and entrepreneurship.
Whereupon he took those savings, put the arm on the Small Business Administration for a $92,000 startup loan and acquired a Floor Coverings International (FCI) franchise, which has grossed more than $260,000 in just eight months of 2007.
In short, this over-achieving young whippersnapper has accomplished more by age 25 than I have by age ... well, never mind.
Bakers Vadnais Heights business is one of four FCI franchises in Minnesota. Its a concept that involves an unusual shop-at-home approach to selling flooring products ranging from carpeting, hardwoods and tile to stone, cork and luxury vinyls.
The strategy requires franchisees to lug dozens of 2-by-2-foot display boards, each holding eight to 12 flooring samples, to a prospective clients home for perusal and selection.
Its an arduous selection process, typically requiring two to three visits as customers narrow their choices. With one memorably fussy client, however, it took nine trips.
Thats a lot of schlepping, Baker said, but if thats what it takes to make a customer happy, thats what we do. While he sells the flooring, o
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