BiggerPockets Money Podcast 17: Building a Lean Business With (Almost) No Capital with Alan Donegan
Apr 23, 2018
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Sportswear Sales
- Donegan's father, a sportswear dealer, offered him products to sell instead of pocket money.
- Donegan successfully sold sportswear, exceeding his first full-time job's earnings during college.
Father's Bankruptcy
- Donegan's father built a successful sportswear business with 20 stores and 3 warehouses.
- However, high fixed costs during a recession led to bankruptcy, significantly impacting the family.
Flexibility in Business
- Businesses often fail due to high fixed costs during economic downturns.
- Maintaining flexibility and minimizing fixed costs is crucial for surviving market fluctuations.