In the years after racking up $250,000 in credit card debt to launch his startup, Alan Martin hit a couple of obstacles that he says “should have sunk us.” But his company, CampusBookRentals, survived and now, five years in business, projects 2013 sales of $40 million.
His experience is a cautionary tale for any would-be business owner.
Martin conceived his business idea while working his way through graduate school as a civilian contracts negotiator for the U.S. Air Force. Textbooks for his management classes were expensive, so he bought them used online, and sold them again at semester’s end. It occurred to him, he says, “I’m selling every book online for what I bought it for. If I could rent them out in between, it could be a cool service for students.”
His wife, some friends, and he began saving credit card offers and set up shop in his Ogden, Utah, basement with a quarter million dollars in cash advances. He quit his job and the master’s degree program to build the company in phases:Read More »from From $250,000 debt to $40 million sales: A small biz survival story