You may not know the first thing about Propel Bikes or its founder, Chris Nolte. While he may not be one of the biggest names in the business world, you can learn a lot from his story.
Kiplinger recently sat down with the Army veteran and entrepreneur, learning more about how he took a $20,000 loan and turned it into a million dollar business.
Upon joining the electric assisted bike industry, it was clear to Nolte that he was in position to succeed.
When asked about financing, he explained that he used a $20,000 Patriot Express Loan designed specifically for veterans.
From there, he discussed the process of getting started:
“I found manufacturers of high-quality bikes that were willing to ship bikes to customers after I made the sale. I already shared office space in an industrial building on Long Island. I designed my own Web site, and I wrote a business plan with the help of a local Small Business Development Center [part of the U.S. Small Business Administration].”
In other words, he took things one step at a time, realizing that the end result would be a solid foundation on which he could build a strong business.
With plenty of growth potential, Nolte is excited about the future of Propel Bikes. There is still a lot that he wants to accomplish, but nothing will change the fact that he has already reached many of his goals. Congratulations!