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McCabe Callahan who has been an entrepreneur his entire life. He began with a coffee shop named Mugs Coffee Lounge, which has been operating successfully in Fort Collins, Colorado, since 2002. He began a company called Community Funded, in 2011, out of his passion for providing technology that connects, supports and empowers people.

Famous Five:

• Favorite Book? \\u2013 E-Myth and Good to Great
• What CEO do you follow? \\u2013\\xa0 Elon Musk
• Favorite online tool? \\u2014 Slack
• Do you get 8 hours of sleep?\\u2014 No
• If you could let your 20-year old self, know one thing, what would it be? \\u2013 \\u201cPay attention to numbers\\u201d

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Time Stamped Show Notes:

• 01:32 \\u2013 Nathan introduces McCabe to the show
• 02:33 \\u2013 Mugs Coffee Lounge is McCabe\\u2019s first real business
• 02:43 \\u2013 McCabe went to Colorado State University
• 02:50 \\u2013 McCabe was coming back from Europe when he had the idea of the Mugs Coffee Lounge
• • 02:56 \\u2013 Mugs Coffee Lounge was the first wireless internet caf\\xe9 in Fort Collins
• 03:11 \\u2013 Building relationships is the key to a successful coffee lounge
• 03:36 \\u2013 First year revenue
• 04:04 \\u2013 McCabe is 36; but when he was 24, he was already opening 5 coffee shops
• 04:22 \\u2013 Total topline of all the coffee shops and restaurants
• 04:58 \\u2013 McCabe didn\\u2019t raise any capital
• 05:31 \\u2013 McCabe\\u2019s credit card debt when he started Mugs Coffee Lounge
• 05:48 \\u2013 McCabe also had debt from other sources
• 06:43 \\u2013 \\u201cCoffee is a good business to be in\\u2014there\\u2019s no recession\\u201d
• 06:58 \\u2013 McCabe shares where he sells his business to
• 07:07 \\u2013 McCabe\\u2019s income is now generating well
• 07:16 \\u2013 McCabe did $1.6M in sales in 2016
• 07:30 \\u2013 McCabe shares how he started with Community Funded
• • 08:17 \\u2013 McCabe had to find a way to secure a loan to open up a location
  • 08:31 \\u2013 The amount McCabe wanted to loan
  • 08:45 \\u2013 2009-2010 was the hardest time for McCabe
  • 09:41 \\u2013 McCabe was about to give up when one of his regulars offered help
  • 10:05 \\u2013 5 months after the McCabe\\u2019s next shop opened, he heard about NPR\\u2019s Kickstarter
  • 10:20 \\u2013 McCabe thought, \\u201cWhat if he could something like Kickstarter, but for communities?\\u201d
• 10:44 \\u2013 Community Funded started out bootstrapped and just recently raised a round
• 11:03 \\u2013 Community Funded first round raised $40K-75K
• • 11:29 \\u2013 Total funding was $2.3M
  • 11:38 \\u2013 Rounds are equity round
• 11:50 \\u2013 McCabe shares Community Funded\\u2019s valuation
• • 12:18 \\u2013 People believed in Community Funded\\u2019s vision
• 12:38 \\u2013 Community Funded\\u2019s is a SaaS model
• 13:46 \\u2013 Sample of fundraising raised in Community Funded
• 14:26 \\u2013 Community Funded\\u2019s focus
• 14:53 \\u2013 Current Community Funded\\u2019s revenue and revenue goal for 2017
• 15:54 \\u2013 Total transaction volume in 2016
• 16:03 \\u2013 2016 total revenue
• 17:21 \\u2013 The Famous Five

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3 Key Points:

• Lack of funds is not a hindrance in building a company.
• There\\u2019s nothing wrong sharing your problems with your regulars \\u2013 you don\\u2019t know who can offer you help.
• Stick and pay close attention to your numbers.

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Resources Mentioned:

• The Top Inbox\\xa0 \\u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• Klipfolio \\u2013 Track your business performance across all departments for FREE
• Acuity Scheduling \\u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Host Gator\\xa0\\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
• Audible\\xa0\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
• Show Notes provided by Mallard Creatives