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I turned a $25,000 loan into a million dollar business – now I’m 50 & retired but it comes down to ‘harmony’
She paid back the loan in just a year
JULIE Roy borrowed $25,000 from a back alley loan shark to start her business right out of college and then turned it into an empire worth millions.
While she doesn't recommend others borrowing from shady figures, she admits that it is what she had to do to get her business started.
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As the daughter of a single mother in a family of Italian immigrants, Roy, 50, always knew the value and importance of hard work.
When she was a kid, she babysat most nights, then after she turned 11, she started working at a market on the weekends.
"I can't remember a time that I didn't work, honestly. I always had a couple of jobs," Roy told The U.S. Sun.
The market job paid $60 a day, which was "crazy huge" money for her family.
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At one point, she even dug graves and operated the bone crusher machine at a cemetery.
Luckily, Roy got a soccer scholarship to help her through college.
And, of course, she continued working then, this time as a Montessori teacher.
She realized this was something she wanted to do long-term.
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With a goal in mind and a very patient mother, Roy set up her first classroom in her mom's basement, and an empire was born.
In her new book, The Multi-Million Dollar Mompreneur: Your Guide to Business Mastery, Uncommon Freedom, and Legacy Wealth, the mom of four outlines her journey and offers advice on achieving one's goals.
STARTING OUT
The Montessori school Roy was teaching at was about to close for the summer and she needed to find a way to make money.
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She had a good relationship with the students and their parents, so she had the idea to start a summer school in her mom's basement.
"I didn't even ask her. I just set up in the basement and brought these 12 kids that I was working with at the school," she said.
"The parents were so excited because the kids knew me, so it was great. I said, 'We'll just start in the basement,' but then they didn't want to go back to the actual school."
The experience was a lightbulb moment for Roy as she realized she loved being an entrepreneur.
She wanted to continue her teaching journey but was running low on cash.
While browsing through the newspaper for possible resources, she saw an ominous ad offering fast loans, so she called the number and set up an appointment.
"I was a little bit crazy. I'm a little courageous with risk-taking."
"I called my boyfriend at the time, my husband now, and told him, 'I got this really awesome opportunity, but I think I should bring you with me because I'm not sure if I should go alone to a back alley.'"
Roy explained the office was down an alley behind an unmarked burgundy door, leaving them wondering if they were even at the right place.
The room was like something out of a movie, with a single lightbulb hanging from a string above a rickety table and some chairs around it.
There has never been balance. I think people lie if they talk about work-life balance
Julie Roy
The "loan officer" had a folder with Roy's name on it and told them he could offer $25,000 with a 19% per diem interest rate.
Her husband, Beau, worked full-time as an intern at a hospital and offered to sign for the cash since Roy didn't have an income.
"He looks at Beau and he says. "I hope you love this girl, because if you don't for this or if she doesn't, we're coming for you," she said.
Luckily, they made each one of the $500 payments until all the money and interest was paid. It only took them a year.
With the money, she was able to move her school into the basement of a local church and get all of the materials she needed.
"It's not something I would suggest, however; I think that if you're an entrepreneur and you believe in your dream enough and you want it bad enough, you'll find a way to do it."
EXPANDING ON AN IDEA
Roy said it took ten years to grow her business and start making consistent profits after getting the loan.
For the first two years, the business was entirely run on cash.
During her first pregnancy, her water broke while she was at work, and she told her husband she couldn't leave because she had to stay with the students until they were picked up.
Once her son was born, she did the payroll from the hospital room to ensure her staff got paid.
The mom of four ultimately opened 25 Montessori schools and some non-profit infant care centers.
They even expanded into Omaha, Nebraska, due to a non-compete law in Canada.
Ultimately, Roy and her husband sold the business and made an eight-figure exit.
However, they held on to the real estate and were able to sell that a few years later.
MAKING IT WORK
She contributes all her success to work-life harmony rather than work-life balance.
"There has never been balance. I think people lie if they talk about work-life balance."
"But harmony has to exist. You have to have harmony in your family life. You have to have harmony with your spouse. You have to have harmony with yourself.
"There's a trade-off for everything. I believe in harmony. I believe there's a time to work really, really hard and then vacation."
"My kids have been all over the world with us, but we may not have been at every concert or every game."
She and her husband always made sure one parent was there for all the special moments in their four children's lives, but they were realistic about what they could do while running a business.
Today, Roy, her husband, and their children, the oldest being 20, are living comfortably in Iowa.
The couple has been working with investment real estate, which gives them the flexibility to live more freely and spend more time with family.
Roy says she will always be an entrepreneur but wants to help raise the next generation of business leaders.
She offers advice through the book, speaking engagements, personal coaching, and her podcast, Glam & Grind.
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