Alright – so today we’ve got the honor of introducing you to Kyle Monroe. We think you’ll enjoy our conversation, we’ve shared it below.
Alright, so we’re so thrilled to have Kyle with us today – welcome and maybe we can jump right into it with a question about one of your qualities that we most admire. How did you develop your work ethic? Where do you think you get it from?
A big part of my work ethic comes from being raised in the city of East Chicago. My parents instilled hard work in my brother and I from a young age, but as well, growing up in East Chicago, you really have to work hard for what you want. Raised around a lot of drugs and gun violence, it’s difficult for any kid to stay focused and see the light at the end of the tunnel. Along with that, growing up as a two sport athlete and seeing the opportunity to earn an athletic scholarship sparks a different type of work ethic in you. I’m grateful for my parents keeping my brother and I on straight path and teaching us the principles of hard work. I watched my parents go to work everyday and never complain about doing it. When you see things like that as a kid, it really sticks with you.
Great, so let’s take a few minutes and cover your story. What should folks know about you and what you do?
In short, I clean trash bins and it’s a dirty job…lol But to provide a detailed review I got started in entrepreneurship back in 2019 in the transportation industry. I want to pay gratitude to my colleague and business partner, Cortez Dale. Cortez and I met at Indiana State University back in 2004 during our college days. He was the one that provided me with my first opportunity as an entrepreneur and taught me the transportation and trucking industry. After a four years in the industry, I decided to look into different opportunities and build my portfolio. A little over a year ago, I noticed how dirty and smelly my trash bin was getting and no matter what I did (bleach, water hose, Fabuloso, etc.) I could not get it clean and fresh how I desired. I stumbled across Michiana Bins out in Elkhart, IN. The owner of the company is the little brother of my good friend I went to college and played football with, Jerimy Robinson. When I first seen his business operation, I was like this is genius! I did my research for months, surveyed the area and noticed no one in South Atlanta was providing this service. With the heat in the south, our bins get pretty nasty with odor, pest and bacteria. Like any business, it’s a risk. To get fully involved into this business, upfront cost range from $150,000 – $200,000. It’s a huge investment, but as well, I seen the opportunity and a solid ROI if done right. One thing I made certain was to not go short on my marketing budget. I needed to have a strong marketing footprint because no one had ever seen this service in South Atlanta. Still to this day I get people to say “that’s really a thing”? This business has a 90% success rate, but you have to make sure your pricing is right for your demographics and as well, customer service has to be top notch. Keep in mind, this is not a sanitation business where it’s mandatory to have your trash picked up, so for someone to purchase your bin cleaning service, you truly have to explain the benefits, have great customer service and let your results give them the “wow” factor.
Looking back, what do you think were the three qualities, skills, or areas of knowledge that were most impactful in your journey? What advice do you have for folks who are early in their journey in terms of how they can best develop or improve on these?
Patience, Analytical Thinking and Industry Knowledge. I would say for most if not all entrepreneurs, patience is key. You have to understand it may take you 3-5 years to make a dollar of profit. This journey is not for the faint of heart. Most entrepreneurs fail at their first business because they run out of working capital and maybe expected their business to be profitable after year one. Being able to be an analytical thinker will as well propel you to make better decisions and look at the business differently when needing to make adjustments and lastly, industry knowledge. Pick the brains of those who’ve been around it longer than you and be open minded to suggestions they may have. It may or may not cost you, but it will be worth it. Knowledge is key.
Tell us what your ideal client would be like?
In this business, it’s great to drive around neighborhoods and clean bins, but getting contracts, are imperative to success. If you can get a couple contracts with sanitation companies and a city contract, that will eliminate all of your overhead in this business and you can then see your profit margins increase quickly and drastically.
Example: One of my sanitation contracts I have is for bi-weekly cleaning of about 400 bins. That’s a total of 800 bins a month. To get 800 revolving monthly clients in this business will take you 3-5 years or longer (depending on your demographics). Some companies will never reach that number. This is not a get rich quick business.
Contact Info:
- Website: www.redcarpetbins.com
- Instagram: @redcarpetbins
- Facebook: Red Carpet Bins
- Twitter: @redcarpetbins
