How I Built This with Guy Raz Kinko’s: Paul Orfalea
16 snips
Aug 21, 2023 Paul Orfalea, founder of Kinko's, shares his entrepreneurial journey from starting a simple copy shop in a converted hamburger stand to building a global chain. He reveals the challenges of partnering with co-owners and the complexities of running a 24-hour business. Orfalea reflects on his early struggles, the importance of customer needs, and the pivotal moments that led to rapid expansion. He candidly discusses personal challenges, the blend of luck and optimism in business, and his transition into philanthropy and teaching after selling to FedEx.
AI Snips
Chapters
Transcript
Episode notes
Long Lines = Opportunity
- Paul Orfalea noticed long lines at a copy shop near USC, charging 3 cents per copy.
- This sparked his business idea, as lines indicated demand and a potential profit.
Santa Barbara Start
- Paul Orfalea chose Santa Barbara for his first shop because his girlfriend lived there and it lacked a copy shop.
- He reasoned that student copying habits would be similar to those at USC.
Low Startup Costs
- Paul Orfalea secured a $5,000 loan with his father's co-sign and rented a Xerox machine for $1,100/month.
- Xerox's slow invoicing provided float, and his variable cost was just half a cent per copy.