Mignon Francois, a single mother of seven, transformed her last $5 into a thriving million-dollar cupcake business, proving that resilience and ingenuity can lead to extraordinary success.
Between 2005 and 2007, Francois faced severe financial hardship when a promised job opportunity for her former husband fell through. Struggling to support her family, she found herself with only a few dollars to her name.
However, an unexpected opportunity arose when a neighbor, aware of Francois’ baking talent, placed an order for 600 cupcakes at $1 each.
With just $5, Francois was uncertain how she could fulfill the order, but she took a leap of faith. She used her last bit of money to buy ingredients to bake 60 cupcakes, generating $60 in profit that same day.
She reinvested the earnings to complete the order, marking the beginning of what would soon become The Cupcake Collection—a custom cake and cupcake business that now generates more than $1 million in annual revenue.
Despite her success, Francois’ journey was not without its challenges. As a Black woman entrepreneur, one of her biggest obstacles was securing funding.
Rather than relying on traditional banks—where she often faced loan denials, overdraft fees, and high-interest credit card debt—she adopted a cash-based budgeting system.
“I think a lot of times in my community, we often have been used to rejection from banks. Having my money in a bank account at that time, if I had messed up even a dollar, it would have caused me to get a bank overdraft, which would’ve cost me $30, and then that’s just a vicious cycle of snowballing in a negative way,” Francois to The Brand Start Up.
Instead, she relied on the envelope system, a financial method that allowed her to categorize her profits into different envelopes for budgeting, emergency savings, and debt repayment. This disciplined approach helped her scale her business without accumulating crippling debt.
Now a celebrated entrepreneur, Francois is committed to giving back to her community. She funds scholarships at Tennessee State University and collaborates with local organizations to support education and combat food insecurity.
Additionally, she serves on the boards of the Pathways Women’s Business Center and the Nashville Entrepreneur Center while working with grassroots organizations like Corner to Corner to mentor and support aspiring business owners.
Her story demonstrates the power of perseverance and financial literacy in achieving economic independence.
