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HOW TO BUILD A MILLION-DOLLAR SALON SUITE BUSINESS · Earn Your Leisure

• 0:00
  Speaker 1: Day I was supposed to sign my leads and my
• 0:01
  Speaker 1: business partner that I had been meeting with for months
• 0:03
  Speaker 1: didn't show up to the architect paying.
• 0:05
  Speaker 2: Him up front running off with my money, and the.
• 0:07
  Speaker 1: Contractors paying them in advance, not knowing any better, they
• 0:10
  Speaker 1: running off with the money.
• 0:11
  Speaker 3: Explain exactly what a salon suite is and why it's
• 0:14
  Speaker 3: becoming so popular.
• 0:15
  Speaker 2: It's really like real estate in the hearing beauty industry.
• 0:18
  Speaker 3: For somebody else they realize that they want to have
• 0:20
  Speaker 3: a salon suite. What's the first thing that they have
• 0:22
  Speaker 3: to do.
• 0:22
  Speaker 1: You want to make sure it makes sense because in
• 0:24
  Speaker 1: this business model there is a cat. Once our suites
• 0:26
  Speaker 1: are full, they're full, So you want to make sure
• 0:28
  Speaker 1: it makes sense at a one hundred percent capacity, ninety percent,
• 0:30
  Speaker 1: eighty percent.
• 0:31
  Speaker 2: What does it look like if you have five sweets empty?
• 0:33
  Speaker 4: I'm wondering what are the expenses as the person who
• 0:36
  Speaker 4: owns the building or did you not own the building?
• 0:38
  Speaker 5: At first?
• 0:38
  Speaker 1: I say it's pros and constant both. When you hear
• 0:40
  Speaker 1: people say I would never put money into a building
• 0:42
  Speaker 1: I don't own, but I always look at what you
• 0:44
  Speaker 1: get out of it. So if I put one hundred
• 0:45
  Speaker 1: k into a building, but I'm making a quarter million
• 0:47
  Speaker 1: and I don't want to own.
• 0:48
  Speaker 2: I'm okay with that.
• 0:48
  Speaker 6: How much does it cost for the average build up.
• 0:50
  Speaker 2: A sweet spot to start? It's like eighty to one
• 0:52
  Speaker 2: hundred k.
• 0:53
  Speaker 3: Beauty professionals make money, but they don't really ever generate
• 0:56
  Speaker 3: like real wealth.
• 0:57
  Speaker 6: So what's the mistake.
• 0:58
  Speaker 1: These stylists are off the chain with their attitudes. It's
• 1:00
  Speaker 1: like they think we need them, when in reality they
• 1:03
  Speaker 1: need the clients.
• 1:03
  Speaker 4: You get people information, they execute on, information that changes
• 1:07
  Speaker 4: their life.
• 1:07
  Speaker 5: What's that like for you?
• 1:08
  Speaker 1: It's kind of dope to be able to be the
• 1:09
  Speaker 1: other people what I wish I had when I was
• 1:11
  Speaker 1: growing up, because man if I could have just had
• 1:13
  Speaker 1: one person to call to ask a question, I would
• 1:14
  Speaker 1: have paid anything.
• 1:17
  Speaker 3: All right, guys, welcome back. Yeah by special episode. Absolutely, Yes, yes, yes, we.
• 1:22
  Speaker 6: Got somebody that's on been making making a lot of waves.
• 1:26
  Speaker 4: You know, we've been run to this person a little bit,
• 1:29
  Speaker 4: uh in atlah and finally you're here with us.
• 1:34
  Speaker 2: Finally we did it.
• 1:36
  Speaker 6: Appreciate McKinney. Yes, they can a sway, they can a
• 1:39
  Speaker 6: sway to pro. That's right.
• 1:41
  Speaker 5: Don't forget the pro.
• 1:42
  Speaker 3: Don't forget the bro So Salon Sweet extraordinary owner, the
• 1:47
  Speaker 3: first black person to actually franchise a Salon Sweet business.
• 1:52
  Speaker 6: Yep.
• 1:53
  Speaker 3: And you teach people about salon sweets and I actually
• 1:55
  Speaker 3: know somebody that took your course really or they went
• 1:58
  Speaker 3: to one of your events, so yeah, yeah, yeah, so
• 2:02
  Speaker 3: they were like, nah, she's legit.
• 2:05
  Speaker 2: Definitely les.
• 2:08
  Speaker 3: So it's a last week the salon sweek conversation is interesting.
• 2:12
  Speaker 3: We've we've had this conversation before, but it's very interesting
• 2:16
  Speaker 3: model it is and everybody does it differently right like that.
• 2:20
  Speaker 6: I don't think that there's one.
• 2:22
  Speaker 3: Just set way, like a few people that we've talked to,
• 2:26
  Speaker 3: and they all have different models.
• 2:28
  Speaker 6: And there's different types of salons too.
• 2:29
  Speaker 3: There's the women here, there's the barbershop salon, is the manicure, pedicure,
• 2:34
  Speaker 3: there's a combination of all of those facial So this
• 2:39
  Speaker 3: is this is important conversation that you're going to be
• 2:41
  Speaker 3: at investments as well.
• 2:43
  Speaker 6: But first and foremost, thank you for joining us.
• 2:45
  Speaker 2: Absolutely I put it.
• 2:46
  Speaker 4: I'll say that every time we hear like the stories
• 2:49
  Speaker 4: around these businesses, we always leave the episode like, damn,
• 2:52
  Speaker 4: we should do that.
• 2:53
  Speaker 2: I bet, I bet you.
• 2:54
  Speaker 1: I come across a lot of myss Oh my god,
• 2:56
  Speaker 1: ideas opportunities, this is one of them.
• 2:58
  Speaker 3: It's like I said, the salon sweet, especially women. I
• 3:00
  Speaker 3: feel like this is something that's really really big. A
• 3:03
  Speaker 3: lot of women want to get in for sure. How
• 3:06
  Speaker 3: did you what's your journey into the salon sweet business?
• 3:09
  Speaker 6: Yees.
• 3:10
  Speaker 1: So, I actually grew up in a family of beauty
• 3:12
  Speaker 1: pro so my sister, my mom that actually worked in
• 3:14
  Speaker 1: the salon. So back in the day, actually here hair salon,
• 3:16
  Speaker 1: hair salon, traditional hair salon were re leasing out of chair.
• 3:19
  Speaker 1: My sister was and mother was both like top braiders
• 3:22
  Speaker 1: back at home. And so I used to dobrows. I'm
• 3:25
  Speaker 1: from Lands in Michigan. Yep, Lance in Michigan, which is
• 3:28
  Speaker 1: actually the capital of Michigan.
• 3:31
  Speaker 5: As the choice, I was going to say, that's the
• 3:32
  Speaker 5: capital of Michigan.
• 3:33
  Speaker 1: In respect on the real town. And so I used
• 3:36
  Speaker 1: to do eyebrows back in the day in high school.
• 3:38
  Speaker 1: I really loved the environment. I just loved the freedom
• 3:41
  Speaker 1: the beauty pros had. Every time I went in there,
• 3:42
  Speaker 1: I was like, man, this is something I want to do.
• 3:44
  Speaker 1: So at the time, I was a basketball star, had
• 3:47
  Speaker 1: the opportunity to go pro chose not to go pro.
• 3:49
  Speaker 2: I could actually dump back then as well. Yeah seriously.
• 3:52
  Speaker 2: School Yeah, went to school LANCEA. Everett Magic Johnson.
• 3:55
  Speaker 1: Yeah we are overall record for four years was one
• 3:57
  Speaker 1: hundred and four and three in college.
• 4:00
  Speaker 2: In high school. In college, I went to Eastern Michigan
• 4:02
  Speaker 2: and Michigan State.
• 4:03
  Speaker 1: Okay, yeah, and then I actually went to go work
• 4:05
  Speaker 1: on this coaching staff at Michigan State as well. Before
• 4:08
  Speaker 1: I moved to Atlanta. Packed up my family moved to Atlanta.
• 4:10
  Speaker 1: So at that time, I was doing a lot of
• 4:12
  Speaker 1: basketball and music. So me and my twin sister, we
• 4:14
  Speaker 1: had a group called Twin City, so we opened for
• 4:16
  Speaker 1: like Lil Wayne Rick Ross. We were models, we were
• 4:19
  Speaker 1: on a radio, all that big stuff. Moved to Atlanta
• 4:22
  Speaker 1: kind of focused on the music, but I was still
• 4:25
  Speaker 1: attracted to that barbershop salon type of feel. So I
• 4:29
  Speaker 1: went in initially to work at a barbershop. I went
• 4:32
  Speaker 1: and got my license, worked at a barbershop, and I
• 4:34
  Speaker 1: walked into this building and I saw the slan suite
• 4:36
  Speaker 1: concept and I was like, Okay, this is different, this
• 4:38
  Speaker 1: is like real estate.
• 4:40
  Speaker 2: I started counting the doors, you know.
• 4:41
  Speaker 1: After I made my couple payments, I said, well, hold on,
• 4:43
  Speaker 1: he getting payments from all these doors and his hands off,
• 4:46
  Speaker 1: So this is a different business structure. So I neither
• 4:50
  Speaker 1: got super excited about it and shifted from one to
• 4:52
  Speaker 1: open a barbershop to open the salon suite. And so
• 4:54
  Speaker 1: I initially partnered with somebody. We opened a location in
• 4:57
  Speaker 1: Atlanta that did pretty well. We both had two different visions,
• 5:00
  Speaker 1: so we parted ways, and then I started the Encore
• 5:02
  Speaker 1: brand in twenty seventeen, I believe it was, and open
• 5:06
  Speaker 1: five locations, first black owned franchise company or franchise, a
• 5:11
  Speaker 1: suite franchise or and been in the business ever since.
• 5:14
  Speaker 3: So and your salant suites are just here in Georgia,
• 5:19
  Speaker 3: yep here.
• 5:19
  Speaker 1: Oh no, no, so hair, I mean estheticians or lash
• 5:23
  Speaker 1: text pretty much anybody that hair, beauty, barber spot industries.
• 5:25
  Speaker 1: Even nowadays we're getting like therapists and people who do reiki,
• 5:29
  Speaker 1: so we cover everything, so body sculpting, teeth widening, all
• 5:32
  Speaker 1: of that stuff.
• 5:33
  Speaker 5: That is a I mean, just that part is the legendary. Yeah,
• 5:36
  Speaker 5: we got acknowledge it.
• 5:37
  Speaker 4: Thank you, right, Like I mean, you've been able to
• 5:40
  Speaker 4: adapt be flexible from athletics entrepreneurs mute entertainment with music entrepreneurship.
• 5:46
  Speaker 5: But the idea of getting your business off the ground
• 5:48
  Speaker 5: is tough enough.
• 5:48
  Speaker 4: Absolutely, how do you decide that this one's done such
• 5:53
  Speaker 4: a great job. Let me now go to the next right,
• 5:56
  Speaker 4: Because moving from location location is not easy. Some people
• 5:59
  Speaker 4: scale two correct. What were it like the challenges that
• 6:03
  Speaker 4: you were facing at that time or maybe not the
• 6:05
  Speaker 4: growth that you were seeing.
• 6:06
  Speaker 5: That say okay, I feel comfortable to expand this.
• 6:09
  Speaker 1: Yeah, so, like I said, originally my plan was to
• 6:11
  Speaker 1: open a barbershop, and once I was exposed to this industry,
• 6:13
  Speaker 1: I said, okay, let me shift that to salon suites.
• 6:15
  Speaker 1: And I always share the story of that journey because
• 6:17
  Speaker 1: it's quite a story, from just even the day I
• 6:21
  Speaker 1: was supposed to sign my lead and my business partner
• 6:23
  Speaker 1: that I had been meeting with for months didn't show
• 6:24
  Speaker 1: up and didn't even partner with me. But the landlord
• 6:27
  Speaker 1: luckily allowed me to sign the lease to the architect,
• 6:30
  Speaker 1: paying him up front, running off with my money. The
• 6:33
  Speaker 1: contractors paying them in advance, not knowing any better, trust
• 6:37
  Speaker 1: and they're gonna do good business.
• 6:38
  Speaker 2: They running off with the money.
• 6:39
  Speaker 1: So I always talk about those times and how I
• 6:42
  Speaker 1: just had developed such high anxiety because it was just
• 6:44
  Speaker 1: like stressful. I couldn't understand what was going on. I
• 6:47
  Speaker 1: was going back and forth to the city of Atlanta.
• 6:49
  Speaker 1: There was even a moment where I had to go
• 6:50
  Speaker 1: into the City of Atlanta and literally stand on the
• 6:52
  Speaker 1: table and cried tears, like what the heck because they
• 6:55
  Speaker 1: had been sending me back and forth only to find
• 6:57
  Speaker 1: out I wasn't even one that was supposed to be
• 6:58
  Speaker 1: doing a permity. So that's a whole other story. But
• 7:01
  Speaker 1: they had been sending me back and forth, and I
• 7:03
  Speaker 1: just didn't understand what was going on. There was no consultants,
• 7:05
  Speaker 1: I didn't have any mentors anything at that time, so
• 7:08
  Speaker 1: it was just so stressful. I'll never forget those days.
• 7:10
  Speaker 1: And that's why I'm so passionate now about teaching other people.
• 7:13
  Speaker 1: You know, I feel like we all out here trying
• 7:14
  Speaker 1: to get a second source or third another source of income.
• 7:17
  Speaker 1: And I wouldn't even wish that experience on my worst enemy.
• 7:19
  Speaker 1: That's just how tough it was. But it was a
• 7:21
  Speaker 1: lot of learning lessons that helped me today, you know
• 7:24
  Speaker 1: what I'm saying. So it was definitely an experience, but
• 7:27
  Speaker 1: I believed in it so bad.
• 7:28
  Speaker 2: You know. Even our move to Georgia was a crazy experience.
• 7:31
  Speaker 1: I crashed the U haul truck before we even left,
• 7:35
  Speaker 1: and you know, but I just believed in it that
• 7:37
  Speaker 1: much and I really wanted to.
• 7:38
  Speaker 5: Is it you?
• 7:39
  Speaker 4: Is it you as just you as a solo entity,
• 7:41
  Speaker 4: or is it you sist mom going into this venture right,
• 7:45
  Speaker 4: because sometimes when you're going through it as an entrepreneur,
• 7:47
  Speaker 4: it's just you and that burden feels on you, like
• 7:51
  Speaker 4: is there a support system or are they like your
• 7:53
  Speaker 4: partners in this at the time.
• 7:54
  Speaker 2: Nope, at the time, no partners. Definitely a support system.
• 7:57
  Speaker 1: My sister had moved to Dallas for a second, but
• 7:58
  Speaker 1: she always helped me with every thing that I do,
• 8:00
  Speaker 1: But she wasn't officially like a part of the team
• 8:02
  Speaker 1: until recently till a few years ago. But at that time,
• 8:04
  Speaker 1: it was just me, literally, just me, just trying to
• 8:06
  Speaker 1: figure it out by myself, jumping off the cliff and yeah,
• 8:10
  Speaker 1: it was worth it though.
• 8:11
  Speaker 3: So for people that may not be familiar, explain exactly
• 8:14
  Speaker 3: what a salon suite is absolutely and why it's becoming
• 8:18
  Speaker 3: so popular that model.
• 8:20
  Speaker 1: So salon suite is basically when you take a commercial
• 8:22
  Speaker 1: space and you're breaking into smaller rooms and you lease
• 8:24
  Speaker 1: it to beauty pros. Beauty pros, it's a hairstyle that's
• 8:26
  Speaker 1: barber lash, tach esthetician, like some of the names I
• 8:28
  Speaker 1: listed earlier. So it's really like a real estate in
• 8:32
  Speaker 1: the hair and beauty industry. So me as the owner,
• 8:34
  Speaker 1: I don't have to help them find clients. I don't
• 8:36
  Speaker 1: have to worry about their pricing, their scheduling, products, nothing.
• 8:38
  Speaker 1: I'm literally just providing the space, managing the space and
• 8:41
  Speaker 1: making sure it's great.
• 8:44
  Speaker 2: And so that's pretty much what it is.
• 8:46
  Speaker 1: And the thing that the reason why it's so common
• 8:48
  Speaker 1: is everybody wants to be their own boss nowadays, so
• 8:50
  Speaker 1: that allows them to be their own boss. They get
• 8:52
  Speaker 1: to come in, customize the sweet to reflect their style.
• 8:54
  Speaker 1: They don't work for me compared to a traditional salon
• 8:56
  Speaker 1: of barbershop, I have to help them find clients. They
• 8:58
  Speaker 1: technically do work for me. So this is the complete opposite.
• 9:01
  Speaker 1: And it's not only more lucrative, but it's more semi
• 9:04
  Speaker 1: passive and just less well sometimes it could be stressful,
• 9:09
  Speaker 1: but I think maybe less stressful compared to traditional salona barbershop.
• 9:12
  Speaker 4: So almost in a sense, you're like the landlord correct,
• 9:14
  Speaker 4: so that they literally literally the landlord collecting. We spoke about,
• 9:20
  Speaker 4: like I said, this industry before. Are you creating the
• 9:24
  Speaker 4: designs in the room or do they have the freedom
• 9:26
  Speaker 4: to create inside the room? Is it some of them
• 9:28
  Speaker 4: furnish or is there a scale that you have to say, hey,
• 9:31
  Speaker 4: if you want this space and its furnished, it is this.
• 9:34
  Speaker 4: Are there tears to rent in the space or how
• 9:36
  Speaker 4: does that work?
• 9:36
  Speaker 2: That's a great question.
• 9:37
  Speaker 1: So primarily I like to stick with the business model
• 9:39
  Speaker 1: where we do the share space. So we don't furnish
• 9:41
  Speaker 1: most of the suites. We keep them unfurnished, and the
• 9:44
  Speaker 1: reason being a lot of beauty pros they want to
• 9:46
  Speaker 1: bring their own chair. You know, they don't want our
• 9:47
  Speaker 1: standard black chair, they want a purple chair, they want
• 9:49
  Speaker 1: a green chair, and so they really like that business model.
• 9:53
  Speaker 1: So in regards to the tears, right, So we have
• 9:55
  Speaker 1: tested furnishing a couple suites. There are some people who
• 9:58
  Speaker 1: want to turn key salon suite, but for the most
• 10:00
  Speaker 1: part we do unfurnished and it saves money not only
• 10:03
  Speaker 1: for the owners because we don't have to run plumbing
• 10:04
  Speaker 1: through every single suite, but we also don't have to
• 10:06
  Speaker 1: furnish every single suite, and we don't have to inspect
• 10:08
  Speaker 1: the furniture, which is a lot and so we save
• 10:10
  Speaker 1: a lot of money. And then for the beauty pros,
• 10:11
  Speaker 1: it's a win for them because they don't have to
• 10:13
  Speaker 1: use our furniture, they get to great a rent for
• 10:16
  Speaker 1: a lower rate, and I just like the camaraderie that
• 10:19
  Speaker 1: it creates. Some salon suits are so private you don't
• 10:20
  Speaker 1: even know who you work next to. So with this
• 10:22
  Speaker 1: business model, they get their privacy, but they also get
• 10:25
  Speaker 1: to go to the share shampoo bo and dryers and
• 10:27
  Speaker 1: meet other people and become friends. So for example, my
• 10:30
  Speaker 1: first location, we're going on our sixth year. I want
• 10:33
  Speaker 1: to say eighty five percent of the beauty pros that
• 10:35
  Speaker 1: work there have been there since day one. But their
• 10:37
  Speaker 1: friends and they don't want to leave each other. So
• 10:39
  Speaker 1: that's the business model that I like to teach. But
• 10:41
  Speaker 1: some of my students they will do PARSI furnished, fully furnished,
• 10:44
  Speaker 1: So there is different tiers, but I primarily do the
• 10:46
  Speaker 1: share space model.
• 10:47
  Speaker 5: How many sweets and location.
• 10:48
  Speaker 1: One sixteen that's the first location sixteen suitets.
• 10:52
  Speaker 2: Our biggest location in Sandy Springs has twenty four.
• 10:54
  Speaker 6: Suitits and they get to they get to name their own.
• 10:58
  Speaker 1: They do they name it, They get their own business license,
• 11:00
  Speaker 1: their own LLC. Literally, they operated like it's their own
• 11:03
  Speaker 1: business without all the extra overhead that we take on.
• 11:05
  Speaker 3: So from a financial standpoint, for a regular hair Salona barbershop,
• 11:11
  Speaker 3: you have two thousand square feet and then you just
• 11:14
  Speaker 3: put ten barbers in there, correct, and they all work
• 11:16
  Speaker 3: for the same barbershop, right, Yeah, like half Moon barber
• 11:21
  Speaker 3: This one is you breaking it into little cubicles, correct,
• 11:25
  Speaker 3: with their own door. So from a health standpoint, because
• 11:28
  Speaker 3: that was big during COVID too, it's like you're separated
• 11:31
  Speaker 3: from a health standpoint yep. Also from an entrepreneurial standpoint,
• 11:35
  Speaker 3: they can have their own trademark, their own business, their
• 11:38
  Speaker 3: own color literally, as opposed to just being under one umbrella.
• 11:42
  Speaker 3: They might want to be independent. Financially, how does that work?
• 11:46
  Speaker 3: You charge them more money than it would be in
• 11:48
  Speaker 3: a traditional set.
• 11:50
  Speaker 2: For the most part.
• 11:51
  Speaker 1: I mean, I've been doing my research and it seems
• 11:53
  Speaker 1: like the traditional rent is kind of going up. But
• 11:55
  Speaker 1: just to give you an example, so the rooms are
• 11:56
  Speaker 1: about ninety five to one hundred and five square.
• 11:58
  Speaker 2: Feet a single suite.
• 12:00
  Speaker 1: I always say it's like the size of a master
• 12:01
  Speaker 1: bathroom and a residential home, and so that's that's the
• 12:05
  Speaker 1: average suite. We do lease them out to different hairstyle as,
• 12:10
  Speaker 1: beauty pros and everything like that. Ninety five to one
• 12:12
  Speaker 1: hundred five square feet. We charge about two to fifty
• 12:14
  Speaker 1: a week. That's unfurnished. Now, if we furnish it, we're
• 12:16
  Speaker 1: talking more like three twenty five. So two to fifty
• 12:19
  Speaker 1: a week is every week, every Friday. They pay rent automatic,
• 12:22
  Speaker 1: just like residential and so it's pretty lucrative. So I
• 12:25
  Speaker 1: would say a chair is more so like one fifty
• 12:27
  Speaker 1: one seventy five. And I always say salon sweets really
• 12:29
  Speaker 1: is for the next.
• 12:30
  Speaker 2: Level of beauty pro.
• 12:31
  Speaker 1: It's for the beauty pro that has established clientele because
• 12:34
  Speaker 1: again we're not really helping them with marketing. So you
• 12:36
  Speaker 1: want to make sure that they're established and they understand
• 12:38
  Speaker 1: that coming in, because there's a lot of talk about,
• 12:40
  Speaker 1: you know, salon suites have killed the culture, you know,
• 12:42
  Speaker 1: the barbershop talk, the salon talk, and I'm like, you know, well,
• 12:45
  Speaker 1: the beautiful thing is everybody has options.
• 12:47
  Speaker 2: If you want to go to a traditional salon which
• 12:48
  Speaker 2: I recommend.
• 12:49
  Speaker 1: I recommend coming out of school that you go to
• 12:51
  Speaker 1: a traditional salon, a barbershop to build your clientele. I
• 12:53
  Speaker 1: don't recommend you go straight to a salon suite because
• 12:55
  Speaker 1: you're not ready. So, you know, all money isn't good money.
• 12:58
  Speaker 1: When it comes to leasing out through suites, we like
• 12:59
  Speaker 1: to make sure or that they are established and that
• 13:01
  Speaker 1: they're just They understand that they're one hundred percent on
• 13:04
  Speaker 1: their own and I'm literally just the landlord collecting rent.
• 13:07
  Speaker 2: It's a plumbing or electrical issue.
• 13:08
  Speaker 1: We assist with that, but they are one hundred percent
• 13:11
  Speaker 1: on their own, so they can. We do have some
• 13:12
  Speaker 1: restrictions when it comes to decorating, but for the most part,
• 13:16
  Speaker 1: they are pretty flexible.
• 13:17
  Speaker 2: We do allow them to paint, you know, hang some shelbings,
• 13:20
  Speaker 2: some TV.
• 13:20
  Speaker 1: Stuff like that, and that's what they love because they
• 13:23
  Speaker 1: get to walk in and it's their own salon, their
• 13:25
  Speaker 1: own barbershop. And even if we furnish it, we still
• 13:27
  Speaker 1: allow them to paint, put up wall paper and stuff
• 13:29
  Speaker 1: like that. But there are some restrictions, but for the
• 13:32
  Speaker 1: most part.
• 13:33
  Speaker 5: Real estate is tricky.
• 13:34
  Speaker 4: Sit again, I said real estate is tricky, Yeah, it is,
• 13:36
  Speaker 4: and it can be very capital intensive. Absolutely, and so
• 13:40
  Speaker 4: I'm thinking, right, we got average three hundred and fifty
• 13:43
  Speaker 4: of room, we got sixteen rooms, Right, we're almost eight
• 13:47
  Speaker 4: thirty five hundred a week, maybe a little give or take. Right,
• 13:52
  Speaker 4: we do that by four weeks, pretty decent.
• 13:55
  Speaker 6: Uh huh.
• 13:55
  Speaker 4: Right, So I'm wondering what are the expenses as the
• 13:59
  Speaker 4: person who who owns the building?
• 14:01
  Speaker 5: Or did you not own the building at first?
• 14:02
  Speaker 4: Because that that you got to take that into account.
• 14:06
  Speaker 5: You're leasing and now it's a sublease.
• 14:07
  Speaker 2: Yeah, yep, I.
• 14:08
  Speaker 1: Lease, but I do teach some of my students to buy,
• 14:10
  Speaker 1: some some do lease. And people always ask me what's
• 14:13
  Speaker 1: the best raw. I'll say it's pros and constant both.
• 14:15
  Speaker 1: You know, I always tell people. You hear people say
• 14:17
  Speaker 1: I will never put money into a building I don't own,
• 14:20
  Speaker 1: and I understand it to a certain degree, but I
• 14:21
  Speaker 1: always look at what you get out of it. So
• 14:22
  Speaker 1: if I put one hundred k into a building, but
• 14:24
  Speaker 1: I'm making a quarter million and I don't want to own,
• 14:26
  Speaker 1: I'm okay with that.
• 14:27
  Speaker 2: You know, you got to.
• 14:28
  Speaker 1: It's a certain responsibility to own that some people aren't
• 14:31
  Speaker 1: willing to take on right now, So me primarily I lease.
• 14:34
  Speaker 1: The expenses are pretty standard commercial expenses. You know, you
• 14:37
  Speaker 1: got a CAM if they're an Appliaza cam fee, so
• 14:40
  Speaker 1: that's utilities, CAM covers common area maintenance, so that's water
• 14:45
  Speaker 1: and maintaining the building. Let me see Wi Fi security, insurance.
• 14:52
  Speaker 1: But your top two is going to be your rent,
• 14:53
  Speaker 1: your electricity.
• 14:54
  Speaker 2: Yeah, but the most.
• 14:55
  Speaker 5: Insurance for the building or does each sweetenat insurance?
• 14:58
  Speaker 1: Now, so that's a good question. I don't rea acquire
• 15:00
  Speaker 1: each sue. I do encourage them. I used to require it.
• 15:03
  Speaker 1: It was too much to manage. But I do encourage
• 15:06
  Speaker 1: that they do get insurance because it also protects their
• 15:07
  Speaker 1: equipment and stuff, even if they go do like a
• 15:09
  Speaker 1: house called or something like that. But yes, I do
• 15:11
  Speaker 1: pay insurance for my portion of the of the plaza.
• 15:14
  Speaker 2: For my building for my business.
• 15:16
  Speaker 6: So you said three two fifty a week.
• 15:19
  Speaker 1: That's an average rate because we had different sizes, so
• 15:21
  Speaker 1: we had some that were to set out.
• 15:23
  Speaker 2: Yeah, on average.
• 15:25
  Speaker 3: Are there other revenue opportunities from it too? Is like
• 15:28
  Speaker 3: we will rent you towels or we'll rent you oil.
• 15:31
  Speaker 3: It's just a two fifties, that's it. I do.
• 15:33
  Speaker 1: I do provide a washer and dryer. There are some
• 15:36
  Speaker 1: owners that find other ways to make income. I like
• 15:38
  Speaker 1: to really keep it as passive as possible. I try
• 15:41
  Speaker 1: like the vending machine, and I found myself going every
• 15:43
  Speaker 1: week filling the chips up more than I was actually
• 15:45
  Speaker 1: running a business. And I'm like, I'm only making two
• 15:47
  Speaker 1: hundred dollars a month from this, but I'm up here
• 15:49
  Speaker 1: every day putting in Fredo's and three thos episode.
• 15:52
  Speaker 2: Oh really, y'all said something like that.
• 15:56
  Speaker 1: So I was like, you know what, Well, what I'll
• 15:57
  Speaker 1: do is I rent out this space to another vendor
• 15:59
  Speaker 1: and they can do the bitter machine. Same thing with
• 16:01
  Speaker 1: the ATM. Just get a percentage of an ATM. So
• 16:04
  Speaker 1: I like to do it that way. But there are
• 16:05
  Speaker 1: bub pros or saliance we owners that sell products and
• 16:09
  Speaker 1: they get into it a lot more.
• 16:10
  Speaker 2: Than I would like to.
• 16:11
  Speaker 6: So your model is just just rent, Just rent.
• 16:13
  Speaker 2: That's how I like to do it. I don't have
• 16:14
  Speaker 2: to worry about nothing.
• 16:15
  Speaker 4: Being an athlete, and I wonder how a lot of
• 16:18
  Speaker 4: things can correlate to business discipline as an athlete, Yes,
• 16:23
  Speaker 4: also disciplined with money, because.
• 16:25
  Speaker 5: Now I mean you're making the money. Yeah, Well you
• 16:27
  Speaker 5: always did. You have to become disciplined, Like how did you?
• 16:30
  Speaker 2: I did have to become disciplined. I did learn a lot.
• 16:32
  Speaker 1: There were some mistakes that I made that I'm glad
• 16:35
  Speaker 1: that I made them early, to be honest with you. So, yeah,
• 16:39
  Speaker 1: but I do think sports help for sure. I always
• 16:40
  Speaker 1: say that sports help would discipline. I encourage everybody, even
• 16:43
  Speaker 1: if you don't plan to go pro, just play some
• 16:44
  Speaker 1: type of sports because I definitely think it helps just overall.
• 16:48
  Speaker 1: So I'm grateful for that. But yeah, I definitely learned
• 16:51
  Speaker 1: some financial lessons.
• 16:53
  Speaker 5: We bought some things that we bought.
• 16:54
  Speaker 1: Some things we weren't as organized, not having good accountant,
• 16:58
  Speaker 1: you know what I mean.
• 16:59
  Speaker 2: So but like I said, I'm glad I learned that
• 17:01
  Speaker 2: early on.
• 17:03
  Speaker 6: Who would you rather have in your salon suite?
• 17:05
  Speaker 3: So? Who makes the best clients? Is it Barbara? Is
• 17:08
  Speaker 3: is it here? Salon people? Is it eyebrow people, like.
• 17:13
  Speaker 1: I say, primarily as cosmetologists, But really it's more so
• 17:16
  Speaker 1: the person that's just established, honestly, So even if it's
• 17:18
  Speaker 1: a barber, if it's an esthetician, lash tech, makeup artists,
• 17:22
  Speaker 1: whoever is established, whoever looks established online. Because for the
• 17:25
  Speaker 1: most part, all I can do is look online, look
• 17:27
  Speaker 1: at their social media, check their book in site, make
• 17:29
  Speaker 1: sure they're legit.
• 17:31
  Speaker 2: So that's a good tenant.
• 17:32
  Speaker 1: Somebody who's established, you don't have to worry about if
• 17:34
  Speaker 1: they're going to pay rent because you can see that
• 17:36
  Speaker 1: they have clientele, they're going to make money. And also,
• 17:38
  Speaker 1: somebody has good energy. I'm big on energy. I don't
• 17:40
  Speaker 1: care how popular you are. If I feel like your
• 17:42
  Speaker 1: energy is off, I don't want you in the space.
• 17:45
  Speaker 1: And people who are professional understand customer service, because there's
• 17:48
  Speaker 1: a lot of beauty pros that just don't have that
• 17:50
  Speaker 1: business acumen. They don't understand basic business fundamentals, and so
• 17:53
  Speaker 1: that causes some issue some time.
• 17:54
  Speaker 2: So I try to just look at those things. When
• 17:56
  Speaker 2: she was in who's the least.
• 17:58
  Speaker 4: To How do we get fromation one to location two?
• 18:01
  Speaker 4: Was it by demand or did you just see that, Hey,
• 18:06
  Speaker 4: we've made this here, let's try to do this in
• 18:09
  Speaker 4: another location and see what we can replicate it.
• 18:11
  Speaker 2: Yeah.
• 18:11
  Speaker 1: So actually I wasn't even looking for a second location,
• 18:14
  Speaker 1: but a gentleman had called me and said, hey, sweet,
• 18:15
  Speaker 1: I know you do salon suites. We have this hair
• 18:17
  Speaker 1: store that's kind of built out like salon suite, you
• 18:19
  Speaker 1: want to take a look at it, and it was perfect.
• 18:22
  Speaker 1: So my first two locations were pretty much like my
• 18:24
  Speaker 1: first location was a doctor's office. So I always say,
• 18:26
  Speaker 1: look for a doctor or a dental office. Typically they
• 18:29
  Speaker 1: already have good sized rooms. I already have plumbing and
• 18:31
  Speaker 1: electrical you know, they do everything a one and so
• 18:35
  Speaker 1: that's basically what we look forward to. Second location, we
• 18:38
  Speaker 1: had to build out like maybe three suites.
• 18:40
  Speaker 2: So it wasn't planned. It was an opportunity that came
• 18:42
  Speaker 2: to me.
• 18:42
  Speaker 1: But it was perfect timing because I had learned a
• 18:44
  Speaker 1: lot throughout that first location, so we were able to,
• 18:47
  Speaker 1: you know, do the second location. It was a lot
• 18:49
  Speaker 1: easier in regards to the other locations enfranchising and so
• 18:53
  Speaker 1: this will I always say, exposure is so important and
• 18:55
  Speaker 1: you have the you know, proximity and you have the
• 18:56
  Speaker 1: right people around you. Because I wasn't thinking about franchise,
• 18:59
  Speaker 1: and I think it may have lost my mind, but
• 19:00
  Speaker 1: I was thinking that it just had more requirements than
• 19:03
  Speaker 1: I needed. I was just thinking maybe it's too big,
• 19:05
  Speaker 1: and it's why you never want to limit yourself. But
• 19:07
  Speaker 1: I had this gentleman and he was like, wait, why
• 19:09
  Speaker 1: aren't you franchise and I was like, man, I don't
• 19:11
  Speaker 1: think I can franchise.
• 19:12
  Speaker 2: And he was like, how do you even know.
• 19:13
  Speaker 1: You haven't even called and asked and inquired about it.
• 19:15
  Speaker 1: And so when I did, they were like, yeah, you
• 19:17
  Speaker 1: can franchise. It's just you know, you got to pay
• 19:20
  Speaker 1: and that's it. So you know, we was more to it.
• 19:22
  Speaker 1: You got to create the FDD and the one hundred
• 19:24
  Speaker 1: page document and all of that. But anyways, we did that.
• 19:27
  Speaker 1: My first deal ended up being a three unit deal.
• 19:29
  Speaker 1: So what we did was our model was we would
• 19:32
  Speaker 1: sell a turnkey ready salon suite to a franchise, so
• 19:36
  Speaker 1: then we franchise it. We still get the franchise feed,
• 19:38
  Speaker 1: we still get the royalties, but within that three unit deal,
• 19:41
  Speaker 1: they had to build two more units. In order to
• 19:42
  Speaker 1: get a turnkey location, you have to agree to open
• 19:45
  Speaker 1: two more locations. And so that's how we kind of
• 19:47
  Speaker 1: started out with that three unit deal.
• 19:49
  Speaker 5: Give them three and then they got a bill to.
• 19:50
  Speaker 2: Give them one. They got a bill to give them one,
• 19:52
  Speaker 2: they got a build too, and so that's what we did.
• 19:54
  Speaker 1: I actually sold that first location, it was sixteen sweets
• 19:56
  Speaker 1: for around like half a million dollars. Still was able
• 19:59
  Speaker 1: to get royalties from and then again they had to
• 20:01
  Speaker 1: build two more locations, which they did.
• 20:03
  Speaker 3: So for some way, we'll talk about the franchise model
• 20:06
  Speaker 3: for sure, and for somebody that's okay. They realize that
• 20:09
  Speaker 3: they want to have a salon suite. What's the first
• 20:13
  Speaker 3: thing that they have to do? Obviously, you know, you
• 20:14
  Speaker 3: got to find a location for sure, build it out.
• 20:19
  Speaker 3: Do you recommend that they try to get people that's
• 20:22
  Speaker 3: going to work in there before like, what's the steps for?
• 20:25
  Speaker 6: Yeah?
• 20:26
  Speaker 2: The steps first?
• 20:26
  Speaker 1: Of course, you got to, you know, make sure you
• 20:28
  Speaker 1: have the funny before you even look for a location.
• 20:29
  Speaker 2: So that's a big thing.
• 20:30
  Speaker 1: A lot of people out here just dream and looking
• 20:32
  Speaker 1: for locations and I'm like, landlord is not even gonna
• 20:33
  Speaker 1: entertain you because you don't have the money to pull
• 20:35
  Speaker 1: the trigger. But it's going to be finding the location,
• 20:37
  Speaker 1: which can be difficult sometimes because you want to make
• 20:39
  Speaker 1: sure you have ample parking and you want to make
• 20:41
  Speaker 1: sure it makes sense because in this business model there
• 20:43
  Speaker 1: is a cap. I know, we don't really like investments
• 20:45
  Speaker 1: where there's a cat, but once our suites are full,
• 20:47
  Speaker 1: they're full, So you want to make sure it makes
• 20:49
  Speaker 1: sense at one hundred percent capacity. I teach my students
• 20:51
  Speaker 1: to run the numbers at ninety eight percent. What does
• 20:54
  Speaker 1: it look like if you have five suits empty? And
• 20:56
  Speaker 1: you want to know those numbers before you sign the lease.
• 20:57
  Speaker 1: And that's just so important because people are so decided
• 21:00
  Speaker 1: to sign the least just to say they own a
• 21:01
  Speaker 1: business and always say it's a lot of broke business
• 21:04
  Speaker 1: owners out there, and it's a right and the wrong
• 21:05
  Speaker 1: way to do everything. So I'm really big on making
• 21:07
  Speaker 1: sure they do it so that's actually profitable.
• 21:09
  Speaker 2: But anyways, we're going to.
• 21:10
  Speaker 1: Find a location, then we're going to hire an architect
• 21:13
  Speaker 1: that's going to come in and make sure we maximize
• 21:14
  Speaker 1: the space, get as many sweets as possible. Then we're
• 21:17
  Speaker 1: going to be in the contractor in who's going to
• 21:19
  Speaker 1: build out the plan that the architect created. During that time,
• 21:22
  Speaker 1: we go through permitting. I'm sure you're all familiar with
• 21:23
  Speaker 1: the permitting process. It could be thirty days, the three years, no,
• 21:28
  Speaker 1: so you know, we're having patients during that timeframe building
• 21:32
  Speaker 1: up the salone suite. And then we like to prelease
• 21:34
  Speaker 1: just like a apartment complex. So we were about eighty
• 21:37
  Speaker 1: five percent done with the buildout. We like to prelease,
• 21:40
  Speaker 1: get them in early, and then of course you have
• 21:42
  Speaker 1: to do your final inspection, get your co do you
• 21:44
  Speaker 1: officially open. So those are pretty much just in a summary.
• 21:48
  Speaker 6: What type of buildings do you look for, because it's
• 21:50
  Speaker 6: like each suite you got to have like air conditioning
• 21:52
  Speaker 6: or is this you central air condition for the whole thing.
• 21:54
  Speaker 1: Hope, you do have to have unless it's like a
• 21:55
  Speaker 1: building that's grandfathered in and it's old. But for the
• 21:57
  Speaker 1: most part, yes, you need a sprinkler. You need age
• 22:00
  Speaker 1: back each in each one each week. So if that's
• 22:03
  Speaker 1: not there, you got to put that in.
• 22:04
  Speaker 2: Correct, you do have to put that in each one.
• 22:06
  Speaker 4: Which that's that's like why like the dentist's office exactly
• 22:09
  Speaker 4: what the doctor's exactly makes a lot of sense exactly.
• 22:12
  Speaker 1: Now, sometimes the rooms can be too big, but a
• 22:14
  Speaker 1: lot of times there are the perfect size.
• 22:16
  Speaker 5: For sweet and a lot of them have sinks.
• 22:17
  Speaker 2: A lot of them have sinks, plumbing and electrical.
• 22:20
  Speaker 6: So yeah, so what type of realitate are you looking for?
• 22:22
  Speaker 1: Yes, primarily that's what I'm looking for first, is a
• 22:25
  Speaker 1: deno or a doctor's office. You know, maybe sometimes the
• 22:27
  Speaker 1: office suites, but a lot of times they don't have
• 22:29
  Speaker 1: the plumbing and the electrical. But it's all good because
• 22:32
  Speaker 1: one thing I also teach is TI tendant improvement. That's
• 22:34
  Speaker 1: when the landlord gives you money towards the build out.
• 22:36
  Speaker 1: I mean I've had students get two hundred thousand, one
• 22:38
  Speaker 1: hundred and seventy thousand. I mean the landlord is paying
• 22:40
  Speaker 1: for their full buildout. So that's one thing. You know,
• 22:43
  Speaker 1: we go in there talk about that. Yep, so t
• 22:46
  Speaker 1: I and people people are like, why would the landlord
• 22:48
  Speaker 1: you know, people would be under my comments like she's
• 22:50
  Speaker 1: cat the landlord wouldn't pay it. I'm like, y'all, just
• 22:52
  Speaker 1: you don't know what you don't know. That landlord absolutely will.
• 22:55
  Speaker 1: And the reason they do that is because they want
• 22:57
  Speaker 1: you to be a long term tenant. They also see
• 22:58
  Speaker 1: it as an investment. They know that you're about to
• 23:00
  Speaker 1: pay them for the next seven ten years, so they
• 23:02
  Speaker 1: gonna get that money back on the back end. But
• 23:04
  Speaker 1: you want to go in there, I like to say,
• 23:05
  Speaker 1: take a GC in there before you even sign the agreement,
• 23:08
  Speaker 1: because they can spot off things that we can't spot out,
• 23:10
  Speaker 1: you know what I'm saying. And so we go in there,
• 23:12
  Speaker 1: we see what's right what's wrong, and we use that
• 23:15
  Speaker 1: to leverage our negotiating when it comes to the TI.
• 23:17
  Speaker 1: So we're always shooting for one hundred percent in TI.
• 23:20
  Speaker 1: Of course that's if you're leasing. You know, if you're buying,
• 23:22
  Speaker 1: you're not getting any TI. But sometimes we get fifty
• 23:25
  Speaker 1: percent towards the build out forty percent, but we try
• 23:27
  Speaker 1: to get something in TI from the landlord which goes
• 23:30
  Speaker 1: to towards the build out and you don't have to
• 23:32
  Speaker 1: pay that back.
• 23:33
  Speaker 5: How how's the retention with the people that you're leasing.
• 23:36
  Speaker 4: I know, sometimes people can start out in a room
• 23:39
  Speaker 4: and maybe it's we need a bigger suite, and then
• 23:41
  Speaker 4: the clientele becomes to bid that, Hey, maybe I gotta
• 23:45
  Speaker 4: go somewhere else, Like, how does that work for you?
• 23:47
  Speaker 6: Yeah?
• 23:47
  Speaker 1: I don't think that's really the problem because most people
• 23:49
  Speaker 1: who work in the slants we work off appointments only,
• 23:51
  Speaker 1: so they're usually only servicing one client at a time,
• 23:53
  Speaker 1: unless somebody's trying to run a whole salon.
• 23:55
  Speaker 2: Or something like that.
• 23:56
  Speaker 1: But the retention I think is one hundred percent up
• 23:58
  Speaker 1: to the owner, you know, even though we teach for
• 24:00
  Speaker 1: it to be somebody passed. If I think it's important
• 24:02
  Speaker 1: that your presence is still felt. So even though I'm
• 24:04
  Speaker 1: not there every weekend, every month, I still send out
• 24:06
  Speaker 1: email automations you know, happy holidays, and I just stay
• 24:10
  Speaker 1: in the loop ask them is there anything we could
• 24:12
  Speaker 1: do better? So I think that's important. Also goes back
• 24:15
  Speaker 1: to just you know who you lease to. You know,
• 24:16
  Speaker 1: like I said, all money isn't good money. So you
• 24:18
  Speaker 1: want to make sure that these people are established because
• 24:20
  Speaker 1: if not, they're going to be looking.
• 24:21
  Speaker 2: To leave soon. So I think it's just.
• 24:24
  Speaker 1: About you know, if there's an issue, you you know,
• 24:26
  Speaker 1: communicating that and taking care of a plumbing or electrical issue.
• 24:29
  Speaker 1: Those things really helped with retention and so I did it.
• 24:32
  Speaker 1: I was really big on that and so I was able.
• 24:34
  Speaker 1: Like I said, my first location, eighty five percent of
• 24:37
  Speaker 1: people are still there from day one.
• 24:39
  Speaker 2: But it can.
• 24:40
  Speaker 1: I mean, just like real estate. You know, you got
• 24:42
  Speaker 1: sweet squatters too, that's what we call them. That's a
• 24:44
  Speaker 1: real thing. Somebody who will not pay but stays there
• 24:48
  Speaker 1: and they treated just like an apartment complex if you go.
• 24:50
  Speaker 2: That actually happened to me. One time. I had to
• 24:51
  Speaker 2: call the police.
• 24:52
  Speaker 1: This lady wouldn't leave, and he was like, there's nothing
• 24:54
  Speaker 1: we could do and it was the worse feeling walking
• 24:57
  Speaker 1: through my salon suites looking at this person do hair.
• 25:00
  Speaker 1: They're not paying me, and it was nothing I could
• 25:01
  Speaker 1: do but wait for a court date so that lesson
• 25:04
  Speaker 1: what I learned With that, I met an attorney. He said, well,
• 25:06
  Speaker 1: you know, like we works in these office spaces, they
• 25:09
  Speaker 1: use a license agreement. He said, with the license agreement,
• 25:12
  Speaker 1: you don't got to deal with squatters. You can get
• 25:13
  Speaker 1: them right out of there because you're not leasing the
• 25:14
  Speaker 1: space to them. So once we made that change, which
• 25:17
  Speaker 1: is major, there's a lot of signs we own us
• 25:18
  Speaker 1: to this day that don't even know that. So now
• 25:20
  Speaker 1: we don't deal with sweet squatters with something.
• 25:23
  Speaker 4: It makes me think of like the systems that you
• 25:26
  Speaker 4: didn't have in location one, correct that you implemented in
• 25:30
  Speaker 4: location two, and likes that are there a bunch of
• 25:33
  Speaker 4: those that.
• 25:34
  Speaker 2: There is in each location. We learned something and we
• 25:36
  Speaker 2: just got better.
• 25:37
  Speaker 5: Yeah, what are some of those things? That's a good one.
• 25:39
  Speaker 2: Yeah, for sure.
• 25:39
  Speaker 1: Like even when we go back, so when I take
• 25:41
  Speaker 1: my students, I like to take them to the first
• 25:42
  Speaker 1: location in the last location because the first location it's
• 25:44
  Speaker 1: hard for me. Tomn walk through I'm like, dang, why
• 25:46
  Speaker 1: do I got regular door knobs?
• 25:47
  Speaker 2: Like oh that got keys?
• 25:48
  Speaker 1: Like you know what I'm saying, So stuff like that,
• 25:50
  Speaker 1: you know, keyless entry, just having true systems in place,
• 25:54
  Speaker 1: the email automations, like I said, just making my presence
• 25:56
  Speaker 1: be felt, trying to think what else.
• 25:59
  Speaker 2: Pay structure, the late fee structured.
• 26:02
  Speaker 1: Just learning that, and I think that was pretty much
• 26:06
  Speaker 1: off the top of my head what I can think
• 26:08
  Speaker 1: of as far as you know, I'm sure there's other
• 26:09
  Speaker 1: lessons and just how to deal with people again, how
• 26:11
  Speaker 1: to filter out the bad tenants and the good tenants.
• 26:14
  Speaker 1: So lots of little lessons like that that we just
• 26:16
  Speaker 1: continuously kept learning. And so I brought my sister on board,
• 26:19
  Speaker 1: I want to say, a couple of years ago. So
• 26:20
  Speaker 1: she worked for Samsung. She was like in charge of
• 26:24
  Speaker 1: approving like all the new devices and stuff. So she
• 26:26
  Speaker 1: was really big on systems. So she came in implemented
• 26:29
  Speaker 1: a lot of systems that really really helped us.
• 26:31
  Speaker 4: Yeah, for sure, are there property managers at each location
• 26:33
  Speaker 4: or is it you and like the families going around
• 26:37
  Speaker 4: making sure that you're seen.
• 26:38
  Speaker 1: Yep, So at first it was me, which was another
• 26:42
  Speaker 1: big lesson that I learned because I gave everybody my
• 26:44
  Speaker 1: phone number, and that was the worst decision ever, because
• 26:46
  Speaker 1: when there's a leak, all twenty people calling me and
• 26:48
  Speaker 1: I'm like, I just need to hear it from one person.
• 26:50
  Speaker 1: So what I like to do is a point one
• 26:53
  Speaker 1: person from each location is like the leason, so they're
• 26:56
  Speaker 1: like the salon manager, and that's the only person that
• 26:58
  Speaker 1: has my number. So if there's any issue that go on,
• 27:00
  Speaker 1: they understand to let this line manager know she's the
• 27:02
  Speaker 1: one that contacts me. I'll contact the team. And that's
• 27:04
  Speaker 1: when I was more involved. Now I'm not that involved
• 27:06
  Speaker 1: at all. And then to compensate her, I just discount
• 27:10
  Speaker 1: her like two, like fifty dollars a week, so about
• 27:12
  Speaker 1: two hundred dollars a month, and they appreciate that. And
• 27:14
  Speaker 1: so there's some weeks we talk, there's some weeks we
• 27:16
  Speaker 1: don't talk. But just having that liaison is extremely helpful.
• 27:19
  Speaker 1: The rest of the tenants can only contact me by email,
• 27:23
  Speaker 1: and that's a big lesson that I learned, because that
• 27:24
  Speaker 1: would drive you crazy. I remember just feeling overly, super
• 27:28
  Speaker 1: overwhelmed with everybody having my number. It was a point
• 27:31
  Speaker 1: of time where I hated my ring tone. It just
• 27:33
  Speaker 1: gave me instan anxiety, like now what you know what
• 27:35
  Speaker 1: I'm saying. So a lot of hard lessons, but you
• 27:38
  Speaker 1: know I don't regret any of them. They were lessons.
• 27:41
  Speaker 6: So how much does it cost for the average buildof So.
• 27:44
  Speaker 1: It really depends on the scope of work. If you
• 27:46
  Speaker 1: find a dental office, your build out, of course isn't
• 27:48
  Speaker 1: going to cost as much as a building that's empty.
• 27:50
  Speaker 1: But again that's when we're going to negotiate more TI
• 27:52
  Speaker 1: because we've got to put in more work. But I
• 27:54
  Speaker 1: like to say the sweet spot to start, it's like eighty.
• 27:57
  Speaker 2: Two one hundred K.
• 27:58
  Speaker 1: And then once you find your location and then you
• 28:00
  Speaker 1: get your quote, you'll know if it's more or less.
• 28:02
  Speaker 1: And I always tell people they say, well, what if
• 28:04
  Speaker 1: I don't have enough money? I later determine I need
• 28:06
  Speaker 1: more money for the build out. But we have a
• 28:08
  Speaker 1: funding team in place, so our program we do everything
• 28:10
  Speaker 1: from credit with payer to funding to help you find
• 28:13
  Speaker 1: a location. We bring in realtors, we bring in a
• 28:14
  Speaker 1: trademark attorney's therapists, funny, so we have an amazing funded team.
• 28:20
  Speaker 1: We have a credit team and a funding team that
• 28:21
  Speaker 1: works together and we encourage people to use opum other
• 28:24
  Speaker 1: people's money, and so when they get into our mastermine,
• 28:27
  Speaker 1: we actually go and use our resources to help them
• 28:29
  Speaker 1: get the funny, which is very helpful because a lot
• 28:31
  Speaker 1: of people don't know. They just go to their bank
• 28:33
  Speaker 1: and they just think that's the only place they can
• 28:34
  Speaker 1: get funding. So that's a big help. But the thing is,
• 28:38
  Speaker 1: if you get the funding, you find a location and
• 28:40
  Speaker 1: then you later determine, okay, I need an extra sixty K. Well,
• 28:43
  Speaker 1: then we'll go and do a second round of funny
• 28:45
  Speaker 1: while we're waiting for those permits. Won't really got much
• 28:47
  Speaker 1: to do anyway. So while we're waiting for those permits,
• 28:49
  Speaker 1: we can put our first payment down, we can pay
• 28:51
  Speaker 1: the architect to design it.
• 28:53
  Speaker 2: Then we're going to get a second round of funny.
• 28:55
  Speaker 1: So we support them in every single way when they
• 28:57
  Speaker 1: tap in, and like I said, just throw it in
• 28:59
  Speaker 1: there and have a therapist come in. Because I always
• 29:02
  Speaker 1: tell my students, you know, I want you all to
• 29:03
  Speaker 1: become successful. I want you got to be salon suite owners.
• 29:06
  Speaker 1: But at the end of the day, the ultimate success
• 29:08
  Speaker 1: in life, in my opinion, it's piece of happiness.
• 29:10
  Speaker 2: So it's a lot of miserable business owners.
• 29:12
  Speaker 1: So I like to just have that balance with my
• 29:14
  Speaker 1: am I teachings with just making sure you have the
• 29:16
  Speaker 1: right mindset to maneuver through this peacefully and still have
• 29:20
  Speaker 1: your sanity. Yeah, because you're dealing with a lot of
• 29:22
  Speaker 1: people that are their own boss too, so you know
• 29:24
  Speaker 1: how that goes.
• 29:25
  Speaker 4: You told us the type of locations you're looking for, doctors' offices,
• 29:28
  Speaker 4: dental offices. What about from a geographical location, right, Like,
• 29:33
  Speaker 4: are there certain things that you know need to be
• 29:36
  Speaker 4: in place, whether it be like eateries or you know,
• 29:42
  Speaker 4: office buildings, right, people like to go to get things,
• 29:44
  Speaker 4: things done on their lunch break. Like, are those things
• 29:48
  Speaker 4: going into your decision making when you're talking about location.
• 29:50
  Speaker 1: Yeah, but not like necessarily a deal breaker for not.
• 29:53
  Speaker 1: Of course, we want to go where there's high traffic,
• 29:55
  Speaker 1: just like any business will want to go where it's
• 29:57
  Speaker 1: high traffic. The biggest thing is having ample parking, you know,
• 30:00
  Speaker 1: unless you're in a city like New York where it's
• 30:02
  Speaker 1: just parking is just a struggle anyway, But we do
• 30:06
  Speaker 1: make sure we have ample parking. But for the most part,
• 30:08
  Speaker 1: because salon suites, you know, like I said, they're already established,
• 30:11
  Speaker 1: they bring their own clientele. We don't necessarily have to
• 30:13
  Speaker 1: be on the main corner like a traditional salam of
• 30:16
  Speaker 1: barber shop where they're trying to get walk in. You know,
• 30:17
  Speaker 1: we're not really focused on walking, so we don't have to.
• 30:20
  Speaker 1: But it's always a bonus if you can be next
• 30:22
  Speaker 1: to a Starbucks or a shopping center or something like that.
• 30:25
  Speaker 1: So we do aim for that, but we have locations
• 30:28
  Speaker 1: that aren't necessarily in high demand areas. But for the
• 30:30
  Speaker 1: most part, though people always ask me, you know what,
• 30:33
  Speaker 1: what's a good location, It's all about doing your research. Really,
• 30:37
  Speaker 1: you know, the numbers are going to tell you if
• 30:38
  Speaker 1: it's a good location. So doing your research on your area,
• 30:41
  Speaker 1: because every market area is different. A suite in Atlanta
• 30:43
  Speaker 1: it's not going to cost the same as a suite
• 30:44
  Speaker 1: in New York. So understanding what the average suite goes
• 30:48
  Speaker 1: for in your area, and then when you have a location,
• 30:51
  Speaker 1: we have an equation where we can kind of run
• 30:52
  Speaker 1: the numbers and project the income before we even as
• 30:54
  Speaker 1: sign the lease. Okay, the average suite in New York
• 30:56
  Speaker 1: is two seventy five. We have three thousand square feet.
• 30:59
  Speaker 1: We get about sixteen suits in there. We run the
• 31:02
  Speaker 1: number on that at one hundred percent capacity, at eighty
• 31:05
  Speaker 1: percent capacity. And so that's the main thing is just
• 31:08
  Speaker 1: making sure the numbers make sense the way I coach,
• 31:11
  Speaker 1: I make sure it's somebody passes. Because there are some
• 31:13
  Speaker 1: salon suite owners that work it like it's a full
• 31:15
  Speaker 1: time job. It blows my mind. So I'm big on
• 31:18
  Speaker 1: just making sure that they don't have to be there
• 31:20
  Speaker 1: every day, so it doesn't have to be around the
• 31:22
  Speaker 1: quarter from your house. It could be thirty miles out
• 31:25
  Speaker 1: and you can still manage it pretty pretty good.
• 31:27
  Speaker 5: Man.
• 31:27
  Speaker 4: I'm thinking you're already got the one stop shop. They're
• 31:30
  Speaker 4: gonna get their heir. Yep, eyebrows, eyelashes, nails, all done
• 31:33
  Speaker 4: in the same place.
• 31:34
  Speaker 2: All done.
• 31:34
  Speaker 5: Only thing missing is food. Yeah, that's right next door.
• 31:38
  Speaker 2: No, literally it is. It is helpful now.
• 31:40
  Speaker 1: The thing with salons, you know, the salion industry, you
• 31:42
  Speaker 1: got a lot of food people who pull up on you,
• 31:44
  Speaker 1: so you know, they come.
• 31:44
  Speaker 2: Sell you detergent, socks, food, all kinds of stuff. So
• 31:47
  Speaker 2: that's that's helpful.
• 31:48
  Speaker 1: Even the beauty supply that nowadays they have, like the
• 31:50
  Speaker 1: mobile supplies. They walk in they're the bands. Yeah, you
• 31:53
  Speaker 1: walk in the band. It's like a full supply store.
• 31:56
  Speaker 1: But yeah, it is always nice to be next to
• 31:58
  Speaker 1: food for sure, got to eat.
• 32:00
  Speaker 6: So where do you think the mistakes?
• 32:02
  Speaker 3: A lot of beauty salon or beauty professionals make money,
• 32:06
  Speaker 3: but they don't really ever generate like real wealth. So
• 32:08
  Speaker 3: what's the mistakes that?
• 32:09
  Speaker 1: Yeah, man, I think it's like I said, those basic
• 32:12
  Speaker 1: business fundamentals. First of all, they don't even really have
• 32:15
  Speaker 1: a clear understanding and ask to how much they make,
• 32:16
  Speaker 1: And I'm like, how can you set a goal where
• 32:19
  Speaker 1: you don't even know where you're actually at? You know,
• 32:21
  Speaker 1: I think reporting is really important when it comes to
• 32:23
  Speaker 1: money because, like I said, you got those vendors that
• 32:25
  Speaker 1: come in you spending all kinds of money. You don't
• 32:27
  Speaker 1: know where the money is going in and out. A
• 32:29
  Speaker 1: lot of people are taking cash apt caszal. It should
• 32:32
  Speaker 1: be one form of payment so that you have clear reporting,
• 32:34
  Speaker 1: so that you really understand your numbers, so that you
• 32:36
  Speaker 1: can set a goal, you know what I mean. But
• 32:38
  Speaker 1: I think also customer service is the biggest thing right now.
• 32:41
  Speaker 1: These stylists are off the chain with their attitudes and
• 32:44
  Speaker 1: it's like they think we need them, when in reality,
• 32:46
  Speaker 1: they need the clients.
• 32:47
  Speaker 2: But that's big, Like their attitude is terrible.
• 32:50
  Speaker 1: It's some very talented people out there that just don't
• 32:53
  Speaker 1: understand the basic business fundamentals like be on time. Like
• 32:56
  Speaker 1: you think because you're the stylist, you can be forty
• 32:58
  Speaker 1: five minutes late.
• 32:59
  Speaker 2: But if the client is it's late, you want to
• 33:01
  Speaker 2: enforce a lafe feed.
• 33:01
  Speaker 1: But you can be forty five minutes late and you
• 33:03
  Speaker 1: don't even give them a discount or anything like that.
• 33:05
  Speaker 2: So I think that their.
• 33:06
  Speaker 1: Their attitude about it is wrong, and I think that's
• 33:09
  Speaker 1: why a lot of people aren't growing because they look
• 33:11
  Speaker 1: at it like, well, it's okay, I'll get a new client,
• 33:14
  Speaker 1: and my thing is to grow. You want to retain
• 33:16
  Speaker 1: those clients so that you can create that demand and
• 33:18
  Speaker 1: then where you're overly packed and booked out, that's when
• 33:20
  Speaker 1: you can increase your price. That's when you can scale,
• 33:22
  Speaker 1: you know what I'm saying. But they don't care about that.
• 33:24
  Speaker 1: When you leave, they just feel like, hey, as long
• 33:26
  Speaker 1: as somebody is in my chair. So that's really big
• 33:29
  Speaker 1: in too hearing beauty industry to customer services, it's rough
• 33:31
  Speaker 1: out there.
• 33:32
  Speaker 2: I ain't gonna lie.
• 33:32
  Speaker 4: Yeah, I've watched my wife have some bad experience. It's
• 33:35
  Speaker 4: I know exactly what you're talking about.
• 33:36
  Speaker 2: It's bad.
• 33:37
  Speaker 4: I've heard this common theme that I don't do that anymore,
• 33:40
  Speaker 4: or it's not me that does that anymore, and it's just,
• 33:43
  Speaker 4: you know, the idea of your business and business function
• 33:46
  Speaker 4: without you is when you have a real business, sure
• 33:49
  Speaker 4: because you have systems.
• 33:50
  Speaker 5: When did you get to that point, man?
• 33:52
  Speaker 2: I want to say maybe about four years ago.
• 33:57
  Speaker 1: Yeah, about four years ago when I realized, okay, I
• 33:59
  Speaker 1: can't and then I started scaling so our franchise we
• 34:01
  Speaker 1: had two corporate locations, three franchise locations, and then I
• 34:04
  Speaker 1: want to do other things. I get into real estate
• 34:06
  Speaker 1: and stuff like that. So I want to say about
• 34:08
  Speaker 1: four years ago. But it took me a little longer
• 34:09
  Speaker 1: than it should have. I definitely should have got out
• 34:11
  Speaker 1: of my own way and replaced myself a lot sooner.
• 34:14
  Speaker 1: But that's, like you said, very important in order to
• 34:17
  Speaker 1: continue to grow, and that's something I'm still working on
• 34:19
  Speaker 1: a little bit now. It's just you know, hay sway,
• 34:21
  Speaker 1: you shouldn't be doing it like delegate delegate delegates.
• 34:24
  Speaker 2: So yeah, yeah, very important.
• 34:27
  Speaker 3: So the franchise model, right, how much is it to
• 34:32
  Speaker 3: buy your franchise. And what's the advantage of buying a
• 34:34
  Speaker 3: franchise like buying somebody buying into your franchise as opposed
• 34:37
  Speaker 3: to just starting their own philosophy.
• 34:38
  Speaker 1: Yep, because you get that support. Right, So we're already
• 34:41
  Speaker 1: established brand, We're already trademarked. They get the rights to
• 34:43
  Speaker 1: use all of our marketing, our name, and everything like that.
• 34:46
  Speaker 2: Plus they get the support.
• 34:47
  Speaker 1: So we typically meet with our franchisees like every month
• 34:51
  Speaker 1: just to make sure that they have everything that they need.
• 34:54
  Speaker 1: They contribute to the marketing fund. So the advantage is
• 34:56
  Speaker 1: that it's already an established brand. You don't have to
• 34:59
  Speaker 1: really figure everything on your own. You have some guidance
• 35:01
  Speaker 1: as opposed to you going and doing it by yourself.
• 35:04
  Speaker 1: Of course, you can still tap in with me and
• 35:05
  Speaker 1: I'll teach you how to start your own brand, but
• 35:07
  Speaker 1: you're starting a new brand. So you know, some people
• 35:10
  Speaker 1: just don't want to reinvent the wheel. They just you know,
• 35:13
  Speaker 1: they say, hey, if it's already established brand, let me
• 35:15
  Speaker 1: just buy into your brand. So our franchise fee is
• 35:17
  Speaker 1: thirty five thousand, and then it's five percent of royalties
• 35:21
  Speaker 1: off of your gross income.
• 35:23
  Speaker 2: So that's pretty much how it goes.
• 35:25
  Speaker 4: Are people that are leading from you. Obviously they can
• 35:29
  Speaker 4: look to you as the example of what success can
• 35:32
  Speaker 4: look like. Do you is there an education process as
• 35:36
  Speaker 4: they come into the suites and starting to see the
• 35:38
  Speaker 4: evolution of what you're doing, and are they trying to
• 35:41
  Speaker 4: model what you're doing or most people just focused on hey,
• 35:44
  Speaker 4: this is my client, let me just focus here and
• 35:46
  Speaker 4: missing the business of what you're actually building.
• 35:48
  Speaker 1: Yeah, I think something some people get in some people
• 35:50
  Speaker 1: do miss it because there are some people like Sweat.
• 35:52
  Speaker 2: I mean, I've had actually students.
• 35:53
  Speaker 1: One of my students was she actually leased the suite
• 35:56
  Speaker 1: and she was super, super shy. She's one of the
• 35:58
  Speaker 1: people that we got two hundre that in TI. So
• 36:01
  Speaker 1: some people see it, they see the bigger picture picture.
• 36:03
  Speaker 2: They like sway.
• 36:03
  Speaker 1: Eventually, I want to get from behind the chair because
• 36:05
  Speaker 1: I always say this industry is amazing, but you can
• 36:07
  Speaker 1: get stuck in this industry.
• 36:08
  Speaker 2: When people say I've been coming from forty years, I'm.
• 36:10
  Speaker 1: Like, that's not a flex you know, you need to
• 36:12
  Speaker 1: figure something out, you know what I'm saying, Because you
• 36:13
  Speaker 1: can't only it's so much wear and tear on your body.
• 36:15
  Speaker 2: So some students get in, and there's some students that.
• 36:18
  Speaker 1: Or should I say tenants tendants that don't get it,
• 36:21
  Speaker 1: and I mean it just is what it is. But
• 36:23
  Speaker 1: to the ones that get it anytime they ask me,
• 36:25
  Speaker 1: I'm not one of those people where I'm gonna take
• 36:26
  Speaker 1: a person. If you go start your own brand, I'm
• 36:28
  Speaker 1: gonna actually help you, especially if you're a good tenant.
• 36:31
  Speaker 4: So because it feels like some people will see it
• 36:34
  Speaker 4: as a path to I guess quote unquote freedom to
• 36:37
  Speaker 4: our entrepreneurs, Yes.
• 36:38
  Speaker 5: But it could be a path to financial freedom if
• 36:40
  Speaker 5: structured the right way.
• 36:41
  Speaker 2: Structured the right way.
• 36:42
  Speaker 4: I like that you said that having one form of
• 36:44
  Speaker 4: paying system right zelle, then having all that get and
• 36:48
  Speaker 4: then the other part is we're getting the money, but
• 36:51
  Speaker 4: are we understanding.
• 36:52
  Speaker 5: Of taxes exactly over all the things?
• 36:56
  Speaker 1: Right?
• 36:56
  Speaker 4: Like, are you seeing that as we started into that,
• 37:00
  Speaker 4: are you seeing that more of the tenants are becoming
• 37:03
  Speaker 4: more financially literate about that?
• 37:05
  Speaker 5: Or like from your from your perspective.
• 37:08
  Speaker 2: A little bit, I would like to see more.
• 37:10
  Speaker 1: I still think it's too many people that's tapped out
• 37:12
  Speaker 1: of that and don't understand the importance of that. But
• 37:14
  Speaker 1: I do think more people are trying to take a
• 37:15
  Speaker 1: little bit serif serious because they understand that's the only
• 37:17
  Speaker 1: way to get from behind the chair to a front
• 37:20
  Speaker 1: of the chair, is what I like to call it.
• 37:22
  Speaker 1: So yeah, it's a slight increase, but it would it
• 37:24
  Speaker 1: would be nice if more people really just understood the
• 37:26
  Speaker 1: importance to that.
• 37:27
  Speaker 3: So from a real estate standpoint, if you're if you're renting, right,
• 37:30
  Speaker 3: how long do you think it'll take before you get
• 37:32
  Speaker 3: your money back because you got to pay for the upfront,
• 37:35
  Speaker 3: that's build out, all of that stuff.
• 37:37
  Speaker 1: So yeah, and like I said, it depends on so
• 37:39
  Speaker 1: many different factors. You know, if you get TI and
• 37:40
  Speaker 1: then you kind of getting your money right back. But
• 37:42
  Speaker 1: I like to say you see a return of your
• 37:44
  Speaker 1: investment a little quicker in this industry, I will say
• 37:46
  Speaker 1: on average, you know, a year to two years yep,
• 37:49
  Speaker 1: just again depending on how much you actually put it
• 37:51
  Speaker 1: into the build out. So like with me, I was
• 37:53
  Speaker 1: able to see my return within that first year, but
• 37:55
  Speaker 1: I had twelve months free rent. I didn't get any
• 37:58
  Speaker 1: TI that first location. And that's another thing. They don't
• 38:00
  Speaker 1: give you TI because sometimes you can run into that
• 38:02
  Speaker 1: LANDA was like, look, I don't give out money, so
• 38:04
  Speaker 1: that's when you wanted negotiate more free rent. So in
• 38:06
  Speaker 1: that case, I said, okay, well you can't give me
• 38:08
  Speaker 1: TI towards the buildout, will give me a year.
• 38:09
  Speaker 2: Of free rent.
• 38:10
  Speaker 1: And he actually did that and that was actually pretty
• 38:11
  Speaker 1: dope because our build out took I think maybe like
• 38:14
  Speaker 1: four months, so the rest of the year we were
• 38:16
  Speaker 1: able to not have to pay any rent.
• 38:18
  Speaker 4: Is the focus now on more franchises or creating more
• 38:23
  Speaker 4: locations for yourself?
• 38:25
  Speaker 5: Yeah?
• 38:25
  Speaker 1: So I actually sold the Encore brand about three years ago,
• 38:28
  Speaker 1: and I still work with them and help them franchise,
• 38:30
  Speaker 1: which I love that because it was kind of a
• 38:32
  Speaker 1: conflict of interest with me pushing the franchise and then
• 38:34
  Speaker 1: trying to promote my students because my franchisees were like, well,
• 38:37
  Speaker 1: why are you pushing their brand? So I love that
• 38:39
  Speaker 1: because this is really and it was always my plan.
• 38:41
  Speaker 1: So I always had an exit plan to exit or
• 38:43
  Speaker 1: you started correct, now it was ten locations, even though
• 38:46
  Speaker 1: we only made it to five, But that was always
• 38:49
  Speaker 1: my plan, was to pivot. So now I get to
• 38:51
  Speaker 1: just focus more on my students and my mentees.
• 38:54
  Speaker 2: So for me, I'm not opening any more locations.
• 38:57
  Speaker 1: I don't think so, I don't see myself doing that,
• 38:59
  Speaker 1: especially with me is diversifying my portfolio now now I'm
• 39:02
  Speaker 1: really into real estate on the restaurant in Midtown Call
• 39:04
  Speaker 1: and Cheese, So not for me, but still here to
• 39:07
  Speaker 1: always help my students.
• 39:08
  Speaker 6: Grow and ex man, So what made youself?
• 39:11
  Speaker 1: Like I said, it was always my plan, and I
• 39:14
  Speaker 1: just kind of reached up a point I want to say,
• 39:16
  Speaker 1: like the Pinnacle, but I started to just feel very
• 39:19
  Speaker 1: overwhelmed and I was like, Okay, I'm kind of just
• 39:21
  Speaker 1: ready to get into something else because I'm one of
• 39:23
  Speaker 1: the people who actually worked in this industry.
• 39:25
  Speaker 2: So I didn't just start with salon sweets.
• 39:26
  Speaker 1: I worked in the industry, and I just felt like
• 39:28
  Speaker 1: it was perfect timing to kind of get out when
• 39:31
  Speaker 1: things were going good, you know.
• 39:33
  Speaker 2: And so it worked out perfectly though.
• 39:35
  Speaker 4: So we got athletics, entertainment yep, hair and beauty yes,
• 39:41
  Speaker 4: and now we've got hospitality yes, and real well yeah,
• 39:48
  Speaker 4: hospital You want to talk about a business that's stressful.
• 39:51
  Speaker 2: Now see, I'm still new to it.
• 39:53
  Speaker 1: You know. We I got in I want to say,
• 39:54
  Speaker 1: maybe like three months ago, so it was an established
• 39:57
  Speaker 1: brand already, so they did pretty good they're just looking
• 40:00
  Speaker 1: for They just needed that growth partner, somebody who understood
• 40:03
  Speaker 1: how to really scale, how to franchise, how to have
• 40:05
  Speaker 1: systems in place, and stuff like that. So I'm still
• 40:08
  Speaker 1: getting my feet wet. It's a small establishment, so nothing
• 40:11
  Speaker 1: too crazy. So yeah, I'm still learning. We got to
• 40:14
  Speaker 1: cut I know that this listen. I'm in Atlanta, so
• 40:16
  Speaker 1: I see them flip restaurants every year. They changed the
• 40:19
  Speaker 1: name and they're closing. So I understand it's a challenging industry.
• 40:22
  Speaker 1: But I think my partner is pretty knowledgeable. And like
• 40:25
  Speaker 1: I said, we're starting out small, so I'm still learning.
• 40:27
  Speaker 4: What did diversification look like? You said, it's real estate,
• 40:30
  Speaker 4: but what type of real estate? Like, how did you
• 40:34
  Speaker 4: come to that point where Okay, yes I sold.
• 40:37
  Speaker 5: Obviously you've done it in a sort.
• 40:39
  Speaker 4: Of a way, right, like you're the landlord, correct, And
• 40:41
  Speaker 4: so what has fueled the passion now?
• 40:43
  Speaker 1: Yeah, So again just understanding that I needed to diversify.
• 40:47
  Speaker 1: So there was a few years ago I lost a
• 40:50
  Speaker 1: lot of money and I felt like if I would
• 40:52
  Speaker 1: have diversified, maybe it wouldn't have been such a hard hit.
• 40:55
  Speaker 1: And so now I'm just trying to find other investments,
• 40:58
  Speaker 1: silent investments, you know, safe hedge funds and stuff like that.
• 41:03
  Speaker 1: And with real estate, my sister is a realtor, and
• 41:06
  Speaker 1: so when I was actually going to look for my
• 41:07
  Speaker 1: own personal home, she would always say.
• 41:09
  Speaker 2: You know, why don't you build? Why don't you build?
• 41:11
  Speaker 1: And at first I was just like, no, I don't
• 41:12
  Speaker 1: feel like going through all of that, and so she
• 41:14
  Speaker 1: always wanted to be a developer, and so we got
• 41:16
  Speaker 1: into it together, hired a mentor, and we're still going
• 41:20
  Speaker 1: through that process. We've built two so far, we have
• 41:22
  Speaker 1: two that are still being built. So I actually really
• 41:25
  Speaker 1: really liked that. So I'm gonna start putting a lot
• 41:26
  Speaker 1: of focus into that. But our whole business model is,
• 41:30
  Speaker 1: for the most part, is we're going to build them
• 41:32
  Speaker 1: up and then we were able to sell them before
• 41:35
  Speaker 1: we really before we even finished they going to contract.
• 41:37
  Speaker 5: You didn't even know you're talking to two developers right now.
• 41:39
  Speaker 2: No, I didn't know that. I didn't know. I see,
• 41:43
  Speaker 2: I'm seeing what y'all doing.
• 41:45
  Speaker 3: So going back to SILOSTI for a minute, if from
• 41:49
  Speaker 3: a worker standpoint, if somebody does nails or they cut
• 41:53
  Speaker 3: hair or eyebrows, whatever, what would you say to them
• 41:57
  Speaker 3: if they're deciding whether they should do it in a
• 42:01
  Speaker 3: traditional suite a salon, if they should do a salon suite,
• 42:06
  Speaker 3: or if they should just work out of their house
• 42:10
  Speaker 3: or if they're living room.
• 42:11
  Speaker 1: Yeah, I've never encourage people to work out of their
• 42:13
  Speaker 1: house because I think it's just it's unprofessional. You know,
• 42:15
  Speaker 1: if you want that high level clientele that's going to
• 42:17
  Speaker 1: come and pay you a high price and tip you, you
• 42:19
  Speaker 1: don't really want them come into your house. But I think,
• 42:22
  Speaker 1: like I mentioned earlier, if you don't have clientele, go
• 42:25
  Speaker 1: into a traditional salam of barbershop. You can also learn
• 42:27
  Speaker 1: from your peers. You can build your clientele up. Once
• 42:29
  Speaker 1: you're established, you have consistent clientele, your books are pretty
• 42:33
  Speaker 1: much seventy five percent full, then I will consider a
• 42:36
  Speaker 1: salon suite. So I want to be very clear with
• 42:38
  Speaker 1: that because a lot of people just jump into it
• 42:39
  Speaker 1: because it's the popular thing, and then they're like, oh, shoot,
• 42:42
  Speaker 1: I can't keep up with this rent and I don't really.
• 42:43
  Speaker 2: Have too much help.
• 42:45
  Speaker 1: Now, I will say, though I do, even though I'm
• 42:47
  Speaker 1: not obligated to give them help, I still try to
• 42:50
  Speaker 1: bring in wealth advisors marketing agencies to come and speak
• 42:53
  Speaker 1: to the tenants and they appreciate that, just to show
• 42:56
  Speaker 1: that I do care about their business.
• 42:57
  Speaker 2: I do want them to be successful.
• 42:59
  Speaker 1: But for the most part, like I said, it's going
• 43:00
  Speaker 1: to be just if you're established, if you know how
• 43:02
  Speaker 1: to really be on your own and run your business,
• 43:04
  Speaker 1: then you can go into someone.
• 43:05
  Speaker 6: What's the most profitable one?
• 43:07
  Speaker 3: Like obviously haircuts it probably the lowest on Atlanta. They
• 43:10
  Speaker 3: charge a lot of money, but man what because then
• 43:14
  Speaker 3: it also the women hit braiders.
• 43:16
  Speaker 6: They make money, but it takes a long time.
• 43:18
  Speaker 3: It does so from a time standpoint, out of nails, eyebrows, barber, braiders,
• 43:25
  Speaker 3: traditional women's hair, which one is the most profitable.
• 43:28
  Speaker 2: I would say a cosmetologist, a hairstylist.
• 43:31
  Speaker 6: I think a woman's a woman's hairstyle.
• 43:33
  Speaker 1: And I mean in Atlanta, it's a lot of males
• 43:35
  Speaker 1: that do women here too, so and they killing it.
• 43:38
  Speaker 1: But I would say I think hair stylists because yes,
• 43:40
  Speaker 1: it does take longer, but they're charging sometimes five, six,
• 43:43
  Speaker 1: seven hundred dollars depending on how how good they are,
• 43:46
  Speaker 1: and typically the style lasts a long time, So I
• 43:48
  Speaker 1: would think a stylist.
• 43:49
  Speaker 2: But barbers can make pretty good money. I made pretty
• 43:51
  Speaker 2: good money.
• 43:52
  Speaker 1: When I was behind the chair, I was one of
• 43:54
  Speaker 1: those that you know, I consider myself a groomer.
• 43:56
  Speaker 2: I think there's a difference.
• 43:57
  Speaker 1: And I had high pricing, but I gave them a
• 43:59
  Speaker 1: true VIP service because I think you have to justify
• 44:02
  Speaker 1: the price. And Atlanta a lot of people just jacking
• 44:04
  Speaker 1: up these prices just because everybody else is doing it.
• 44:06
  Speaker 1: And it's like, you can't have a high price and
• 44:08
  Speaker 1: think somebody's going to come and pay and you're not
• 44:10
  Speaker 1: even on time, or you're you're not even cleaning your
• 44:13
  Speaker 1: your equipment and stuff like that.
• 44:14
  Speaker 2: So you got to justify the price.
• 44:17
  Speaker 5: Shampoo service, hot towel, oh goodness, exactly.
• 44:20
  Speaker 3: Get the hair right because it's even different the wigs,
• 44:23
  Speaker 3: correct extensions for the audience. Explain the price points for
• 44:28
  Speaker 3: like the different tiers of women's hair.
• 44:31
  Speaker 1: Yeah, So, to be honest with you, I don't I
• 44:33
  Speaker 1: don't know that I know the up to date price,
• 44:35
  Speaker 1: you know, to be honest.
• 44:36
  Speaker 2: With you, but yeah, you tell me for it.
• 44:38
  Speaker 5: It's still.
• 44:40
  Speaker 2: One hundred for sure.
• 44:41
  Speaker 4: Easily we changed hair styles. So I have a wife
• 44:44
  Speaker 4: and her daughter. Okay, uh, she had a hairstyle last
• 44:48
  Speaker 4: year and she was the person charged her two hundred.
• 44:51
  Speaker 4: She wanted to redo it this year, and they charging
• 44:53
  Speaker 4: the six hundred style.
• 44:55
  Speaker 2: She went up four hundred.
• 44:57
  Speaker 5: I'm just trying to sing out, like what's going on?
• 44:58
  Speaker 4: So, like I mean, becomes tricky, right, braids Obviously a
• 45:02
  Speaker 4: lot of times Black women summertime, if they're going away vacations, beaches, pools,
• 45:09
  Speaker 4: usually they're going with braids.
• 45:10
  Speaker 5: So that's I mean.
• 45:11
  Speaker 4: As a dad, I'm like, damn, I got the kids
• 45:13
  Speaker 4: for the next twelve hours, you.
• 45:15
  Speaker 5: Know what I mean.
• 45:15
  Speaker 4: So that cause you know, whether it's so wins lace front,
• 45:20
  Speaker 4: there's just so much that goes into it, which is
• 45:22
  Speaker 4: why I think that that would probably be be the
• 45:25
  Speaker 4: profession or that's don't have them.
• 45:27
  Speaker 6: Like just when he said Atlanta Tay is the best.
• 45:31
  Speaker 3: He's so that guy does wigs right, Yes, he specialized
• 45:35
  Speaker 3: in with I think he lives in New York now,
• 45:37
  Speaker 3: So that's a whole specialty within itself.
• 45:40
  Speaker 6: Like just wigs.
• 45:41
  Speaker 1: Correct, It's all about how you lay it in and
• 45:44
  Speaker 1: make it not look like a wig.
• 45:45
  Speaker 2: That's the key.
• 45:45
  Speaker 4: You know, some people you got if they don't get
• 45:47
  Speaker 4: that making okay, if they don't.
• 45:48
  Speaker 2: Get the make up, because like hold on now.
• 45:50
  Speaker 5: They look like wig that middle part.
• 45:52
  Speaker 2: Oh yeah, it.
• 45:53
  Speaker 1: Has to transition real nice. And so that that's the
• 45:55
  Speaker 1: difference right there. If you know how to put that
• 45:56
  Speaker 1: lace on on, it doesn't it looks like your natural hair,
• 45:59
  Speaker 1: that blend, that blend, you know what I mean, then
• 46:00
  Speaker 1: you can charge those pricing. But a lot of people
• 46:02
  Speaker 1: aren't aren't so good at that.
• 46:03
  Speaker 4: So this is a I mean, I'm seeing a lot
• 46:07
  Speaker 4: of people going to the space, whether it's nail tax.
• 46:10
  Speaker 4: We just we just came from a school where a
• 46:12
  Speaker 4: young girl created an owned neil tech.
• 46:13
  Speaker 5: Business fifteen years old. Oh nice, which is incredible.
• 46:17
  Speaker 4: But it speaks to me of competitive business competition. How
• 46:23
  Speaker 4: or what are you seeing that separates people to grab
• 46:28
  Speaker 4: more attention because there's a lot of people it's a
• 46:30
  Speaker 4: mastheticians like hair nail tag.
• 46:34
  Speaker 1: That's why I'm so excited to be at investments because
• 46:36
  Speaker 1: I'm like, you know, this is a really big industry.
• 46:38
  Speaker 1: Got I mean millions of people that's in this industry.
• 46:42
  Speaker 2: But I think that.
• 46:45
  Speaker 1: I would say, I always say, if you can just
• 46:48
  Speaker 1: simply be on time, I think that's sets you apart
• 46:50
  Speaker 1: right there. Really, I'm just being honest. In Atlanta, just
• 46:52
  Speaker 1: as a barber. As a barber too, you don't even
• 46:54
  Speaker 1: have to be the greatest. If you have good customer service,
• 46:57
  Speaker 1: that sets you apart right there.
• 46:58
  Speaker 2: I mean they don't. That's terrible.
• 47:00
  Speaker 3: On time to come into work or on time as
• 47:02
  Speaker 3: far as you running over with your appointments, on.
• 47:04
  Speaker 2: Time for your appointment.
• 47:05
  Speaker 1: So if you have an eight o'clock at eight am appointment,
• 47:07
  Speaker 1: be there at seven fifty and be ready to.
• 47:09
  Speaker 6: Start, you know what I'm saying. Like, because that's another
• 47:11
  Speaker 6: thing too.
• 47:11
  Speaker 3: Though Barbara could set a time at one o'clock, he's
• 47:14
  Speaker 3: already there, but his client comes fifteen late, even it's late,
• 47:19
  Speaker 3: and then now and then he's so now that one
• 47:21
  Speaker 3: o'clock turned to a one forty five.
• 47:22
  Speaker 2: Right now, everybody else after that this late exactly.
• 47:25
  Speaker 1: So that's why I would say, I think it was
• 47:26
  Speaker 1: like a ten minutes, and then after that I just
• 47:29
  Speaker 1: can't do you because of that, everybody else now has
• 47:31
  Speaker 1: to be late because you were late.
• 47:32
  Speaker 6: And do you have the pre best practices? You prepay?
• 47:36
  Speaker 2: Yes, I try an app on the app?
• 47:38
  Speaker 6: What's the app? The cut? That's the cut.
• 47:40
  Speaker 1: I was using Southsea at the time. So they took
• 47:42
  Speaker 1: a deposit at first and then Squire is you know Squire, Yeah,
• 47:45
  Speaker 1: I'm familiar with Squire.
• 47:47
  Speaker 2: Yeah.
• 47:47
  Speaker 1: I would take the deposit at first and then the
• 47:48
  Speaker 1: balance would be charged. But if it was a no show,
• 47:50
  Speaker 1: I charged the full price.
• 47:53
  Speaker 3: But when you just stag good on their credit card
• 47:54
  Speaker 3: on their credit card and you only do you only
• 47:57
  Speaker 3: take appointments through the app, yes, somebody can't and just
• 48:00
  Speaker 3: text you on them.
• 48:00
  Speaker 1: Absolutely not absolutely Now I started out like that, but
• 48:03
  Speaker 1: again it's not it's not professional.
• 48:06
  Speaker 2: It's more professional.
• 48:06
  Speaker 1: Should I say, to actually use an app because the
• 48:08
  Speaker 1: app is going to help you with the reporting? The
• 48:10
  Speaker 1: apps most apps nowadays they said reminders. You know, I
• 48:13
  Speaker 1: think a follow up is so important to really retain
• 48:15
  Speaker 1: clients too. It's like after they leave, you should be
• 48:17
  Speaker 1: already trying to book their next appointment. And then with
• 48:19
  Speaker 1: these apps, you can set up a reminder and say, hey,
• 48:21
  Speaker 1: hey Troy, you haven't been in the barbershop in a
• 48:23
  Speaker 1: few weeks. You want to book an appointment. So it's
• 48:24
  Speaker 1: a lot of benefits to using the app. And then,
• 48:27
  Speaker 1: like I said, you got the pay that's going through
• 48:28
  Speaker 1: one avenue so you can see your clear reporting. But
• 48:31
  Speaker 1: I definitely recommend apps. I used to do texts and I.
• 48:35
  Speaker 2: Can't believe I was doing that, but you know, be
• 48:37
  Speaker 2: live and learn.
• 48:38
  Speaker 3: So what if you got a good client and they like,
• 48:40
  Speaker 3: I'm not, do you have a make exceptions?
• 48:43
  Speaker 2: Not really?
• 48:44
  Speaker 1: Well, te Pain, I did, just because he kind of
• 48:46
  Speaker 1: called me randomly and it was just if I was available.
• 48:49
  Speaker 1: I still set that tone that like, I'm not just
• 48:51
  Speaker 1: up jumping for you. You still have to respect my
• 48:53
  Speaker 1: time because there was a point of time where I
• 48:54
  Speaker 1: would go to him and he would have me waiting
• 48:56
  Speaker 1: like forty five minutes to an hour.
• 48:57
  Speaker 6: Yeah, what about that, that's big tool.
• 48:59
  Speaker 2: Yeah.
• 48:59
  Speaker 1: The first two times I was like, okay, hold on, like,
• 49:01
  Speaker 1: I'm not I could have been doing something else with
• 49:03
  Speaker 1: my time. And what I love about him, what I
• 49:05
  Speaker 1: respect about him is once I communicated that to him
• 49:07
  Speaker 1: and said, looks the pain when I come in, we
• 49:08
  Speaker 1: already only doing the size anyway, he had dreads, so
• 49:12
  Speaker 1: I'm like, when I come in, I need this just
• 49:13
  Speaker 1: to get straight to what I have other things going on.
• 49:15
  Speaker 2: And he respected that. So going forward, mind you, his stylist,
• 49:18
  Speaker 2: she was like, this is what he does.
• 49:19
  Speaker 1: I've been with him for years. He's always late. I said,
• 49:21
  Speaker 1: oh well, I can't do this, you know what I'm saying.
• 49:23
  Speaker 1: So he respected that and he was on time. But
• 49:25
  Speaker 1: when it comes to celebrity clientele, I think that's the
• 49:28
  Speaker 1: thing is set in the tone, letting them know that
• 49:30
  Speaker 1: your time is just as valuable. You know, I'm not
• 49:31
  Speaker 1: about to come sit on set for six hours and
• 49:34
  Speaker 1: you still paying me for this one service where I
• 49:36
  Speaker 1: could have.
• 49:36
  Speaker 2: Been with my consistent, loyal clients.
• 49:39
  Speaker 1: But people would jump for celebrities and abandon their clients,
• 49:42
  Speaker 1: and I don't think that that's a good decision at all.
• 49:43
  Speaker 2: So you gotta be real mind celebrity. I think sometimes
• 49:47
  Speaker 2: I think it can be.
• 49:48
  Speaker 1: You know, it looks cool. I guess it's cool to
• 49:50
  Speaker 1: say I cut tee pains here. Am I going to
• 49:52
  Speaker 1: get a ton of clients from it?
• 49:54
  Speaker 2: I don't think so. It more so just looks cool.
• 49:56
  Speaker 2: But I think it just has to make sense.
• 49:57
  Speaker 1: And I think you should prioritize you're a consistent clientele
• 50:01
  Speaker 1: one hundred pcent because they're the ones that's coming to
• 50:02
  Speaker 1: you every single week and just paying consistently, So it's
• 50:05
  Speaker 1: pros and cons to it.
• 50:07
  Speaker 4: I heard a discipline, yeah, go, I hear a structure.
• 50:11
  Speaker 4: I hit a system. We have this conversation all the
• 50:15
  Speaker 4: time as entrepreneur as men balance, Uh huh, what does
• 50:21
  Speaker 4: that even mean for you in this space?
• 50:23
  Speaker 2: Man? Just living life?
• 50:25
  Speaker 1: You know, sometimes we get caught up and just working
• 50:27
  Speaker 1: so much, and it's like, you know, you want to
• 50:28
  Speaker 1: actually enjoy the fruits of your labor. So I think
• 50:30
  Speaker 1: that that's important to have balance. So with me, I
• 50:33
  Speaker 1: had to learn that I needed more help and I'm
• 50:35
  Speaker 1: still learning that right now. Me and twin are actually
• 50:36
  Speaker 1: trying to hire somebody else right now because we just
• 50:38
  Speaker 1: continue to keep growing. But I think it's so important
• 50:41
  Speaker 1: to live life, you know what I mean, whatever that
• 50:43
  Speaker 1: looks like for you, if that's going on vacation, if
• 50:45
  Speaker 1: that's spending time with your family, if that's just you
• 50:47
  Speaker 1: sitting at home watching TV.
• 50:48
  Speaker 2: Finding that balance.
• 50:49
  Speaker 1: So I try to really work off of a schedule
• 50:52
  Speaker 1: that's really helpful for me, Like this is what time
• 50:54
  Speaker 1: I'm going to work at this time I'm going to
• 50:56
  Speaker 1: turn my brain off and relax. So I think just
• 50:58
  Speaker 1: you know, like I said, having a scale really helps
• 51:00
  Speaker 1: with that with that balance for sure, because you can
• 51:02
  Speaker 1: get caught up working too much.
• 51:03
  Speaker 3: So how'd you get into teaching about this? And explain
• 51:07
  Speaker 3: that side of what you're doing now as far as
• 51:10
  Speaker 3: like educating people.
• 51:11
  Speaker 2: Absolutely, so a couple of people would ask me to
• 51:13
  Speaker 2: help them.
• 51:13
  Speaker 1: So I did a little consulting before I actually had
• 51:15
  Speaker 1: my program, and I said, okay, that was kind of
• 51:17
  Speaker 1: the era of everybody was kind of dropping courses.
• 51:19
  Speaker 2: So I said, well, hell, let me go ahead and
• 51:21
  Speaker 2: drop my course as well.
• 51:22
  Speaker 1: And that was a whole process in itself, but we
• 51:25
  Speaker 1: were able to do that. We started off pretty slow,
• 51:28
  Speaker 1: once I understood like ads paying for ads and stuff.
• 51:30
  Speaker 1: We were able to scale pretty quickly with that, and
• 51:33
  Speaker 1: I really enjoyed that. I really enjoyed that because from
• 51:35
  Speaker 1: when we get real results. So I'm not one of
• 51:37
  Speaker 1: the courses that's just talking and you don't see real results.
• 51:40
  Speaker 1: I mean, my testimonials are crazy, I can't even post
• 51:43
  Speaker 1: them all online.
• 51:44
  Speaker 2: But we get real results. I'm really big on my reputation.
• 51:47
  Speaker 1: I'm really big on over delivering and making sure you
• 51:49
  Speaker 1: get what you pay for and some so with our mentorship,
• 51:52
  Speaker 1: you know, we have our course where it's more do
• 51:53
  Speaker 1: it yourself, So if you want to just get the information,
• 51:55
  Speaker 1: do it yourself. But then we have a higher tier,
• 51:57
  Speaker 1: which is the Ender Circle where like I said, we
• 51:59
  Speaker 1: do everything thing for you, so from credit repair to
• 52:02
  Speaker 1: funding to having a realtor come online helping you pick
• 52:06
  Speaker 1: a location. Like I said, Trademark Attorney. We have a
• 52:11
  Speaker 1: wealth of buyers that come in so just a full
• 52:13
  Speaker 1: package and it's a year program and like I said,
• 52:16
  Speaker 1: we can pretty much help anybody in any situation. So
• 52:19
  Speaker 1: I really really enjoy it. We have I've trained over
• 52:21
  Speaker 1: one hundred thousand people and we do free weekly trainings
• 52:24
  Speaker 1: every single week for people that want to get into
• 52:26
  Speaker 1: the industry.
• 52:27
  Speaker 2: But it's going great so far. I really really enjoy it.
• 52:29
  Speaker 5: What's that feeling like?
• 52:30
  Speaker 4: We've been on the other side of that where you
• 52:32
  Speaker 4: get people information, they execute on information. It changes their life, yes, right,
• 52:37
  Speaker 4: which changes their communities life, change their family life.
• 52:39
  Speaker 5: What's that like for you?
• 52:40
  Speaker 1: Man? It's really it's really amazing because I remember what
• 52:43
  Speaker 1: I went through and so it's kind of dope to
• 52:46
  Speaker 1: be able to be the other people what I wish
• 52:47
  Speaker 1: I had when I was growing up, because man, if
• 52:49
  Speaker 1: I could have just had one person to call to
• 52:51
  Speaker 1: ask a question, I would have paid anything. That's that's
• 52:53
  Speaker 1: how bad it was for me. So when I see
• 52:55
  Speaker 1: my students actually cut that red ribbon. It really genuinely
• 52:58
  Speaker 1: makes me proud, you know, because we're all out here
• 52:59
  Speaker 1: trying to just create more sources and inclement and reset
• 53:02
  Speaker 1: financial freedom. So I love it. I love the students
• 53:07
  Speaker 1: that actually come in and want it. You know, there's
• 53:08
  Speaker 1: a lot of people who tap in who just don't
• 53:10
  Speaker 1: have the work ethic, they don't understand what it takes.
• 53:13
  Speaker 1: But I love when I get those people that come in.
• 53:14
  Speaker 1: They're serious, they're coachable, they listen, and they execute. So
• 53:19
  Speaker 1: I love it.
• 53:20
  Speaker 2: I really really do.
• 53:21
  Speaker 6: So talk about invest has What do you have planning
• 53:23
  Speaker 6: for invests?
• 53:24
  Speaker 2: Yeah, invest fast. I'm bringing some heavy haaters.
• 53:26
  Speaker 1: Like I said, I'm really excited that we get to
• 53:27
  Speaker 1: bring this industry, you know, into investments because it's a
• 53:31
  Speaker 1: lot of people that attend that you know, we didn't
• 53:33
  Speaker 1: necessarily from what I recall, I have anything specifically targeting
• 53:37
  Speaker 1: this industry.
• 53:37
  Speaker 2: So I'm bringing in bb Judy.
• 53:39
  Speaker 1: You know, she owns Kaleidoscope, which is a very big
• 53:41
  Speaker 1: hair product, Sierra Glam Shop.
• 53:43
  Speaker 2: She also was an.
• 53:44
  Speaker 1: Esthetician turned salon owner and now she does a bunch
• 53:47
  Speaker 1: of other things as well. And then Portia Williams also
• 53:50
  Speaker 1: owns a hair brand, Go Naked. She's grossed over tillion
• 53:53
  Speaker 1: with her hair brand. So just trying to show people
• 53:55
  Speaker 1: how to pivot, you know, how to get from A
• 53:57
  Speaker 1: lot of us started actually in the same position that
• 53:59
  Speaker 1: most of them are in right now, behind the chair.
• 54:01
  Speaker 1: But how do you pivot because again, you can get
• 54:03
  Speaker 1: stuck in there. You know, there's this eighty year old
• 54:05
  Speaker 1: barber in Atlanta that still cuts here and I'm like, God, dang,
• 54:08
  Speaker 1: I can't imagine, you know, having to be eighty and
• 54:10
  Speaker 1: still having a cut.
• 54:11
  Speaker 2: And maybe he does it because he just loves it.
• 54:12
  Speaker 2: I hope that that's the case.
• 54:14
  Speaker 1: But I just think it's so important that you have
• 54:15
  Speaker 1: a plan on how to get from behind that chair because,
• 54:17
  Speaker 1: like I said, it's a lot of wear and tear.
• 54:19
  Speaker 1: I mean, people don't even understand the importance of a mat.
• 54:21
  Speaker 1: They think a matter is just for looks, and it's like, no,
• 54:23
  Speaker 1: that's the help with your back.
• 54:25
  Speaker 2: You know, your.
• 54:25
  Speaker 1: Posture needs to be good because people get all kind
• 54:27
  Speaker 1: of cramps in their hands and wrights, all kinds of
• 54:30
  Speaker 1: stuff you can get. So I'm excited to bring people
• 54:33
  Speaker 1: to invest fast that started where a lot of the
• 54:35
  Speaker 1: beauty pros are now and are going to teach them
• 54:37
  Speaker 1: and just show them and show them that it's possible
• 54:39
  Speaker 1: to create another source of income, whether it's in this
• 54:42
  Speaker 1: industry or not, whether it's a hair brand, a product,
• 54:46
  Speaker 1: a salon, a salon suite, but you got to have
• 54:48
  Speaker 1: some type of plan for that next level.
• 54:50
  Speaker 4: I'm super excited big business, Yes, big business. I'm happy
• 54:53
  Speaker 4: that that you're going to be there. I'm atually bringing
• 54:55
  Speaker 4: that and the community's going to be there excited for it.
• 54:58
  Speaker 5: I'll be there in the front row washing.
• 55:00
  Speaker 2: Yeah, I'm excited.
• 55:00
  Speaker 1: And then I got the workshop as well, so that'll
• 55:02
  Speaker 1: be more focused on salon suites.
• 55:03
  Speaker 2: But the panel is just overall here and beauty.
• 55:06
  Speaker 5: Yeah, I've been trying to get some.
• 55:08
  Speaker 4: The same woman that does my son's here his braids,
• 55:11
  Speaker 4: does my daughter's here, okay, And my wife always talks
• 55:14
  Speaker 4: about how when they get their head done there, she
• 55:18
  Speaker 4: must be using a product.
• 55:19
  Speaker 5: And I'm like, yo, you got to create a product
• 55:21
  Speaker 5: that scales. I need you. The same thing that you're
• 55:23
  Speaker 5: saying is what I'm saying.
• 55:24
  Speaker 4: You got to figure out the plan to not be
• 55:26
  Speaker 4: behind that chat and that product might be the thing.
• 55:29
  Speaker 2: Yeah, it might be the thing.
• 55:30
  Speaker 1: Yep, you just got to do it the right way
• 55:31
  Speaker 1: and do your research and just be willing to put
• 55:33
  Speaker 1: into work.
• 55:33
  Speaker 2: You know. They see all this stuff, they think it's
• 55:34
  Speaker 2: overnight success.
• 55:36
  Speaker 1: They don't understand it takes a lot to really set
• 55:38
  Speaker 1: it up so that you can actually retire. So that's
• 55:40
  Speaker 1: the thing too, is understanding. Look, it's going to require
• 55:42
  Speaker 1: some work. It may be some long days. You may
• 55:44
  Speaker 1: have to come home from doing six heads and then
• 55:46
  Speaker 1: have to tap into something.
• 55:47
  Speaker 2: But it's just what it takes.
• 55:49
  Speaker 1: You got to you know, like et says, always say,
• 55:51
  Speaker 1: you got to want to succeed as bad as you
• 55:52
  Speaker 1: want to breathe.
• 55:53
  Speaker 2: And I tell people, when you.
• 55:54
  Speaker 1: Put in that work, you know, it pays off you
• 55:56
  Speaker 1: put in the work either way you put it in.
• 55:58
  Speaker 1: You know, for people that work a nine to five,
• 55:59
  Speaker 1: You putting in to work for somebody that did believe.
• 56:01
  Speaker 1: So you might as well put in that same work
• 56:04
  Speaker 1: over here and eventually at a payoff and you will
• 56:06
  Speaker 1: have more control and just more financial stability, which.
• 56:09
  Speaker 2: Is what we're all.
• 56:10
  Speaker 5: She will be at an invest best.
• 56:11
  Speaker 1: Okay, cool bees, maya talking to you, Yes, maya come
• 56:15
  Speaker 1: check it out.
• 56:15
  Speaker 5: We're gonna make sure that you're right there listening to this.
• 56:17
  Speaker 1: Yeah, because it's a lot of opporunities where you can
• 56:19
  Speaker 1: even white label products exactly you can white label. A
• 56:21
  Speaker 1: lot of people actually do that, they don't know, but
• 56:23
  Speaker 1: it's a lot of opportunities within the industry as well.
• 56:26
  Speaker 1: You know, people always talk about all these sources and
• 56:28
  Speaker 1: income you need, but I think you should always squeeze
• 56:30
  Speaker 1: as much out the limen first. A lot of times
• 56:32
  Speaker 1: you can create a second and third third source within
• 56:34
  Speaker 1: that same industry if you understand it, and if you're
• 56:37
  Speaker 1: you know, if you're if you know, a lot of
• 56:39
  Speaker 1: people don't know stuff. You know, as y'all know, you
• 56:41
  Speaker 1: don't know what you don't know, you also can't do
• 56:43
  Speaker 1: what you don't know. So that's why it's so impoorant.
• 56:45
  Speaker 1: You know, proximity is so imporant coming to invest best.
• 56:47
  Speaker 1: I've been there every single year from the very beginning,
• 56:50
  Speaker 1: and every time we were there, me and my twin
• 56:51
  Speaker 1: would walk through and say, now, why we didn't get
• 56:53
  Speaker 1: a benner? Why didn't we always walk through and be like, man,
• 56:56
  Speaker 1: we should have really been a part of this. So
• 56:58
  Speaker 1: I'm just super excited. Were doing a real big bringing
• 57:01
  Speaker 1: a lot of heavy hitters, and I'm just excited to
• 57:03
  Speaker 1: just impact the people in this industry specifically, so.
• 57:06
  Speaker 3: And talking about like different income streams that people can
• 57:11
  Speaker 3: make for me, Like you said.
• 57:12
  Speaker 6: Like Gus, you can have a product, yep.
• 57:14
  Speaker 3: Product, you can teach, a course, yep, you can you know,
• 57:19
  Speaker 3: sell merch, like for a barbera, a hair salon person.
• 57:26
  Speaker 3: What how can they make different streams of income for themselves.
• 57:29
  Speaker 1: Yeah, Like you said, a product, it could be merch.
• 57:32
  Speaker 1: Like you said, it can be trainings, teaching other people
• 57:35
  Speaker 1: how to do what you're doing. It can be a salon,
• 57:37
  Speaker 1: a barbershop, a salon suite that you eventually own. It
• 57:41
  Speaker 1: can be events that you do that you're teaching, and
• 57:43
  Speaker 1: trade school. Yes, yep, teaching and trade school. I think
• 57:48
  Speaker 1: that's for the most unless I'm missing some you know,
• 57:50
  Speaker 1: a beauty supply store. Uh, I think for the most part,
• 57:54
  Speaker 1: that's pretty much it. Yeah, I think that's pretty much it. Yeah,
• 57:58
  Speaker 1: I could be missing a couple.
• 57:59
  Speaker 5: But but the project thing is so wide range it is.
• 58:02
  Speaker 4: It could be the shampoo, it could be a condition,
• 58:05
  Speaker 4: it could be a cone exactly.
• 58:06
  Speaker 5: There's so many different.
• 58:07
  Speaker 2: Things could beijing. It would be all kinds of different stuff.
• 58:12
  Speaker 1: So the key with that, as any business, it's just marketing,
• 58:14
  Speaker 1: you know what I mean, Because anybody I think it's
• 58:16
  Speaker 1: pretty easy to white label something, but people think, oh
• 58:18
  Speaker 1: I have a product, now it's just going to sell,
• 58:19
  Speaker 1: and it's like it's a whole another ballgame. You gotta
• 58:21
  Speaker 1: really understand that marketing and invest in that marketing because
• 58:24
  Speaker 1: people don't like to spend money, but got to spend
• 58:27
  Speaker 1: it to make it for sure.
• 58:29
  Speaker 3: All right, gosh, there you have it before we leave,
• 58:32
  Speaker 3: telling people how to.
• 58:33
  Speaker 6: Follow you absolutely on social media, website anything like that. Yep.
• 58:36
  Speaker 1: Also show social media platform sway underscore of the pro h.
• 58:39
  Speaker 1: The website for my free life training is the sln
• 58:42
  Speaker 1: swite model dot com. That's where you can see my course.
• 58:44
  Speaker 1: My training is my inner circle and then YouTube is
• 58:46
  Speaker 1: going to be sway to pro as well.
• 58:48
  Speaker 4: So it's a pleasure having you absolutely, thanks for having me,
• 58:50
  Speaker 4: thanks for joining us.
• 58:51
  Speaker 6: Thank you you guys. Next week