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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security.

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Speaker 3: When you talk about the franchise business that you had

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Speaker 3: a little bit because you had it's called super Weave Express,

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Speaker 3: Yeah super so what what was the so? All right,

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Speaker 3: super Weave Expressed. I'm assuming it was weaves.

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Speaker 4: Hair extensions, hairstention of full service of.

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Speaker 2: The business man.

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Speaker 3: So that's a billion dollar business. Right. We talked about

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Speaker 3: the hair business, but not really in depth. But what

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Speaker 3: made you want to go into as a man? What

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Speaker 3: made you want to go into a woman's industry?

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Speaker 4: Man? You know?

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Speaker 5: I mean it's it's it's a supplying demand thing, right,

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Speaker 5: So as entrepreneur, you know, you got a supply a

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Speaker 5: product and if there's a demand for it and there's

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Speaker 5: a spread, then you can make a profit.

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Speaker 4: And that's the only reason why I looked at it.

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Speaker 5: Actually, the founders of that company are actually from my hometown,

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Speaker 5: port art To, Texas, and they had several locations and

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Speaker 5: I sat down with them and they showed me the

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Speaker 5: revenue numbers and their store was doing like half a

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Speaker 5: million dollars a year, and I was like, man, I

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Speaker 5: had no idea the weaves.

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Speaker 3: Yeah, it was a physical brick and mortar store.

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Speaker 5: Brick and mortar store they had, they had a stylist there,

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Speaker 5: and they it was a commission based salon, so they

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Speaker 5: got a percentage of the commission. But they did all

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Speaker 5: the marketing, they did all that advertising, and then they

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Speaker 5: assigned clients to the customers that they came in, and

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Speaker 5: they also supplied the hair, so they bought it at

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Speaker 5: the wholesale price sold it that retail.

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Speaker 2: So you bought a franchise correct, Yeah, brought franchi. What's

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Speaker 2: that process like? Because I think we spoke about that

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Speaker 2: in one of our early episodes about being a franchise e.

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Speaker 2: What's that process like? And how'd you get involved?

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Speaker 5: So the whole franchise model is basically, instead of you

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Speaker 5: starting a business from scratch, you are identifying somebody that

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Speaker 5: already has a business that appears to be successful, and

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Speaker 5: you're paying them to use their branding, to use their

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Speaker 5: their business model, you know, their business plan, and in exchange,

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Speaker 5: you're going to pay them up front, you know, as

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Speaker 5: a as a fee to get in, and then monthly

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Speaker 5: they're going to take a percentage of your revenue, you

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Speaker 5: know what I mean.

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Speaker 4: And so that's that's what your franchise fee is. And

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Speaker 4: the thing.

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Speaker 5: That most people don't realize is that the average business

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Speaker 5: is only profitable within the fifteen to twenty percent margin range. Right,

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Speaker 5: So then when you're a franchise e, if that franchise

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Speaker 5: says their royalty is what it's called if it's forty

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Speaker 5: eight percent, that's for eight percent of your gross So

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Speaker 5: they are a top line expense. They don't wait to

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Speaker 5: see if you're profitable or not on the back end.

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Speaker 5: So franchises, they can be good because it takes a

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Speaker 5: lot of the risk out of what you're doing, but

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Speaker 5: your profitability goes down.

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Speaker 4: You said that's the trade off.

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Speaker 3: Can you can you explain that when you said the

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Speaker 3: average business is profitable fifteen to twenty percent in the

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Speaker 3: profit market, can you explain that, like what that means

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Speaker 3: to the average person that may not understand that.

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Speaker 5: So the biggest issue that I see with a lot

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Speaker 5: of us, a lot of the biggest thing that we

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Speaker 5: have a lack of exposure to when we start businesses.

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Speaker 5: We listen to what somebody clots is their revenue, right,

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Speaker 5: and that's the growth. So that's every dollar you've taken in.

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Speaker 5: But that doesn't include what your what your rent cost is,

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Speaker 5: what your labor cost is, Yeah, your what your what

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Speaker 5: your product cost is. You know, even when you bring

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Speaker 5: in money, if you're in a business that has a

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Speaker 5: lot of merchandise and products, even if you have profit,

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Speaker 5: usually if your business is grown, you got to take

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Speaker 5: all of that revenue and put it right back in

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Speaker 5: the business to re up on your inventory and probably

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Speaker 5: buy more inventory to keep up with your demand. So

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Speaker 5: there's a lot of money you can't really pull out

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Speaker 5: that pipe. Then you got like utilities, you got taxes,

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Speaker 5: you got all these expenses that come along with running

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Speaker 5: a business, and then what's left is profit. So and

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Speaker 5: most of the time that's fifteen to twenty percent, especially

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Speaker 5: if you're brick and mortar.

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Speaker 2: You said that was one of your business mistakes, is

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Speaker 2: getting into a business based on that revenue and not

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Speaker 2: their net profit.

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Speaker 4: That's it.

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Speaker 2: How did that come about? How did you realize, like,

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Speaker 2: this was a mistake that I made.

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Speaker 5: Well, this business specifically, so when we opened, we hit

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Speaker 5: a home run. You know, the first year we did

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Speaker 5: four hundred and fifty thousand revenue. It's like sixty percent

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Speaker 5: from the retail side and forty percent from the services side,

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Speaker 5: which is a hairslon. But the expenses were so high

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Speaker 5: and we had to keep so much money tied up

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Speaker 5: in it that at the end of the year, what

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Speaker 5: was left on the table was about sixty thousand dollars.

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Speaker 2: Wow.

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Speaker 5: And then I had a partner, so now you're splitting

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Speaker 5: two ways. So now for all that work, you make

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Speaker 5: thirty thousand dollars a year.

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Speaker 3: Oh that's crazy? Can you can you just go into that.

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Speaker 3: You said that your your net was six hundred thousand,

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Speaker 3: four hundred and you you netted sixty thirty. Yeah all right,

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Speaker 3: yeah thirty? How did that happen? Okay?

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Speaker 5: So number one, we went We wanted to be in

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Speaker 5: the prime area, so we went and got a retail

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Speaker 5: space in a shopping center. We were like between a

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Speaker 5: salad beauty supply and the SAMs, and so that was

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Speaker 5: like five grand a month right there off the top. Then,

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Speaker 5: since neither he nor I were stylists or we know

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Speaker 5: how to run us along, we had to hire a

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Speaker 5: manager and we had to have an assistant. So that's

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Speaker 5: seventy grand right there. And then you know the revenue

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Speaker 5: for the hair extensions, you know, only about thirty thirty

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Speaker 5: five percent that's profit.

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Speaker 4: So we spent two hundred thousand on that.

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Speaker 3: So you know.

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Speaker 5: That that river new looks like it's really high, but

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Speaker 5: when you look at all those fences, it gets really

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Speaker 5: gets smaller. Then you got utilities, you got product, you

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Speaker 5: gotta keep in us loan for the stylus to be

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Speaker 5: able to use. You got marketing and advertising. We were

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Speaker 5: spending like five grand a month to stay on the

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Speaker 5: radio to keep people walking through the door.

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Speaker 4: You got insurance earners.

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Speaker 3: What's up?

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Speaker 2: You ever walk into a small business and everything just

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Speaker 2: works like the checkout is fast, or seats are digital,

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Speaker 2: tipping is a breeze, and you're out the door before

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Speaker 2: at a pop up market, or even one of our

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Speaker 4: So it's a lot of expense that's tied to that business.

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Speaker 2: And this is what this is twenty seventeen.

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Speaker 4: This was two thousand and fourteen, twenty fifteen.

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Speaker 3: Okay, yeah, I'm glad you said that because a lot

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Speaker 3: of times people don't fully understand a reason why most

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Speaker 3: businesses fail, right financial issues. You don't fully understand what

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Speaker 3: goes into making a business. So even if you make

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Speaker 3: almost in your case, almost a half a million dollars

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Speaker 3: a year, you still might be broke. You end up

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Speaker 3: making thirty thousand dollars just like you could have worked

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Speaker 3: a part time job really and now, but that business

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Speaker 3: is probably taking like ten hours a day for you

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Speaker 3: to actually run maybe even.

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Speaker 5: More exactly right. And we were open seven days a week,

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Speaker 5: so there was no days off, you know. W Yeah,

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Speaker 5: so even though you have a manager, and manager still

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Speaker 5: looks to the owner and make final decisions.

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Speaker 4: On things, so you're on call all the time. You know.

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Speaker 5: I tell people a lot of times what you said

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Speaker 5: is exactly right. You may leave the comfort of a

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Speaker 5: job to start a business not really realize that you

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Speaker 5: just created another job for yourself with less benefits, with

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Speaker 5: nothing to fall back on, you know. So it it's

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Speaker 5: got to be the right decision. You got to really

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Speaker 5: understand the business you're getting into.

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Speaker 3: Now that's a fact. So what would you what would

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Speaker 3: your suggestion be as far as an entrepreneur, an inspiring

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Speaker 3: entrepreneur that is going out there, would you say that,

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Speaker 3: you know, looking at expenses is just as important as

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Speaker 3: looking at what they could potentially make.

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Speaker 4: Much more important, much more important, much more important.

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Speaker 5: Yeah, And you know, and I highly advocate getting a

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Speaker 5: mentor somebody that's doing it.

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Speaker 4: And you know, because it's.

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Speaker 5: Hardly a business you're gonna find where somebody else isn't

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Speaker 5: already running a business like it. And I encourage people

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Speaker 5: to try to find somebody in a different market that's

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Speaker 5: doing the same thing so that they're more open and

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Speaker 5: willing to talk to you about the ins and outs.

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Speaker 5: The nasty part that people don't talk about, you know

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Speaker 5: what I mean, because they won't feel they're creating their competition.

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Speaker 5: But a lot of times, a lot of them just

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Speaker 5: want to vent and they want to talk about, you know,

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Speaker 5: the real issues, and they don't want to confide in

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Speaker 5: their friends that their immediate circle because everybody looks up

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Speaker 5: at them puts them on a pedestal for having this business.

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Speaker 5: But so it kind of gives you an opportunity to

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Speaker 5: be a sounding board and really learn the business.

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Speaker 3: And also, experience is always the best teacher as well.

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Speaker 3: I mean, no matter how much, you're still gonna have

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Speaker 3: to make mistakes to learn your own. Yeah, but like

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Speaker 3: you said, you kind of curve the learning curve a

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Speaker 3: lot if you actually have a mentor or you're working

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Speaker 3: under somebody.

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Speaker 2: For it's not about what you what you make, it

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Speaker 2: is about what you keep now yeah sure.

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Speaker 5: Yeah, and your school kind of conditions us to try

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Speaker 5: to learn how to get it right on our own first.

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Speaker 5: Don't cheat, don't copy off for somebody. But when you

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Speaker 5: get in the world of business, your best bet is

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Speaker 5: to copy the right cat.

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Speaker 3: Try to read. That's you know, that's a good point.

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Speaker 3: That was excellent. Now that's actually a really good point.

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Speaker 3: Never really thought about it like that.

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Speaker 5: Well, I mean, and that's something I teach too, like

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Speaker 5: because I mean, so many people in corporate America that

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Speaker 5: are trying to get out and I just tell them.

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Speaker 5: Number one, you got to retrain the way you think

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Speaker 5: about everything because school now only school teach you not

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Speaker 5: to cheat. School teaches you that if you're wrong more

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Speaker 5: than ten percent of the time, you are not the best.

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Speaker 5: All A students got to be writing ninety percent of the

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Speaker 5: time or more consistently to stay to stay up up

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Speaker 5: on that pedestal, whereas you got a lot of people

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Speaker 5: that were and d students failed. They comfortable failing twenty

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Speaker 5: thirty percent of the time all the time, and at

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Speaker 5: the end they got the same diploma you got.

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Speaker 3: You know, Jack mad said something interesting. If anybody that

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Speaker 3: doesn't know who that is, that's the head of Ali Baba.

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Speaker 3: He's one of the richest people in the world. And

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Speaker 3: he said, he told he tells his son that you

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Speaker 3: don't have to be an A student. It's okay to

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Speaker 3: be a C student because those are the only people

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Speaker 3: that have enough time to be well rounded and to

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Speaker 3: experience a lot of different things. Because if you've the

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Speaker 3: theory is that a lot of times it's like doctors, right,

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Speaker 3: a lot of times they don't know anything about a

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Speaker 3: lot of stuff because they focus so much on medicine

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Speaker 3: and passing all the tests. They don't know how to

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Speaker 3: write a check. Right. So what you're saying actually makes

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Speaker 3: a lot of sense, and it is an issue with

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Speaker 3: the school system because even if you look at a

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Speaker 3: sport like baseball, you bat three hundred, you got four hundred.

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Speaker 3: That's less than fifty percent. Yeah, you expect somebody to

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Speaker 3: do eighty ninety percent. Yeah, it's not realistic. In the

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Speaker 3: real world, you make mistake. Especially if you're going to

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Speaker 3: be broad range and have knowledge on a lot of

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Speaker 3: different things. It's hard to just truly master five different subjects.

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Speaker 2: That's one of those questions we used to ask ourselves, right,

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Speaker 2: It was like, should we know a lot about a

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Speaker 2: few things, I'll know a little about a lot of things, right,

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Speaker 2: because that makes you more well rounded when you're versed

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Speaker 2: in a lot of things. Right, Like I don't have

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Speaker 2: a background in business, but I'm willing to learn in

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Speaker 2: these areas. Right, I might not know medicine, but I'll

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Speaker 2: research on it, you know what I'm saying. So we

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Speaker 2: got to keep ourselves well around it. That's why I

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Speaker 2: always stressed, like, education doesn't stop in school, right, right.

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Speaker 2: It goes beyond the four walls of the or the

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Speaker 2: building of school. It goes in the living environment. It

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Speaker 2: goes in the home, it goes into communities. It's all over,

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Speaker 2: it surrounds us.

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Speaker 3: All right. So all right, So that was that was

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Speaker 3: actually really good information as far as for anybody that's

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Speaker 3: looking to get in the business and business owner. But

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Speaker 3: now we're going to go into some more stuff. We're

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Speaker 3: going to real estate. We're also going to go into

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Speaker 3: your career as an engineer. I think that that's interesting.

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Speaker 2: In something I think we've touched on that.

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Speaker 3: We haven't really spoke about that, but all right, so

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Speaker 3: we're going to that in the next segment.

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