BLACK ENTERPRISE connected with McGowen to learn more about his journey to franchise ownership and what he describes as ‘out-of-the-box’ business strategies helping drive his success.
Lonnie McGowen is an accomplished entrepreneur and business leader with a rich background in business and leadership. His career began at Sherwin-Williams, the largest coatings company in the world by revenue, in an entry-level role.
Together, they decided to pursue ownership in IMAGE Studios, an award-winning franchise brand and the premier leader in modern and luxurious salon suites. BLACK ENTERPRISE connected with McGowen to learn more about his journey to franchise ownership and what he describes as “out-of-the-box” business strategies helping drive his success.
BLACK ENTERPRISE: What was your decision-making process in making the leap from a successful career to franchise ownership?
That’s when I started thinking about franchising so that I could be my own boss. Then, a new leadership team came in at Sherwin-Williams and started to make a lot of changes. This made it easier to exit, and while I could have become a VP elsewhere, that would just lead to the same challenges I was already having with work-life balance.
BE: What made you decide to go with the IMAGE Studios franchise?
BE: IMAGE Studios is a pretty steep investment. How did you go about securing funding?
McGowen: I struggled to get funding at first. $1.2 million is a LOT of money to get a business off the ground. When talking to investors and general contractors, I opened up about my story and appealed to their heartstrings, and fortunately, I got a “yes.” I come from a background where a lot of my friends didn’t make it out of our neighborhood. It’s important to tell your story, go back to your roots, and show people that you can make it out of your circumstances.
My general contractor is still working with me now, doing our second IMAGE Studios location. Always be honest and open about your journey! You’ll find people who truly believe in you and your mission that way.
BE: What are the biggest changes to your lifestyle since becoming a franchise owner?
My health has also improved drastically. I have less stress and more time to go to the gym and focus on personal wellness.
However, one of the main challenges is that entrepreneurship is 24/7, even if I’m not physically working in the business. Anything could happen at any time, and the buck stops with you. You have to be a chameleon of sorts and know all aspects of business to be able to solve problems. It’s a huge responsibility!
BE: You’ve implemented four out-of-the-box Business Strategies for your franchise—innovative recruiting practices, community impact & philanthropy, empowering entrepreneurs, and relationship-centered leadership. Of the four, which one have you found to be the most valuable?
McGowen: I would say relationship-centered leadership. I try to relate to my beauty pros the best that I can. Their success is my success. When someone signs a minimum one-year lease with us, we go through every opportunity we can to make sure that their business stays and thrives. People stay with businesses that they feel connected to. I try to show up every day just to walk around and get to know my beauty pros. These pros are more than just a number—invest in them.
I’m also very proud of our philanthropic efforts. It feels good to give back to the communities we serve. One example of that is Hope’s Door, a shelter for battered and abused women. At our IMAGE Studios, we give the women of Hope’s Door free makeovers, including haircuts, makeup, and beyond. These women, who have been through so much, leave our studios feeling like new people with a renewed sense of confidence. It’s not just about vanity—just think about how great you feel after a fresh haircut or blowout. These women need that pick-me-up.
BE: What are the top three pieces of advice you would give to a longtime corporate executive considering leaving their position and investing in a franchise?
McGowen:
Follow your passion. I know that sounds like a cliché. I should note that my passion isn’t beauty—it’s people. I don’t have any hair on my head after all! It’s the relationships in the beauty industry that I really enjoy.
Monetize your passion. Enough said…find what you love and then figure out how to make money doing that.
Count the costs before you go into business. The top reason small businesses fail is that they run out of funds. Have plenty of investors or ways to support your business, especially at first.
RELATED CONTENT: 2 Black Google Execs Create Pathway to Access Capital for Black Entrepreneurs
Source: Black Enterprise
