Rosario Schuler with comedian and actor George Lopez
Talk about building, growing and perpetuating inter-generational wealth and the fact your mother is building a legacy that will be around?
Building a legacy for her family has always been a dream of my mothers, not just for her daughters, but for her sisters, nieces, nephews and even others in her community. As a matter of fact, this was not her first attempt. My mother started several other successful businesses, but this business we believe will be the one that will create inter-generational wealth. She’s always said I want this business to benefit the family but also, enable other black hopefuls to become entrepreneurs by offering the opportunity to own their own OMNH salon and build a business for their family. This concept of empowerment has always appealed to me especially when it came to my people. Which is why I got on board and have been on board since the beginning.
How do your set goals and analyze past revenue performance?
We set goals based on how we perceive our limitations, and with most die-hard entrepreneurs there are not many limitations perceived 🙂 That’s why we’ve kept on going when the going has gotten tough. Ideally, we look at past revenue performances as an indication of a base for future performance vs. a marker of top performance or what to reach.
What was your funding source when you got start?
Profits from previous business and a personal loan
What are the three successful keys to building a successful team around you?
Build trust/respect by being open to hear ideas others bring to the table. View them as alias and encourage them to do the same. Exemplify/set a standard of excellence of what you expect from them. Offer thorough training.
How do you keep a successful work-life balance?
I used to be a workaholic, but Ive learned over the years to set a work schedule, then leave work when I say I am. I keep business calls at business and personal calls during personal time.
What’s the difference in being an entrepreneur versus when you worked for someone else?
The biggest difference is there is no one there to “babysit” you or micromanage you. If anything fails you have to look in the mirror. It is harder than what people think, especially when its the only income you rely on.
Describe your relationship: banker, attorney, your doctor, your insurance professional and your financial planner:”
The communication with each professional should be open and detailed. If they don’t have time or the patience to answer all of my questions until I have a clear understanding, then they won’t have me as a client.
If you could share two things with people thinking of starting a business?
Research you business’ industry. This is usually something included in a business plan, but if you don’t have one, at least invest time in finding out the trend of the market, track your competition, and the location you will be doing business. Do not go to areas saturated with the same business. Look for where the need is, and you’ll do yourself & business a huge favor.
How important is a business plan to your success?
Business plans are a very good tools, if you actually use it. It can be a great blueprint and map to your ultimate success.
Define what entrepreneurism is to you.
Guts.
Since you’ve grown, what are the key area of growth in the following areas:
Patience is definitely required. The plan is only the beginning, then the execution of the plan, and finally the patience to “let it do what it do”. Be patient enough to watch your blood, sweat and tears pay off, because sometimes it takes years. Networking, is so valuable because its never been more true when you hear its not what you know its who you know. Much of our longevity is because of the relationships we have cultivated over 20 years. Expectations, Ive grown to expect the worst, and be prepared for the best Family will be family even when the business is closed for the day, so never take ’em for granted. I can build a hundred business up from scratch, but never make another special relationship like I have with my mother.
