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EXECUTION Building a Beauty Empire. From 0 to 180k profit in 8 month and beyond

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Kokaka

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Hi all.
So this year has been a ride and Im thinking about writing a progress blogg to get input but also to organise my days. Maybe I will get some good advice and maybe others can get some ideas.
This all started in june last year with my first business which was a beauty clinic where we rented a room in an existing clinic with just my partner who did treatments, turnover was about 5k a month and 1k profit. In december, I got the idea that I could sell machines to beauty clinics to others. The advantage with this was that I could buy machines from myself for the purchasing price and sell to others for retail price, at 30k for basic machines. Win-win.
Took a 3 day business trip across the world to a company that sell machines and one business lunch later, I had an agency.
In december, I made 110k in sales with 35k in profit from 3 machine sales. I put the profit info opening my own Beauty Clinic in February.
This was fantastic since I was a struggling med-student with 0 capital with alot of student debt so having this 35k was a godsend.

From february to may, the machine sales dried up due to C0VlD and I could not get any more sales. This made me focus on the clinic and after 1 month, we where fully booked. However, it was just my partner working there and me in the reception and she made a turnover of about 15k with 10k profit / month. After 6 weeks of being opend, we had a 4 week waiting list. It increased to 6 weeks after being opend for 2 month.
Why? Because I had broken the "Entry Barrier" of CENTS. Because I could get machines for the purscasing price and lease from myself, I opend with the most advanced beauty clinic in my state. I opend a fully functioning clinic from day 1 with services that would have taken years of profit to invest in for a normal business. Most of my competitors had 1 machine, we had 4, and after a little while, I leased 2 more from myself.
This oviously led to a problem of Scale. I had all the machines that I would ever need but only 1 person working in the clinic. With a waiting list of 6 weeks, I had to hire staff. This was not easy. We had countless intreviews but no one was good enough. However, my partner rememberd a college who worked at another clinic nearby who apparently was fantastic in every way. 1 phone call away and an offer to increase her salary by 200usd, she started at our clinic the month after. I also hired a nurse part time which I knew from my time at the ICU working with the C0VlD patients.

During this last month, the machine company got going again with a few very lucrative deals which lended a total turnover of 290k with 140k profit total. And still has 2 orders pending which if accepted by the bank will net another 60k profit and 120k in turnover. Even better, this business only cost me 500usd a month so the margin is great.

However, after the first big orders came in a month ago, I just hit a wall. From working 12-16hour a day year after year. First in medschool which I failed again and again, to getting and recovering from depression, anxeiety and burnout, to trying to pass the exam while working in the ICU with the C0VlD patients, opening 2 businesses and making them succeed. To the removal of years of stress now that I know I can finaly pay my bills every month, buy a car and offer a good life for me and my family.

So now, since I got my employee which we have trained to be the clinic manager, I only work just a few hours a week. However, I have done almost no work for the last month, even though the money keep coming in and I am just in bed or on the couch. However, I feel the recovery time is soon up so I have made a strategy to come back on track because I think Im onto something big.

I have 1 goal which for me is very obvious:
Create a beauty Empire with advanced beauty clinics of 1000 clinics world wide, create my own machines which will accompany the clinics and create a brand of cosmetics which I sell online and in the clinics.
So I guess alot of you are asking. Why focus on the clinics and not machines? The machines has made you 140k in 8 month in profit with maybe another 60k on the way.
The answes is value. I have come to understand that value is worth more than money.
The Clinics a better business model, even though it makes less money now. If we look at CENTS, I can break every criteria. The machine company will soon reach its limit and a limit of its value. I am also passionate in building clinics and not in selling machines. I can fix the value problem with the machines by making my own brand, but I can only choose 1 business now and the clinics has way better long term potential.
Lets break down why:

Entry - Easy, I have my machines which I buy from myself at a big discount. We also break Entry by our skills and knowlage in the area. Im halfway through medschool which has helped alot with the product of the clinic. My partner has studied beauty and cosmetology for 4 years at a university so all in all. An A+ team with knowledge far superior than my competitors.
Need - Easy, every clinic I open is the most advanced beauty clinic there is with the most services and better prices than my competitors.
Scale - Open a few with direct ownership, later franchise. Scaling is unlimited because people across the world want to look nice.
Control + Time - This is the tricker part. Thankfully, I have gotten a mentor from a country owned mentor program which helps new, aspiring businesses for free (!). She owns all McDonalds in my state and has about 800 employees and countless restaurants. McDonalds is famous for having one of the best inftastructure systems in the world so we are working on copying as much as possible to apply to my clinic(s). This will in turn have good controll and time management.

I am also looking to sell the machine company because I dont like it that much and my broker has valued it to about 1 million, he also belives he has a few old clients of his who is very interested in purschasing it. Then I can turn the profit I make from selling the machine business into scaling the Clinics at super sonic speed.
I have calculated that it cost me 50k to open a clinic. It will give me a profit of about 100k-150k a year on avarage. So about 200-300% return of investment yearly.

To reach this goal I have come up with a strategy.

Short term goals:

Mental and physical health.
  • Start excercising again on monday (was very active before with both martial arts and gym)
  • Wake up 07:00 every day, starting monday.
  • No alcohol for 1 week
  • No sugar for 1 week
  • Pick up Unscribted
Business
  • Change logos on my clinic because I am building a brand and copywriting the name. Hence I have to change the branding.
  • Have training with my mechanics on some new machines to offer service and repairs for my customers.
  • Start a marketing campaign for my machine company
  • Improve my clinic website
  • Correct mail adress to my clinic and machine company
  • Fix the phone rederection line to my mechanics
  • Control parent leave for employee
  • Double check AC bill
  • Check the possibility to make a webshop for my machine website to sell small items
  • Create a graphic profile for the clinic site
  • Create an instagram and facebook page for the machine company
  • Get my bookkeeping in order
Medium term goals

Mental and physical
  • Excercise minimun 3 days/week
  • No dopamine stimulants (Alcohol, sugar, porn etc.) for 1 month
  • Finish the book
  • Eat clean for 1 month
Business goals
  • Close the current deals for the machine company
  • Create a webshop for the machine company if it is doable/profitable
  • Sign the deal for the 2'nd clinic
  • Find employees for the 2nd clinic
  • Market the 2nd clinic
Long term goals

  • Have a healthy, active but balanced lifestyle
  • Increase my private and my business network and make new friends and colleges

Business goals
  • Sell the machine company
  • Open 3+ other clinics, then franschise
  • Open a cosmetic company
  • Open a company that develop machines from scratch and brand it.
I have also learnt alot during my months in business.

1 Business can be a lot of work, 2 is overwhelming at times.
I have learnt that a business can be alot of work but not in the way people normally think. There is always some small thing that needs to be done, from paying bills, closing deals, buying toilet paper, fix the heating to daily work. It is not the total time that is overwhelming, it is just that there are so many small decition/tasks that you have to do. And especially for me who is a new entrepreneur, it has been tough to keep up and I forget things at times. I have however found that the solution is to write everything down on a list.
Luckely, theese two business was very, very similar and ultra synergistic. However, I would never dream of opening 2 business at the same time that is not super compatible, if that.

Get a suit.
From what I have experienced, I really do believe everything became possible because from thefirst day I started the journey into fastlane, I have always had a suit on. From meeting with the bank, leasing companies, consultants, customers etc. The power of the suit should not be underestimated. Just from negotiation, I have probably saved 10-20k. People treat you better if you wear a suit and in turn, lower their prices, give better deals etc. However, you need to get a few things for it to work:
  • Charcoal suit if you are young, Navy if you are old. It till make you look older/younger
  • Black or brown leather shoes
  • Matching leather belt
  • White or light blue dress shirt
  • Some tie
  • Pocket square that has some of the colour of the tie, shirt, suit or leather
  • Suit has to be 100% wool
  • You have to tailor you suit
  • The brand is not important, you can get it second hand. As long as fits 100%, and then, you take it to the tailor to make it fit 110%
  • Get a dress watch
Try to get a mentor
This has helped alot. I meet my mentor 1 time every month and alot of the time, it is not very productive. No one will give you a ready blueprint which you can follow. However, she has told me a few ideas that can probably be summarised by 2 sentences which has changed the way I see how to do business on a larger scale

Consultants will probably suck
I have met so many consultants that does not live up to my expectations. Most of the time, they do a job, I am not happy and I learn their skill and do a better job. Then I have to teach them how to do their job. The solution to this I have learnt is to do a thourough background check before you hire them. See earlier work etc.

Always negotiate
If you get a price, that is not the price you will pay. You can lower it by 10-20%, every time. Remember the suit? Get one.

Marketing is important
Marketing is super important. I am fully booked in part of my marketing strategy. Understand SEO and have a consultant do it for you or learn it yourself and save cash.

If starting a business, learn webdesign, photoshop or Fiverr.
Paying someone to build a website for you can be expensive. Learn it yourself, it will probably be better anyway. Learn photoshop too.
If not. Fiverr.com is great for content.

If you break Entry in CENTS, you will become rich.
If you are able to break the Entry in CENTS, you have a business worthy of pursuing. like, how difficult is it for your competitors? Can you make it easier/cheaper for yourself. You very may be on your way to something big.

There might be 2 ways of thinking, try to find what works for you.
I have been thinking about business psychology during theese last months and I believe that there are people that think "wide" and people who think "tall".

Wide is people who want to do magnitude, find a decent product and then scale it, opening many but smaller things. Example Howard Schulz of Starbucks. Not nececary the best product but many of it. Because of amount of mass in the businesses, he can scale exponentially and cut prices and streamline the process.

Tall is people that want to focus on the one product. Example MJ DeMarco with his online taxi site. 1 but better product.

If I where to give advice, I would try to first understand if you are a "Wide" or a "Tall" thinker.
I am a "Wide" thinker. I want to open wide and more clinics. My partner is a "Tall" thinker, she just want to improve the clinic(s).
If you are trying to find a business idea, this might give some insight.

Be the stupidest person in the room all the time every time.
Always ask questions. Try to learn. Dont be afraid to let people explain things. Doing so will teach you so much.

Business is not for everyone and not everyone is for business
This is something I have really noticed. I have met alot of entrepreneurs this year but a majority does not understand business. You need to have a certain grasp on how things work and I believe you cant learn it in a book or in a class. It is something that has to be figured out and not everyone does. No shame in that and people is destined for various things. I for example is not destined to become a doctor, no shame in that. Tried and failed. But life has showed another path.

Its a fun ride and you dont know where you end up
When I was younger, I was 5 years in the military as a combat and demolition diver among other things. Later worked abit as a bartender/DJ, went to Med School to become a doctor, failed and now my priorities is what colour of womans nail-polish we will use. Life can be interesting and if you are on one path today, it can lead to another tommorow. Just adapt and enjoy the ride.
 

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capito

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Sorry! It's a common expression in latin countries. The meaning... instead of being connected to 220 volts, you go on 440 volts.
 

Parks

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Glad to see someone else going to battle by expanding units and or franchising. Good luck man!
 

Kokaka

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Sorry! It's a common expression in latin countries. The meaning... instead of being connected to 220 volts, you go on 440 volts.
Aha. I thought it was something similar. That or AC/DC and rock and roll
Glad to see someone else going to battle by expanding units and or franchising. Good luck man!
Thanks man. Yea for me it is way more compatible with me as a person. I love to build things but when its finished, I loose interest so new units is the way to go.

Are you also expanding units and franchisinc and have some experiences yiu would like to share?
 

Kokaka

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Update of the week:
Hired a new employee
Fixed the signs
Got a new logo and branding
Hired an office space for myself.
Got my marketing campaign for the machine company
2-3 potentials sales for the machibe company

Coffers is a little low in the clinic but we are re investing investing like crazy. Still fully booked
 

Kokaka

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Update of the week:

Machine company:
Got a new order for the machine company out of the blue. 20k more in profit so I broke 200k usd profit this year.
About 350k in turnover.

Have a ton of sales pending now. Seems I am entering high season. Have about 100k profit in people who say they will buy but havent bought and more and more call every day. I need to hire staff!

Have put up the machine company up for sale for 30-50% of the company. Should net me about 350-600k in profit.
I need a partner high in liquidity to turn this business international so I can spend and earn millions every month, but more help me with the business side because I dont have more time between machines and building a beauty empire with clinics.
The profit will go to turning the clinics international

Clinic Company:
The employee that was supposed to start last week didn't how up. Need to hire 2 more staff members for the clinic so I can remove my partner from working manual labour so she can focus on clinic number 2.

Clinic nr 2 is coming together. Planned the bathroom with the project manager. Still alot to do with ventilation, water, electricity etc.

Mental & Physical:
Last week I was able to do Muay Thai 3 times. This week I have done nothing because I tried a new anti wrinkle treatment and I cannot train for 7 days. Motivation is back!

Hiring the office space has been great. Productivity is high!

Working from about 09:00 to 20:00 every day now. Lots of energy.

Have gotten fat from the downtime. I need to pick up the training next week. Goal is 5 days.

Got accepted to study business economics for this semester at the uni. I would love to learn book keeping and administration but I dont know if I have time.
 
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robertwills

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Update of the week:

Machine company:
Got a new order for the machine company out of the blue. 20k more in profit so I broke 200k usd profit this year.
About 350k in turnover.

Have a ton of sales pending now. Seems I am entering high season. Have about 100k profit in people who say they will buy but havent bought and more and more call every day. I need to hire staff!

Have put up the machine company up for sale for 30-50% of the company. Should net me about 350-600k in profit.
I need a partner high in liquidity to turn this business international so I can spend and earn millions every month, but more help me with the business side because I dont have more time between machines and building a beauty empire with clinics.
The profit will go to turning the clinics international

Clinic Company:
The employee that was supposed to start last week didn't how up. Need to hire 2 more staff members for the clinic so I can remove my partner from working manual labour so she can focus on clinic number 2.

Clinic nr 2 is coming together. Planned the bathroom with the project manager. Still alot to do with ventilation, water, electricity etc.

Mental & Physical:
Last week I was able to do Muay Thai 3 times. This week I have done nothing because I tried a new anti wrinkle treatment and I cannot train for 7 days. Motivation is back!

Hiring the office space has been great. Productivity is high!

Working from about 09:00 to 20:00 every day now. Lots of energy.

Have gotten fat from the downtime. I need to pick up the training next week. Goal is 5 days.

Got accepted to study business economics for this semester at the uni. I would love to learn book keeping and administration but I dont know if I have time.
What kind of machine do you sell?
 

Kokaka

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Update of the week.

Clinic company:
The clinic is now closed for 15 days because of vacation, children and a beauty course.
Made the storefront very nice and will drop of the key to the business that does the windows

Machine Company
Sent 7 machines for service and repair
One of my customers asked for me to import a special machine to her. So I will travel to 2 countries next week to see what kind of dels I can make.

Currently, I have 3 big deals pending for between 35k-55k profit each. If I can close one deal, I will use the profit to open a clinic in another country and start by building my brand internationally.

One of my old customers has now becoma a retailer for me and the deal is that she will get 20% provision. She is working like crazy and I believe she will be able to sell 1-4 machines shortly. Should ned about 40k profit for me and a nice provision for her.

Physical & Mental

Starting to feel good.

Managed to work out 4 times this week.
 

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Kokaka

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Update of the week:

Clinic Company
Nothing much has happend here because we have been closed.

Machine Company
Had training with my technicians
Repaired 1 machine for a customer
Repaired 1 of my machines
Serviced 1 of my machine

Sold 3 more machines for 55k profit that just came in out of the blue.

Physical and mental.
Been sick this week with flue and slight fever so had to just power through. C0VlD test was negative and Im vaxinated but a tiresome week.

Today I also hit the realisation of the magnitude of the profit I have made. I got the contract for a Porsche Panamera 4S that has been my dream car for years. I just need to get my driving licence now but will take an intensive class so I can drive my car.
Was quite funny at the dealership today as I inspected and got to sit in the car. The seller told me that I could start the car if I wanted but I replied "Sorry but I dont know how. I dont have a drivers license", where he laughted and gave me a slight discount.

Also, all of a sudden everything has become very real and I actually feel a little down/exhausted from all the profit and how fast everything is growing.
Before this, I was a struggling med student who could barley afford to pay rent to 10 month after, I can buy a Porsche cash and have money to spare with the profit I made just from this week alone.
Got a headache and a little scared when I realised this because this is the first thing I buy for myself.
But I guess its like Dan Peña says: "You have to practise success".
 
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Kokaka

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Keep going!
Thanks
Yes Im not going to stop.
Hopefully I can get a partner and investor soon to help me with business structure so I dont have to run 2 companies as a beginning entrepreneur myself and everything is just getting bigger and bigger at supersonic speed. In a few month time, I have clinic nr 2 aswell
 
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Kokaka

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Here is a thought...

Don't buy the car yet.

Save your money and hire someone to run one of the companies. This way you aren't giving up ownership.
Yes that is a sound advice.
However I wont buy the car cash, I will lease it for 300usd a month so it wont affect my liquidity.
Also the reason why Im looking for a partner is to scale the business world wide.
Because if I can get someone with deep pockets and knowledge and contacts from international trade, we can open internationally next year and also develop machines 100% from scratch which will be more profitable and way more sellable. This way we could probably sell hundreds of machines every month.
I will however hire an account manager for the machine company asap as you said so atlest I dont have to deal with customers anymore.
 

BizyDad

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You don't sound like a beginner entrepreneur. You've obviously thought some things through.

It sounds like your business has ridiculous revenue potential. Maybe find someone with the contacts and offer a revenue share? If you really need the deep pockets, I get it, but are you sure you need it?

There are so many ways to get capital, if you have a profitable business, you can potentially self fund. You just need the right person with the right contacts. Anyways, take it for what its worth. You got this Fam.
 

Kokaka

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You don't sound like a beginner entrepreneur. You've obviously thought some things through.

It sounds like your business has ridiculous revenue potential. Maybe find someone with the contacts and offer a revenue share? If you really need the deep pockets, I get it, but are you sure you need it?

There are so many ways to get capital, if you have a profitable business, you can potentially self fund. You just need the right person with the right contacts. Anyways, take it for what its worth. You got this Fam.
Haha thank you. Yes Im very new but I try to read up and learn as much as possible and take all the help I can get and listen to anyone who have things to tell and just learn as I go.

Revenue-share is a very interesting idea. I have not thought about it nor do I really know what it is but I will read up.

To be fair, it is more the knowledge and experience I need because the revenue here is just insane so I can scale it world wide in 3-4 years and milk the post C0VlD economy where everyone wants to open business at the same time as much as possible.
My broker also seem to have some great ideas and contacts. He even spoke about buying one complementary company for 2 mil and merge it with mine and he seems to have a person who are willing.
Then we can scale this business up to crazy levels in just a few years.
 
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