What Does It Mean To Be A Serial Entrepreneur?
David Shands & Snoop Talk Strategy and Salon Suites
What sort of business mind is savvy enough to own four restaurants, three of which are co-owned with a Grammy winning rapper, a restaurant franchise model, four salon suites and a salon suite franchise model?
That family only comes from the mind of a serial entrepreneur.
If you have not heard of Mychel "Snoop" Dillard, get ready to be informed and impressed.
With consistent thought, planning and execution, becoming a serial entrepreneur is possible.
Take the journey with me as we view Snoop's path & how she became a serial, high-level executing entrepreneur.
If you are excited and want to see the episode straight away, click below.
Just to make sure you know who we are talking about, if you have ever been to Crave in the Little Five Points area of Atlanta or any of the Esco brand restaurant including Esco Seafood, you unknowingly dined in the creation of Snoop's brilliant mind.
She used her extensive experience in the hospitality industry and partnered with Tauheed “2 Chainz” Epps to create this unique dining experience for us and by us. Then, to expand her portfolio, she turned the Esco concept into a franchise.
Her success was like anything else in life. It took time to build, create and maintain. But she scales appropriately and wisely. Let's take a peek inside the mind and actions of a serial entrepreneur.
Table of Knowledge
Moving On & Developing The Vision
How YOU Can Become a Serial Entrepreneur
When Snoop and Two Chainz first began their restaurant concept it was named Escobar.
The concept was lightly created based on the likeness of Colombian drug lord Pablo Escobar.
When the Escobar family found out about this and because Snoop and Two Chainz admittedly skipped a step in the trademarking process, they became a target of the family who threatened to sue them for using his likeness.
They settled out of court and changed the name of the concept to Esco.
Snoop learned from this and implores other entrepreneurs to ensure they don't skip any steps.
Sometimes in life, we pay for our lessons. Snoop paid for that one and moved on to continue to build her empire.
Outside of the hospitality industry, Snoop has a passion for helping people conceptualize and develop their business.
Also, truthfully, she was feeling the heaviness of restaurant operations and management.
Both of these reasons are why she and 2Chainz added franchise opportunities to the Esco business concept. She is now only interested in passive streams of income.
She is a newlywed and wants to begin a family, so she needs her time freed up.
Do you see what she did there? She set a vision and then developed a plan to execute it.
In keeping with the vision she wants for her life, she decided to invest in a new concept—salon suites.
She states that this business model is a super passive and will give you freedom to live and yet get a stream of continuous money.
The best part is they're easy to maintain.
She got into Salon Suites because she gets her hair done weekly and noticed that the stylists were no longer in salons, but were in salon suites.
This piqued her interest. She was seeking a way out of restaurant management, so she was curious.
She did her research, found a space, created the layout retrofitting them for the needs of whatever the stylist specializes in, nails or hair, and then begin to rent them out.
The beauty of this concept is that you are doing business with business owners. You are renting the space to them; they come in do what they have to do in terms of business for their clients and then they leave.
Her first salon suite in downtown Atlanta contains 22 suites and she charges roughly about $275 a week for a standard single suite. The play is to have the business owners pay rent each week, and the first week of each month will cover your expenses for that one salon suite. The other three weeks you will pocket.
Snoop loves this concept because she is so hands off with its operations. She does not have to step foot into a salon suite because she has two people on her team, her wife, and another team member who monitors the success and maintenance of the salon suite. Also, her tenants can pay their rent through an app.
Also, they don't take long to open about three to four months and in the future she plans on opening one every four or five months.
Her first salon suite cost her roughly 100K to open, because it was her first one. Her most recent location was about 22K. So, as you learn more, it becomes easier.
If you want to open your own salon suite, we recommend taking Snoop's Salon Suite Mastercourse! Use the code *SOCIAL PROOF* for a discount.
"A good restaurant owner [or salon suite owner] is a serial entrepreneur, [so] like myself. I always say I can have any type of business. It doesn't matter because I know business." -Snoop
You might have grabbed your calculator and are getting excited, rubbing your palms together, and want to create your plan to become a serial entrepreneur.
Maybe the salon suite model isn't for you and you want to do a restaurant still or something else.
Let's consider some key components that make a serial entrepreneur successful, shall we?
Define what you want and why.
Snoop has a clear cut vision for how she wants her life to go. She doesn't want to be a billionaire. Her future dream is to live a life with a home on the beach with her wife. Excessive working for her is not sexy.
Choose businesses that don't require you to do anything.
When David asked Snoop how she decides to which business to engage in, she shares that the most attractive aspect is her not doing anything for the business. Specifically, she is enticed when there are systems in place that don't require her to do anything. That is the deciding factor in whether she does a particular business.
Choose the right roles and fill them.
Since Snoop approaches the situation of every new business, knowing that she wants to be hands off with it, she will then also choose an appropriate team member to carry on the torch. She has her own hospitality company and they support every new business endeavor. She does that same model with her Airbnb and luxury car rental as well. Two teams handle those business operations. For her real estate, house flipping business, she is working on training someone now. It is all about the systems to make her life easier, so she works smarter and not harder.
This was just a snippet of all the jewels that were dropped in this episode. Check out the rest by clicking the image below!
We'll see you in the next upload!