Creating Wealth as a Beauty Professional with Michael Cole
Time to read 15 min
Time to read 15 min
Hello, beautiful people! We're coming to you live from the vibrant and inspiring Private Label Studios, where creativity meets business acumen.
Today, we have a special episode of Hair Biz Radio that will ignite a spark in the hearts of all you beauty professionals. Our focus?
Creating Wealth as a Beauty Professional is a topic that's not just timely but essential.
In this episode, we're thrilled to introduce a guest who embodies the spirit of financial wisdom and entrepreneurial drive.
Meet Michael Cole – a financial guru, a seasoned veteran with a wealth of experience, and, most importantly, someone who understands the intricacies of turning a passion for beauty into a profitable venture.
Because, let's be honest, while we love talking about the latest trends in hair and beauty, diving into the world of finance is not something we do every day.
It's an area many of us in the beauty industry tend to overlook, yet it's crucial for our growth and sustainability.
Michael's journey from a 20-year career in the Navy to conquering the world of entrepreneurship and financial advising is inspiring.
He's here to share his story and practical, actionable advice on navigating the often overwhelming world of finance and wealth-building world.
So, whether you're a seasoned stylist, a salon owner, or just starting in this vibrant industry, this episode is tailored for you.
We're all about empowering you with the knowledge to create beauty and build a financially secure and abundant life.
Get ready to take notes, ask questions, and, most importantly, envision a future where your passion for beauty aligns perfectly with financial prosperity.
Welcome to a conversation set to change how you view your career and finances in the beauty industry. Welcome to Hair Biz Radio!
It's not every day that you meet someone who has navigated the high seas of a Navy career and then smoothly sailed into the world of entrepreneurship and financial advising.
That's Michael Cole for you – a man whose life story reads like an adventure novel but with the added twist of financial acumen.
After dedicating two decades of his life to serving in the Navy, Michael faced a question that many veterans encounter: "What next?" For him, the answer lay in the uncharted waters of entrepreneurship.
His journey began quite unexpectedly in the world of barber shops. Yes, you read that correctly – barber shops!
Michael and his business partner identified a gap in their community – a lack of a local barber shop – and decided to fill it.
But this wasn't just a spur-of-the-moment decision. It was a calculated move backed by thorough research and planning.
Michael delved into the world of hair and beauty not with scissors and combs but with a book on how to open a barber shop and a lot of entrepreneurial spirit.
He quickly realized that running a successful business was not just about providing a service but managing finances efficiently.
It was here that the seeds of financial advising were sown.
Through his experience with the barbershop, Michael gained invaluable insights into business and financial management.
He understood the daily challenges that small business owners face, particularly in the beauty industry.
From managing cash flow to planning for the future, the lessons were plenty and valuable.
This journey led Michael to a profound realization – the importance of financial planning for business owners, especially in the beauty industry.
He saw firsthand how many talented professionals in this field were exceptional at their craft but often lacked the financial literacy to grow and sustain their businesses.
Michael's transition from a Navy veteran to a business owner and then to a financial advisor was not just a career change.
It was a mission. Its mission is to empower business owners, stylists, and entrepreneurs in the beauty industry with the knowledge and tools to create beauty and build a financially stable and prosperous future.
In our conversation with Michael, it became evident that his passion for financial advising stems from a genuine desire to help others succeed.
He brings a unique perspective that blends military discipline with entrepreneurial flexibility and financial expertise.
Stay tuned as we dive deeper into Michael's wisdom and uncover the golden nuggets of financial planning essential for every beauty professional.
But a crucial element tends to be overlooked – financial education.
This lack of financial literacy among beauty professionals is not just a gap; it's a gaping hole that needs immediate attention.
Michael shared with us his insights on this very issue.
He pointed out that while beauty professionals are incredibly skilled at their craft, many need to learn to manage and grow their finances.
This gap can be the difference between a thriving business and one that struggles to keep the lights on.
His journey into educating barbers and stylists about wealth management stemmed from this need.
Michael realized that while he could provide top-notch haircuts at his barber shop, what made a difference was empowering his staff and clients with financial knowledge.
He saw the barber shop as more than a business; it became a platform for educating the community on financial literacy.
Barbers and stylists, according to Michael, play a unique role in their communities.
They are not just service providers; they are confidants, advisors, and, often, community leaders. This positions them perfectly to disseminate financial knowledge.
Michael started addressing his clients' financial queries through interactions at the barber shop.
He recognized that these conversations were about more than just hair; they were about building a secure future, understanding investments, and planning retirement.
His approach was simple yet effective – educating the educators. He indirectly impacted the broader community by equipping barbers and stylists with financial knowledge.
One of the most pivotal moments in any entrepreneur's journey is the leap from being a W2 employee to becoming a business owner.
This transition, often romanticized, is laden with challenges and profound realizations.
Michael's transition was no different, and his story is a testament to the tenacity required in this journey.
Michael candidly shared the complexities of moving from the structured world of the Navy to the unpredictable terrain of entrepreneurship.
The biggest challenge? Shifting the mindset from an employee to a business owner.
This shift isn't just about taking control; it's about embracing a new identity, one where you're solely responsible for the success or failure of your venture.
One of the key insights Michael shared was the importance of betting on oneself.
It's a notion that resonates deeply with us, Mikey and Zakiyrah. In entrepreneurship, the most significant investment you can make is in yourself.
It's about trusting your instincts, leveraging your skills, and sometimes, taking that calculated risk to turn your vision into reality.
But this journey is not a solitary one. The role of loved ones in providing support and encouragement cannot be overstated.
Michael emphasized his wife's support in his decision to pursue entrepreneurship. It's a sentiment that many entrepreneurs, including ourselves, can relate to.
Having someone believe in your dream, sometimes more than you do, can be the driving force that propels you forward.
Our personal experiences echo Michael's sentiments.
Transitioning from an employee mindset to a business owner involves a steep learning curve.
It's about understanding that failure is not the opposite of success but a part of it. It's about learning to be comfortable with discomfort, embracing uncertainty, and continually evolving.
We've encountered our fair share of obstacles and triumphs in our journeys.
Beauty and hair are not just about aesthetics; it's a business. And like any business, it requires strategic thinking, financial acumen, and an entrepreneurial spirit.
This transition from employee to owner is not just a change in job title; it's a complete overhaul of how you view work, success, and your role.
Michael's story, combined with our experiences, paints a realistic picture of what it means to be an entrepreneur.
It's challenging, exhilarating, and, most importantly, rewarding.
As we delve deeper into our conversation with Michael, we uncover more insights into the entrepreneurial journey, particularly in the beauty industry.
Stay with us as we explore the nuances of building a business from the ground up and the critical role financial planning plays in this journey.
It's a story of transformation, growth, and empowerment.
Embarking on an entrepreneurial journey is akin to setting sail on uncharted waters.
To navigate these waters successfully, one crucial element is often undervalued yet vitally important – building a supportive financial team.
Michael Cole emphasized this point with the wisdom of someone who's been through entrepreneurial storms and emerged wiser.
Realizing that business success isn't a solo endeavor was pivotal for Michael.
It's about assembling a team – not just any team, but a cadre of skilled financial and legal advisors who can guide you through the complexities of business ownership.
This team becomes your compass, helping steer your business toward financial health and stability.
During our insightful conversation, Michael shared his strategy for choosing the right partners and advisors.
It's a process that requires diligence, foresight, and an understanding of your long-term business goals.
The right team should resonate with your business philosophy and bring expertise and experience.
They are more than service providers; they're partners in your entrepreneurial journey.
In building his team for the Daniel Allen Barber Shop and his financial advising practice, Michael sought individuals who shared his vision for growth and had a complementary skill set.
This approach ensured a holistic view of business management, encompassing everything from day-to-day financial decisions to long-term strategic planning.
But how does one go about building such a team?
Michael’s advice is straightforward yet profound: start by identifying the areas where you lack expertise and seek professionals who excel in those domains.
Whether it's a savvy accountant, a knowledgeable legal advisor, or a skilled financial planner, each plays a critical role in the health and growth of your business.
For us, Mikey and Zakiyrah, this discussion was an eye-opener.
In the beauty industry, where creativity often takes center stage, assembling a financial and legal team might seem daunting.
However, Michael's experiences underline its necessity. As entrepreneurs in this dynamic industry, our success depends on our artistic skills and ability to make sound business decisions.
Michael's approach to building a robust financial team is a blueprint for any entrepreneur looking to create a sustainable and successful business.
He shows us that while the entrepreneurial journey is personal, it doesn't have to be lonely.
The right team makes the path to success clearer and more attainable.
As we continue our journey through this enlightening conversation with Michael, we'll delve deeper into financial planning and wealth-building nuances.
Stay with us as we uncover more gems of wisdom to revolutionize your approach to business in the beauty industry.
In our discussion with Michael Cole, a topic that resonated deeply was the challenge faced by late starters in financial planning.
It's a common scenario in the beauty industry, where many professionals focus on honing their craft, often sidelining financial planning until later in their careers.
But as Michael wisely puts it, "The second best day to start is today."
Michael offers a beacon of hope for those anxious about starting late in the realm of saving and investing.
His advice is simple yet powerful: start where you are with what you have. It's always possible to begin the journey towards financial health.
The key is to start now. However small the step might seem.
This concept of beginning your financial journey today, irrespective of your age or stage in life, is not just motivational rhetoric.
It's grounded in the reality that every day offers a new opportunity to make smarter financial decisions.
Whether setting aside a small portion of your earnings, starting a retirement fund, or simply educating yourself about financial basics, each action counts.
During our conversation, Mikey and I, Zakiyrah, shared anecdotes about overcoming financial setbacks.
We've experienced firsthand how daunting it can feel to start late. But, like many in our industry, we've learned that it's not about when you start; it's about the commitment to begin and the consistency to continue.
Michael also shared his journey, reflecting on his decisions after his Navy career.
Transitioning from a structured military life to the fluidity of entrepreneurship, he, too, had moments of financial recalibration.
His story shows that overcoming late starts and building a secure financial future with the right mindset and actions is possible.
For our listeners and readers who might be feeling behind in their financial planning, take heart from these experiences.
Whether in your 30s, 40s or even later, the time to start working towards financial stability is now.
Michael's journey and shared insights underscore the importance of taking proactive steps, no matter how small they initially seem.
In the next part of our blog, we dive deeper into the practical strategies for financial planning, especially tailored for beauty professionals.
These strategies are designed to help you build a path toward a more secure and prosperous future regardless of where you are in your financial journey.
In the dynamic and often unpredictable world of beauty entrepreneurship, strategic financial planning is not just beneficial – it's essential.
Our conversation with Michael Cole shed light on the crucial aspects of cash flow management, savings, and investment strategies explicitly tailored for beauty professionals.
First and foremost, Michael emphasized the importance of cash flow management.
Understanding and controlling where your money goes is critical to financial stability for those in the beauty industry, from salon owners to freelance stylists.
It's about making informed decisions on business expenses, reinvestments into your craft, and personal expenditures.
Effective cash flow management serves as the bedrock for financial health, enabling you to navigate the ebbs and flows of the beauty business with confidence.
Next, we delved into savings and investments, which are often complex for many beauty professionals.
Michael broke down the concept into three primary investment strategies: safe, aggressive, and home run.
Safe investments involve minimal risk, like high-yield savings accounts or specific life insurance policies.
They provide a steady, albeit modest, growth of your funds.
Aggressive investments, on the other hand, involve higher risk but also the potential for higher returns.
These could include stocks, mutual funds, or exchange-traded funds (ETFs). For beauty entrepreneurs comfortable with risk, this category can offer significant growth opportunities for their savings.
The 'home run' strategy, as Michael calls it, is where entrepreneurs in the beauty industry shine.
It's your investment in your business – be it opening a new salon, launching a product line, or expanding your services.
This category carries the highest risk but also the potential for substantial rewards.
Understanding the role of various investment vehicles is crucial in building long-term wealth.
Michael guided us through the nuances of Individual Retirement Accounts (IRAs), 401ks, and life insurance policies and how beauty professionals can effectively utilize them.
For instance, a Roth IRA, with its tax-free withdrawals in retirement, can be an excellent tool for those expecting higher income later.
Michael's advice extends beyond just saving money; it's about creating a diverse portfolio that aligns with your financial goals and risk tolerance.
He advocates for a holistic approach that balances your business's immediate needs with long-term financial planning.
As beauty professionals, we often focus on our work's artistic and service aspects.
However, our discussion with Michael highlighted that taking control of our financial future is equally critical.
By understanding and implementing these strategic financial planning principles, beauty entrepreneurs can ensure their business's success and secure their financial future.
As we wrapped up our enriching conversation with Michael Cole, he left us with some parting wisdom that resonated deeply, especially for aspiring entrepreneurs and beauty professionals.
His final advice was clear and poignant: "Embrace financial literacy as part of your journey in the beauty industry. It’s as important as any technique or trend you’ll learn."
Michael emphasized the importance of viewing financial planning as not a daunting task but an empowering tool that can elevate your business and personal life.
He encouraged our listeners to take proactive steps toward understanding and managing their finances, regardless of their careers.
Michael Cole and his team are available to offer guidance and support for those eager to start this journey or to enhance their financial strategy.
They specialize in providing tailored financial advice that aligns with the unique needs of beauty professionals.
To reach out to Michael, you can follow him on Instagram @j.michaelcole, where he shares insights and connects with the community.
In closing, we, Mikey and Zakiyrah, want to encourage every listener and reader of this blog to take these tips to heart.
The journey to financial stability and success is a marathon, not a sprint. It requires patience, consistency, and the willingness to learn and grow.
The insights shared by Michael will inspire you to take control of your financial future and make informed decisions that lead to prosperity and security.
Remember, your talent and creativity are your greatest assets in the beauty industry.
Pairing these with sound financial planning can take your career and business to heights you never imagined.
So, don’t hesitate to contact Michael and his team for expert financial advice tailored to your unique needs in this vibrant industry.
Thank you for joining us on this journey of financial discovery.
We hope this conversation has shed light on the importance of financial literacy and planning in the beauty industry.
Keep striving for excellence in your craft and every aspect of your business, including its financial health.
As we conclude this enlightening episode of Hair Biz Radio, we must reflect on the key takeaways from our conversation with Michael Cole.
This journey traversed the realms of entrepreneurship, financial literacy, and strategic planning in the beauty industry.
Firstly, we delved into Michael's unique transition from a Navy veteran to a successful entrepreneur and financial advisor.
His story is a powerful reminder of the endless possibilities that await when we step out of our comfort zones and embark on new ventures with determination and foresight.
We then explored the critical need for financial education in the beauty industry.
Michael's experience educating barbers and stylists about wealth management highlighted these professionals' significant role in spreading financial knowledge within their communities.
The discussion on transitioning from a W2 employee to a business owner highlighted the challenges and realizations inherent in this shift.
It underscored the importance of self-belief, the support of loved ones, and the invaluable lessons learned from personal experiences in the business world.
Building a supportive financial team emerged as a key strategy for long-term success.
Michael's approach to assembling a team of financial and legal advisors illuminated the need for experts to guide and support your business journey.
The message was clear and encouraging for those who feel they've started late in financial planning – it's never too late to begin.
The concept of 'the second best day to start is today' in saving and investing was a beacon of hope for late starters.
Lastly, the episode covered strategic financial planning tailored for beauty professionals, emphasizing the importance of managing cash flow, differentiating between investment strategies, and utilizing various investment vehicles like IRAs, 401ks, and life insurance to build wealth.
We encourage our listeners to apply these insights to their professional lives and actively participate in our community by following Hair Biz Radio, providing feedback, and suggesting future topics.
Your engagement and insights are invaluable as we explore the intersection of beauty and business.
In signing off, we want to remind everyone of the importance of financial literacy and planning.
In an industry as vibrant and dynamic as beauty, equipping yourself with financial knowledge and skills is not just a choice but a necessity for success.
Thank you for tuning in, and we look forward to continuing this journey with you, exploring new topics, sharing insights, and growing together in the fascinating world of beauty business.