We’re excited to introduce you to the always interesting and insightful Monet Thomas-Shaw. We hope you’ll enjoy our conversation with Monet below.

Monet, thank you for taking the time to share your stories and insights with us today. Risk taking is something we’re really interested in, and we’d love to hear the story of a risk you’ve taken.

As for taking a risk, I knew I wanted to own a hair salon and at 21 I did just that. I took a chance and 22 years later, my business continues to grow. Other facets I took a chance on would be going to real estate school and buying and selling real estate. The thought of “what if this doesn’t work” came up from time to time, but it took a large amount of courage to persevere. Today, I’m invested in more than six residental and commercial properties. Additionally, I have helped many homeowners with buying and selling their homes. People who never thought they would own a home.

As a wife and mother of three young children, returning to secondary education to get my master’s degree in Entrepreneurship and Economic Development had both its own risks and rewards. Studying day and night was so rewarding when I finally graduated, but it did take a little time away from my family.

Lastly, my current project is developing a commercial retail center, which is something I have wanted to do since my teen years.

I tell people that I’m not successful because I know everything, but rather that being successful requires some risks to be taken. I would rather fail knowing that I tried, instead of not trying at all due to fear. I can live with failure, but I can’t live with the idea of not trying.

Monet, we love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

I’m a serial entrepreneur; I started styling hair at my home at the young age of 10. When I started making money, I thought “This is awesome!”

Money was the ticket to my independence, so I was willing to work hard to keep it. I completed the cosmetology program and graduated from Jack Yates Senior High School. After high school, I attended the University of Houston-Downtown, graduating with a bachelor’s degree in Business Management. My love for learning continued, which is why I have a real estate license, a master’s degree in Entrepreneurship and Economic Development, an associate’s degree in Construction Management and an instructor’s license in Cosmetology. Education and experience will open so many doors- I’m proof of it.

I like to give things a try, despite whether or not if it works okay. Overall, I’m just grateful for the learning opportunity. My kids follow the same motto as they’re allowed to explore all different types of activities: soccer, piano, chore and dance. This ensures that they’ll be well-rounded individuals, but also grow up to be open to trying new things.

Too many people are quick to shrug something off because they think they don’t like something, but never actually gave it a try. Don’t miss the opportunity to try things to experience life to the fullest.

We’d love to hear a story of resilience from your journey.

When I opened my first salon, it was a small, 700 square feet retail space. As a new salon owner, I ran into all kinds of unexpected expenses: electrical problems, permits, licensing fees, air conditioning repairs and equipment breakdowns. The salon was only open for a month when one of the worst tragedies of the 2000’s happened, 9/11 was the forefront of everyone’s minds. l didn’t know what to expect and everything was so unpredictable.

Despite this, I never thought about closing my doors as I worked many long days and nights. Our clientele expanded and business grew. I remained in business at the first location for over seven years and was so excited when I expanded my business to a 1400 square feet space in a much nicer retail center. As new business owner, there was times when the flow of business would fluctuate. During slow times, I would wonder if this was what I wanted to continue to do. Often, wondering if my business would survive.

20 years in the beauty industry is a result of my resilience. Over the years, I developed a successful business, a career that’s limitless and even, a line of hair care products. Truly, this is the life that I love living.

Can you talk to us about how you funded your business?

I started my business with the money I had (the money I made working on clients daily). As new business owner, I had to educate myself for the success of my salon.

My first business loan was a micro loan of $10,000 from a local SBDC. Balance sheets, profit and loss statements, financial projection statements, business plans and collateral were all aspects of the business that I had to acclimate myself too. The lending institutions would ask if I had collateral or money in the bank and I would think to myself “If I had money in the bank, then why would I ask you for a loan?” Through my studies, I learned that in order for lenders to secure the loan, they want to make sure you’re in a position to pay it back. My salon equipment had value that acted as collateral, so I could secure my loan.

Furthermore, I have established some great relationships with many different lending institutions. The importance of understand your business includes keeping accurate and up to date financial records to know what’s coming in and what’s going out. When you understand your operating cost, you will have a clear understanding of the business financial needs. Many businesses fail simply because of poor financial planning; they have a great idea but an unrealistic plan. Before you start a business, research is key is to growing your business.

Contact Info:

• Website: www.eshallenceHD.com
• Facebook: https://www.facebook.com/profile.php?id=100048713239939&mibextid=LQQJ4d
• Other: Email [email protected]