HOW TO BUILD A MILLION-DOLLAR SALON SUITE BUSINESS

**Patrice McKinney** (0:00)
The day I was supposed to sign my lease and my business partner that I had been meeting with for months didn't show up. To the architect, paying him up front, running off with my money. The contractors, paying them in advance, not knowing any better. They running off with the money.

**SPEAKER_2** (0:11)
Explain exactly what a salon suite is and why it's becoming so popular.

**Patrice McKinney** (0:15)
It's really like real estate in the hair and beauty industry.

**SPEAKER_2** (0:17)
For somebody else, they realize that they want to have a salon suite. What's the first thing that they have to do?

**Patrice McKinney** (0:22)
You want to make sure it makes sense, because in this business model, there is a cap. Once our suites are full, they're full, so you want to make sure it makes sense 100% capacity, 90%, 80%. What does it look like if you have five suites empty?

**SPEAKER_3** (0:33)
I'm wondering, what are the expenses as the person who owns the building, or did you not own the building at first?

**Patrice McKinney** (0:38)
I'll say it's pros and cons to both. You hear people say, I will never put money into a building I don't own, but I always look at what you get out of it. So if I put 100K into a building, but I'm making a quarter million, and I don't want to own, I'm okay with that.

**SPEAKER_2** (0:48)
How much does it cost for the average build-up?

**Patrice McKinney** (0:50)
A suite spot to start, it's like 80 to 100K.

**SPEAKER_2** (0:53)
Beauty professionals make money, but they don't really ever generate real wealth, so what's the mistake?

**Patrice McKinney** (0:58)
These stylists are off the chain with their attitudes. It's like they think we need them, when in reality, they need the clients.

**SPEAKER_3** (1:03)
You get people information, they execute on information, it changes their life. What's that like for you?

**Patrice McKinney** (1:08)
It's kind of dope to be able to be to other people what I wish I had when I was growing up. Because man, if I could have just had one person to call to ask a question, I would have paid anything.

**SPEAKER_2** (1:17)
All right, guys, welcome back to our special episode.

**SPEAKER_3** (1:20)
Absolutely.

**SPEAKER_2** (1:21)
Yes, yes, yes. We got somebody that's been making a lot of waves.

**SPEAKER_3** (1:26)
Yeah, you know, we've been running into this person a bit in ATL.

**Patrice McKinney** (1:30)
Yeah.

**SPEAKER_3** (1:31)
And finally, you're here with us.

**Patrice McKinney** (1:34)
Finally. We did it.

**SPEAKER_2** (1:35)
Patrice McKinney.

**Patrice McKinney** (1:37)
Yes.

**SPEAKER_2** (1:38)
Aka Sway, Aka Sway The Pro.

**Patrice McKinney** (1:40)
That's right.

**SPEAKER_3** (1:41)
Don't forget The Pro.

**Patrice McKinney** (1:42)
Don't forget The Pro.

**SPEAKER_2** (1:43)
Subtle. Salon Suite extraordinaire. Owner, the first black person to actually franchise the Salon Suite business.
And you teach people about Salon Suites. And I actually know somebody that took your course. Oh, really? Or they went to one of your events.

**Patrice McKinney** (2:00)
Oh, okay.

**SPEAKER_2** (2:01)
So, yeah, yeah, yeah. So they were like, nah, she's legit.

**Patrice McKinney** (2:04)
That's true. Definitely legit. We don't play no game.

**SPEAKER_2** (2:07)
Yeah, you're right. So the Salon Suite conversation is interesting. I know we've had this conversation before, but it's a very interesting model.

**Patrice McKinney** (2:16)
It is.

**SPEAKER_2** (2:17)
And everybody does it differently, right? I don't think that there's one just set way. Like, few people that we've talked to and they all have different models. And there's different types of salons, too. There's the women here. There's the barbershop salon. There's the manicure, pedicure. There's a combination of all of those, the facial. So this is an important conversation. I know you're going to be at Invest Fest as well.
But first and foremost, thank you for joining us.

**Patrice McKinney** (2:45)
Absolutely. I pleasure it.

**SPEAKER_3** (2:46)
I'll say this. Every time we hear the stories around these businesses, we always leave the episode like, damn, we should do that.

**Patrice McKinney** (2:54)
I bet y'all come across a lot of business ideas and opportunities.

**SPEAKER_3** (2:57)
This is one of them.

**SPEAKER_2** (2:58)
So like I said, the salon suite, especially women, I feel like this is something that's really, really big. A lot of women want to get in.

**Patrice McKinney** (3:04)
For sure.

**SPEAKER_2** (3:06)
What's your journey into the salon suite business?

**Patrice McKinney** (3:09)
Yeah, so I actually grew up in a family of beauty pros. So my sister, my mom, they actually worked in the salon. So back in the day, actually-

**SPEAKER_2** (3:15)
Hair salon.

**Patrice McKinney** (3:16)
Hair salon, traditional hair salon, where you're leasing out a chair. My sister and mother was both like top braiders back at home.