Lonnie McGowen is a successful entrepreneur and business executive with extensive experience in leadership and commerce. He started his professional journey at Sherwin-Williams, the world’s top coatings company in terms of revenue, in a junior position.
McGowen’s commitment, foresight, and guidance enabled him to advance through nine or ten promotions, eventually becoming the company’s first African American male vice president. Following many years of professional achievement, McGowen and his wife chose to realize their mutual dream of owning a business.
They both chose to seek control overIMAGE Studios, an award-winning brand and the leading provider of modern and upscale salon suites.BLACK ENTERPRISE linked with McGowen to discover more about his path to becoming a franchise owner and the innovative business approaches he credits for his achievements.
BLACK ENTERPRISE: What was your thought process when transitioning from a thriving career to becoming a franchise owner?
Lonnie McGowen:It was a shared choice from both of us. While at Sherwin-Williams, I was working between 70 and 80 hours each week, constantly on a plane or on the road. I was occupied from morning until night. One day, my wife mentioned, “I never get to see you. You’re always away.”
That’s when I began considering franchising in order to become my own boss. Soon after, a new leadership team took over at Sherwin-Williams and initiated numerous changes. This made it simpler to leave, and although I could have become a VP somewhere else, that would have only brought the same work-life balance issues I was already facing.
After leaving Sherwin-Williams in December 2019, my initial idea was to make a living by flipping houses. We began in February 2020, but the arrival of COVID disrupted those plans. I had to adjust my approach once more. The concept of franchising came back to mind, so we reached out to a franchise broker recommended by a friend. This broker connected us with IMAGE Studios.
BE: What influenced your choice to join the IMAGE Studios franchise?
McGowen:The corporate team played a significant role in our decision. They were amazing—very supportive and knowledgeable. The founding story appealed to me, as the company originated during the housing crisis in the 2000s. We signed our franchise agreement in August 2020 and opened in November 2021. Signing up during the pandemic was comforting, as we knew this business could handle economic challenges. In fact, we discovered that Dallas was a key center for beauty brands, home to Mary Kay, Ulta, and Sally Beauty Supply. IMAGE was an ideal match for the Dallas market. We were confident we could attract beauty professionals to fill our spaces.
But naturally, their remote model was attractive, coming from a position where I was working 70-80 hours per week. Now, I can dedicate 5-10 hours a week to the business if I choose. I have significantly more free time and can take more trips with my family. Additionally, IMAGE Studios enables me to earn approximately the same as I did at Sherwin-Williams.
BE: IMAGE Studios requires a significant financial commitment. How did you manage to obtain the necessary funding?
McGowenI had a tough time securing funding initially. $1.2 million is a significant amount needed to start a business. When I spoke with investors and general contractors, I shared my personal story and connected with them emotionally, which ultimately led to a positive response. I grew up in an area where many of my friends didn’t manage to escape. It’s crucial to share your story, return to your origins, and demonstrate that you can overcome your situation.
My main contractor is still assisting me with our second IMAGE Studios location. Always maintain honesty and transparency in your journey! You will meet individuals who genuinely support you and your mission through this approach.
BE: What are the most significant adjustments to your daily life after becoming a franchise holder?
McGowen: The first change is experiencing greater freedom. Transitioning from working 70-80 hours per week to just 5-10 hours has been amazing. It gives me the opportunity to invest more time in developing connections beyond the business.
My physical well-being has also seen a significant improvement. I experience less stress and have more time to visit the gym and concentrate on my personal health.
It has also been fulfilling to assist other business owners in surpassing their goals. We have 30 beauty professionals at our IMAGE Studios, all of whom have the opportunity to expand their businesses. I enjoy supporting the entrepreneurial path of these beauty professionals.
However, a major challenge is that being an entrepreneur is non-stop, even when you’re not physically involved in the business. Anything can occur at any moment, and ultimately, the responsibility falls on you. You need to be versatile, like a chameleon, and understand all areas of business to address issues effectively. It’s a significant burden!
BE: You have applied four pre-built Business Strategies for your franchise-innovative recruiting practices, community impact & philanthropy, empowering entrepreneurs, and relationship-centered leadershipWhich of the four do you consider the most beneficial?
McGowen: I would describe it as leadership focused on relationships. I make an effort to connect with my beauty professionals as much as possible. Their achievements are my achievements. When someone commits to a one-year contract with us, we explore all possible ways to ensure their business remains and grows. Individuals tend to stay with companies they feel a connection to. I strive to be present every day, walking around and getting to know my beauty professionals. These professionals are more than just numbers—invest in them.
Consequently, we have achieved a 65% retention rate, indicating that 65% of the professionals who joined us in 2021 are still associated with us.
I’m also very proud of our charitable initiatives. It’s rewarding to contribute back to the communities we support. One such example is Hope’s Door, a refuge for women who have experienced abuse. At our IMAGE Studios, we offer support to the women ofHope’s Doorfree beauty transformations, such as haircuts, makeup, and more. These women, who have endured a lot, depart from our studios feeling rejuvenated with a boosted sense of self-assurance. It’s not merely about appearance—consider how good you feel after a new haircut or a stylish blowout. These women deserve that uplifting moment.
BE:What are the three most important recommendations you would offer to a seasoned corporate executive thinking about leaving their job and investing in a franchise?
McGowen:
- Follow your passion. I understand that might seem like a common expression. I should mention that my interest isn’t in beauty itself—it’s in people. After all, I don’t have any hair left on my head! It’s the connections and interactions within the beauty field that truly fascinate me.
- Monetize your passion. That’s enough… discover what you love and then determine how to earn money by doing it.
- Evaluate the expenses prior to starting a business.The primary cause of small business failure is insufficient funding. Ensure you have multiple investors or sources of support for your business, particularly in the initial stages.
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