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The founder brought her eyelash and brow bar from a small business to a successful franchise. Here are some of the money lessons she learned on the way.
Franchise founder Nathalie Smith still remembers seeing the blissful expression on guests’ faces when they left the spa where she swept the floors and answered the phones. Years later, she was thrilled when she heard of a way to give people the same kind of feel-good, big-reveal moment: lash extensions. When she had saved up enough from her property management business—and with the help of some technical classes she took in her spare time—she opened her own eyelash salon in a small, third-floor unit in Toronto. The project grew to a six-location franchise in the GTA, now called MYNC (pronounced “mink”), “where guests socialize while getting pretty in a wink.”
North American franchise Blo Dry Bar acquired MYNC in October. Now, Smith is preparing to launch MYNC nationwide. She continues running MYNC as brand president, supporting new franchisees. Smith believes that you can turn passions into proceeds when you pursue a career that you truly love. Read more of her biggest takeaways on managing money and growing your wealth.
Michael Lee-Chin—there’s talk in my family that we’re related. Jamaican families can be so big, so I never remember how everyone’s connected. But I find his story so inspiring nonetheless. He is an immigrant with humble origins turned billionaire, and he is a philanthropist. I mean, what’s not to like?
I don’t have a lot of free time because we’ve just partnered with Blo Dry Bar and are focused on building the MYNC franchise. But that’s kind of the life of an entrepreneur—our work and personal lives blend together. But on the off-chance that I’m not working, you’ll find me hiking the Bruce Trail with my dog Lowry—named after the [former] Toronto Raptors [point guard], of course.
Giving more of it away. While I’m proud of many milestones, I am most proud of the creation of a $10,000 grant supporting female entrepreneurship. MYNC will be awarding 10 of them, but if money were no object, I’d obviously give out more. A lot more.
(Learn more about how to apply for a grant.)
I was raised by a single mother. She was just 17 years old when she had me. We were utterly and completely happy, though we had very little. I remember realizing very early on that money represented options in life—or the lack thereof.
I saved up and sent away for something in the Consumers Distributing catalogue. It must have been a toy or something like that.
I scooped ice cream at Laura Secord. I’m pretty sure I bought a pair of shoes with my first paycheque.
I always felt too busy to monitor expenses closely early in my journey as a founder—I was already wearing so many hats. Plus, the business was busy and money was coming in, so it was all good, right? Learning to prioritize balancing the books regularly helped me to gain perspective on where I should be spending and when I should be pulling back.
Large sum all at once. Just think of the investment opportunities.
That entrepreneurs must have high-risk proclivities. Yuck—who wants anything high-risk in life? Franchising is an established business, with a recognizable brand name, and a proven business model and strategy. That’s a smart risk.
I’m not someone who regrets things. The obstacle is often the way and, at the very least, it’s an education. Never let the fear of regret stop you.
Anything you hold in high regard, and it’s not necessarily monetary or even quantifiable. I really don’t mind spending on anything experiential. Particularly quality chocolate—I will always go for that.
My first house. I was 26. I sold it several years later for what at the time seemed like a healthy profit, and I began renting, which felt freeing to me as I launched my business. But, when I finally re-entered the market half a decade later, the housing market had moved significantly, and my buying power was reduced. So maybe there’s a tiny regret there.
Debt is a tool. That means you’re in control of it, not the other way around. If it’s an asset that’s going to increase in value, or empower you to earn a better living then that’s worthwhile, but racking up debt on consumer goods to impress other people who probably couldn’t care less—why?
The Wealthy Franchisee. I’ve read it a few times actually. I love it. It is so relatable and an absolute must-read for franchisees or anyone thinking of becoming a franchisee.
A picture of my Gram. She was a Chinese-Jamaican Canadian immigrant and an entrepreneur herself. Although she is no longer with us, she remains a touchstone in my life. I keep little keepsakes of her close by.
A vintage pair of Chanel earrings.
A centuries-old baby grand piano made by Heintzman & Co. in Toronto. It inhabits a room to itself and is like a family member. Believe me when I say, I’m terrible at playing, but I aspire to [get better].
It’s not so much mine, but helping others to reach their money goals. I’m deeply interested in angel investing and business mentorship. To start, I’ll personally be coaching our first MYNC franchisees. I’ve worked every role in our lash and brow bars, from lash stylist to front desk to manager and janitor.
Own. I know it’s so easy to say and much harder to do, but make owning your goal.
Buy. I hate the idea of paying penalties on a vehicle when, clearly, the parking post snuck up on me!
Both, you need to do both. Invest for the long-term and be sure to diversify.
Always, always, budget.
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