Many people know Michael Elliot as the Hollywood screenwriter behind films like Brown Sugar, Like Mike and Just Wright. But he is also a successful entrepreneur who, you might say, owes his success to Shark Tank for turning him down on a deal. That's right, they turned him down and actually told him his idea of nail salons for men would never work. Success on his own Elliot opened his first salon, called Hammer & Nails, in 2013 on Melrose Avenue in Los Angeles. Within his first seven months in business, he made $150,000 in sales, and he projected he would make $2 million in sales in 2016. This is when he made the decision to franchise his business so it could grow even more. He presented his idea on ABC's Shark Tank in 2014, but they turned him down, telling him it wouldn't fly. The irony of this story is that as a result of the exposure on Shark Tank, 8 viewers who saw Elliot helped him raise $200,000. Two of these viewers were African American women who were angel investors. In addition, since January, Elliot has sold 183 franchise licenses in eight states. This year, two locations will open in San Francisco, one will open in Santa Fe, one in Plano, TX will open early next year, and still another will open next summer in Greenville, SC. Hammer & Nails offers men pedicures, manicures, barbering, and straight-razor shaves in an atmosphere that looks like a man cave, not a salon. It's designed to make men feel comfortable and, well, manly -- right down to a shot of whiskey! For more details about Hammer & Nails, visit www.hammerandnails-salon.com
Story adapted from blacknews.com