Money Talksis an xoNecole series where we talk candidly to real women about how they spend money, their relationship with money, and how they get it.
Sherri J comes from very humble beginnings. Her family was impoverished, and she was forced to grow up early after becoming a teen mom. It was not expected for her to thrive. Yet, against all expectations, she has risen to become a multimillionaire, owning three successful childcare facilities across Metro Atlanta.
Sherri recognized a need in her community and decided to act on it. Today, she is not only a thriving entrepreneur but also a published author, business coach, and motivational speaker.
Additionally, her daughter is following in her entrepreneurial footsteps. Together, they are the dynamic duo behind the Offices at Dogwood Park. Within this building, Sherri and Janaya operate their Success Suite, offering cost-effective conference rooms and business suites for emerging entrepreneurs.
Janaya also runs her own business, Belle Lux Day Spa, which occupies a quarter of the building and exemplifies the family's entrepreneurial spirit.
Sherri J’s journey was far from easy, and throughout this process, she’s learned a great deal about the childcare industry, money management, and the power of determination. She shared a bit of her journey with us in today's Money Talks.
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On how she got started:
"Well, I fell pregnant very early in life, at 14 years old. That's what molded me and the rest of my life. I had to learn responsibility very, very early. I had to be a mother all while balancing being a teenager, trying to find and learn myself. Having that type of responsibility at such an early age gave me a quicker start at life.
"Anyway, my daughter's father’s side of the family was into childcare. I had to work for them to kind of earn my keep and to take care of this new child that I had sprung on everybody. So in working for her father's side of the family, I learned the childcare industry – really unbeknownst to me. I was kind of being molded into being the person that I am today. Then I decided I wanted to step out on faith and try to open my own childcare center; I did that by 24. Long story short, that's what got me to where I am today."
On her initial relationship with money:
"I didn't have the option or experience to be good with money. I didn't know anything about it. My mom was just the average everyday working woman trying to make ends meet. I didn't know what a wealthy lifestyle was. I didn't know what having money looked or felt like. I think I got my first understanding of it when I met his family and saw what they had. That's when I knew we didn't have money."
On stepping out on her own:
"I was very scared because, at this time, I was working as an executive assistant to the principal for [the] Atlanta Public School System. So I was making maybe $35,000 in my early twenties. I had always been in corporate America. I worked for Wachovia Bank (Wells Fargo) and H&R Block and felt like I had gotten a good job at the school system.
"I mean, 16 years ago, $35,000 was a lot of money for a 21-year-old. But I knew that I wanted to always be a resource for my daughter, and even on $35,000, I was barely making ends meet. I had enough to pay my rent, my little car note, and maybe buy some McDonald's here and there."
On using her taxes for startup money:
"When I made the decision to jump into childcare, I had saved three years' worth of tax returns. At the time, I was getting between a $2,500 to $4,000 return. And one year, I just decided not to spend it. Also, I was saving like $100 out of each check. For two years, I ended up with about $5,000 – so that was my startup. I literally just buckled down and decided not to waste the money."
"When I made the decision to jump into childcare, I had saved three years' worth of tax returns. At the time, I was getting between a $2,500 to $4,000 return. And one year, I just decided not to spend it... For two years, I ended up with about $5,000 – so that was my startup. I literally just buckled down and decided not to waste the money."
On her favorite splurges:
"Sadly, I do not splurge. I like cars so when I want a new car, I'm going to get one. But that's not all the time. You know? I really don’t do much for myself. Everything I do is always for other people. My life is really 'complex-simplicity.' But for my 40th birthday last year, I threw a huge party and went to Turkey. That was the beginning of me doing more for myself. Oh, and property! I’m responsible, but I’ll buy a property in a minute."
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On money-lessons she learned the hard way:
"I was never taught budgeting, so I had to figure it out on my own. And honestly, most Black people are counting and spending their money before they get it. So mentally, they know exactly what they do and don't have.
"Childcare is fast money. If you set up shop in the right location, you can go from $0 to $40,000 quickly. And this happened so early on in my business and so fast that I was out having fun, spending all this money, but I wasn't growing the business that I started.
"You gotta think, I went from getting around $1,200 every two weeks to $8,000. But I learned very, very quickly that I couldn't be gone on vacation 24/7 because no one was running or growing the business. And so it wasn't until that $8,000 a week was $2,500 a week, then $1,800 a week, that I realized I didn’t have as many kids to care for!"
"Childcare is fast money. If you set up shop in the right location, you can go from $0 to $40,000 quickly. And this happened so early on in my business and so fast that I was out having fun, spending all this money, but I wasn't growing the business that I started."
On real estate and passive income:
"I'm a licensed Realtor in both Georgia and Florida, and I became licensed in both states because I invest in real estate. I own the buildings for all my childcare centers outright, with no mortgages. I also own the buildings for any business I operate; I don't rent from anyone. My investment portfolio is focused on real estate because it consistently gains value, and you can always generate income from it.
"Whether you choose to start a business or rent it out, real estate offers flexibility. If you need to access funds, real estate allows for that too. I always recommend investing in real estate because it has worked well for me."
On a final, personal money-saving tip:
"I would say, if your business is a heavy cash flow business, meaning you get a lot of cash but also accept credit cards, checks, and etc., save the cash that you do not need. Put that cash in savings, don’t ride around with it. That way you don’t think twice about spending it."
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While an evolution is a natural progression that happens as businesses grow, a rebrand is a total change. Lola tells xoNecole, "A total rebrand is necessary when a business’s current reputation/what it’s known for is at odds with the business’s vision or direction.
"For example, if you’ve fundamentally changed what your product is and does, it’s likely that your brand is out of alignment with the business. Or, if you find your company is developing a reputation that doesn’t serve it, it might be time to pump the brakes and figure out what needs to change.
She continues, "Sometimes you’ll see companies (especially startups) announce a name change that comes with updated messaging, visuals, etc. That usually means their vision has changed or expanded, and their previous branding was too narrow/couldn’t encompass everything they planned to do."
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The Brand Doula was born in 2019, and its focus is on putting "the experiences, goals, and needs of women of color founders first," as well as brands with "culture-shifting missions."
According to Lola, culture-shifting is "the act of influencing dominant behavior, beliefs, or experiences in a community or group (ideally, for the better)."
"At The Brand Doula, we work with companies and leaders that set out to challenge the status quo in their industries and communities. They’re here to make an impact that sends ripples across the market," she says.
"We help the problem solvers of the world — the ones who aren't satisfied with 'this is how it's always been' and instead ask 'how could this be better?' Our clients build for impact, reimagining tools, systems, and ways of living to move cultures forward."
The Brand Doula has worked with many brands, including Too Collective, to assist with their collaboration with Selena Gomez's Rare Beauty and Balanced Black Girl for a "refresh," aka rebrand. For businesses looking to rebrand, Lola shares four essential steps.
1. Do an audit of your current brand experience — what’s still relevant and what needs to change? Reflect on why you’re doing the rebrand in the first place and what success would look like after relaunching.
2. Tackle the overall strategy first — before you start redesigning logos and websites, align on a new vision for your brand. How do you want your company to be positioned moving forward? Has your audience changed at all? Will your company have a fresh personality and voice?
3. Bring your audience along the journey — there’s no need to move in secret. Inviting your current audience into the journey can actually help them feel more connected to and invested in your story, enough to stick around as changes are being made.
4. Keep business moving — one of my biggest pet peeves is when companies take down their websites as soon as they have the idea to rebrand, then have a Coming Soon page up for months! You lose a lot of momentum and interest by doing that. If you’re still in business and generating income, continue to operate while you work on your rebrand behind the scenes. You don’t want to cut existing customers off out of the blue, and you also don’t want so much downtime that folks forget your business exists or start looking for other solutions.
While determining whether the rebrand was successful may take a few months, Lola says a clear sign that it is unsuccessful is negative feedback from your target audience. "Customers are typically more vocal about what they don’t like more than what they do like," she says.
But some good signs to look out for are improvements in engagement with your marketing, positive reviews, press and increase in retention, and overall feeling aligned with the new branding.
For more information about Lola and The Brand Doula, visit her website, thebranddoula.com.
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