Starting a Business in the Pandemic: Goldwyn & Sons

It’s been one year since the WHO declared COVID-19 a global pandemic and it’s been a difficult time for all small business owners. The Bronte BIA interviewed Ryan Mascarenhas, co-owner of the barbershop Goldwyn & Sons with his brother Russell who opened in March 2020.

What was it like starting a business during COVID-19?  

“If I was to sum it up in two words, I would call it ‘an adventure,’” Ryan says of the experience of opening a business in the midst of the pandemic. He says it was nerve racking, but a great test of their resolve. Although he found it difficult, he found success by learning how to pivot his business model, innovate and being sure to hold on to his dreams.

How did you navigate your business strategy to deal with the times?

Ryan says “It is important to be inflexible with what the long-term goal would be but flexible in your short-term goals.” He stayed true to the overall vision of the business but made adjustments such as financial milestones and looking at new sources of revenue.

For example, they pivoted to liquor sales, selling food and snacks as well as selling membership programs and other hair products. Going forward, Ryan and his team also want to incorporate selling health supplements to further showcase the brand’s value for men’s self-improvement.  

During the pandemic, Ryan also says his view on business changed. He could no longer rely on immediate finances from sales, but rather learned the importance of taking advantage of grant applications. Ryan says “Having a strong connection with the BIA and Chamber of Commerce helped immensely to getting access to grants. I read all the emails from the associations to know what grants were available and how to apply for them.”

What advice would you give to other entrepreneurs looking to start a business during these times?

Ryan has four pieces of advice for new business owners:

1. Develop a vision board and a list of goals before starting your business.  I encourage people to read their goals out loud every morning and night so that you don’t lose sight of why you started in the first place. Add photos of what you want to achieve on your vision board, and look at it everyday.
2. Go into partnership with someone you trust. Ryan says that having his brother and co-owner Russel to lean on made it easier to stay optimistic and pursue the business. However, he states that it is important to remember that your business partner is different from you and you cannot expect them to be a carbon copy of yourself. And, because they’re different, you need to learn how to play on their strengths. Both Russel and Ryan had support from their wives during the time their business was shut down and was not making revenue which further helped them get through the tough spots.
3. Focus on your marketing efforts and have a strong business plan. Ryan stresses the importance of doing your research before starting your business. “A strong business plan will help you find out who your target is and how to model your business to meet the needs of that target market,” he says. Having a well-researched plan helps you find reason to keep going when things get tough.
4. Have cash on hand. Ryan explains that an important factor for him that aided in his success was having a cash flow analysis. Knowing where to invest money and having cash on hand was important when navigating the pandemic.

“My final words of advice to inquiring business owners would be that there is no safe time to start a business and no safe industry to enter. You can unknowingly be hit with barriers, like how we were with COVID. Once you decide to pursue your business you need to be ready to roll with the punches. That is why having a strong business plan, family support, a strong determined mindset and healthy cash flow is essential. Before you start, you should evaluate the trade off of pros and cons.”