1.You've built an impressive career as a CPA and CFO. What inspired you to explore the world of franchising?
The first franchise I started was Code Ninjas, a coding school, in 2019. The inspiration for me to open the first one was my desire to be a solution for busy working professional parents who don’t have time to teach their kids about coding. I love education and have always sought ways to engage with it. At one point, I considered opening a Kumon center, which is a math and reading education franchise. Franchising provides a system. Every business needs people, systems, and location. A successful business is based on a successful system model.
2. Transitioning from finance to entrepreneurship is a significant shift. Which skills from your CPA and CFO background have proven most valuable as a franchisee?
Understanding the numbers is the most valuable asset I brought to my entrepreneurial journey. It helps me apply for loans more easily. I was able to secure over $300,000 in SBA loans, though the process was long and complicated. I can’t imagine the hardships someone without a tax and financial background might face when obtaining a loan. It took me six months to secure the loan, which was both complicated and costly. In 2019, I also started my CPA practice to test how hard it is to obtain a loan, wanting to help my clients who seek debt. However, being a CPA became somewhat of a weakness for me. I thought that knowing numbers and financials would be enough to ensure my success as an entrepreneur. In reality, it hindered my growth because I didn’t seek help from other entrepreneurs; I was too proud to ask questions and remain curious. I thought I had all the answers. Operating a startup is very different from managing an established company that has been in operation for at least two years. It’s like a brain surgeon wanting to become a general doctor, but instead of asking questions from other general doctors, I continued to seek answers from other brain surgeons.
3. Many professionals dream of business ownership but hesitate to take the leap. What was the "aha" moment that propelled you forward?
My wish has always been for the freedom of time that comes with owning a business. The “aha” moment that keeps me in entrepreneurship is focusing on my vision. In my book “How to Get Paid Doing What You Love,” published in 2023 on Amazon, I shared many of my side jobs during my corporate career years. The first business I dedicated myself to full time was an accounting firm in 2012, but after many failures in obtaining clients and with new corporate job opportunities arising, I returned to corporate work. In 2018, I restarted my CPA business with a clear vision: I wanted to make a difference in the community for working parents and create profitability for my clients. The business is thriving. Understanding my "why" is my biggest “aha” moment—my why is to get paid for doing what I love, which is helping others using my financial knowledge.
Becoming a Franchisee – hawaii Fluid Art
1.
Why did you choose hawaii Fluid Art for your first franchise venture? What attracted you to this particular business?
I joined hawaii Fluid Art (HFA) with another entrepreneur who has successfully operated multiple healthy food and beverage stores. HFA is modeled after many business-to-consumer (retail) concepts, while my operating background is more in business-to-business. I chose HFA because it presented a new challenge for me. I believe HFA can provide a mental wellness space for individuals and create opportunities for families to come together and create lasting memories through painting. This space is also great for team building. During my corporate years and while founding my CPA firm, I enjoyed organizing group projects for the team to reconnect and spark creativity. HFA can nurture more artists, as artists are visionaries. It also gives me the opportunity to create an educational space where I can launch classes related to finance, entrepreneurship, and parenting. HFA truly provides me with “systems and location,” and over the years, I’ve made many expert connections that allow me to engage them as part of an educational platform and it gives my partner and me an ecosystem for healthy lifestyle living.
2. What has been the most exciting aspect of running a creative business like hawaii Fluid Art? How does it compare to your corporate finance career?
Compared to Code Ninjas, which is limited to kids' education, HFA provides a great deal of flexibility for multiple revenue streams and collaboration with many experts beyond just painting artists. I can work with candle makers, calligraphy experts, terrarium makers, flower arrangers, and many more DIY specialists. I can even provide a platform for my 13-year-old daughter to share her bracelet-making skills. While HFA currently pays less initially, or there are days when I work without compensation, it has helped me become a more effective leader in finance and accounting because it encourages me to be more creative and allows me to connect better with my team. HFA consists of three components: retail space, art creativity space, and education.
3. Every business journey has its challenges. What were some of the biggest learning curves you faced as a new franchisee?
My biggest learning curves have been attracting customers and developing the skills necessary to deliver high-quality work. Balancing the worry of acquiring customers while being skilled enough to provide excellent service has been a challenge. Additionally, training and retaining staff have been significant hurdles. Navigating and understanding the franchisor’s requirements has also presented challenges.
Women in Business & Leadership
1.As a successful woman in both corporate finance and franchising, what advice would you give to other women aspiring to business ownership?
First, you need to understand your lifestyle, core competencies, core values, and life purposes. Business ownership requires a readiness to work around the clock. You should surround yourself with various experts, such as lawyers, CPAs, and other franchise owners. It is important to be aware of your strengths and weaknesses and to be very selective about what you focus on in the business. Partnering with like-minded people is essential. In every successful business, there is typically more than one owner. Do not take advice and criticism from people who lack a track record in the area you plan to enter. On the other hand, embrace and learn as much as you can from those who have gone before you and are still in business. Make the initial investment to learn from successful individuals. We often engage in business from an emotional perspective. The freedom of time that comes with owning a business usually follows after putting in about 10,000 hours of work. Just like in any job where you aspire to become a manager, it will generally take about five years, assuming you work an average of 2,000 hours a year.
2. Have you encountered any unique challenges as a woman in leadership, and how did you navigate them?
Women in leadership face many challenges. First, my appearance as a petite Asian female makes me look younger than my age, which can lead people to doubt my experience and hesitate to compensate me accordingly. My voice sounds soft and easygoing, which can hinder my assertiveness in business deals. One time, a client referred to me as "girl," which reflects a lack of respect. I have had to be more persistent in negotiating business deals and demonstrate more solutions to prove my worth to customers. English is not my first language, and I don't have a network of relatives and friends who have been established here in the U.S. for years, which means I lack testimonials and leverage in relationships. I navigate many of these challenges by reading books, taking classes, and often making a fool of myself by continuously asking questions and staying curious. I take good care of myself by always dressing nicely and maintaining a healthy lifestyle while surrounding myself with like-minded men and women. I keep showing up at meetings, and my morning mantra is, "Who can I help today?" I am determined to be the "thermostat" that decides it is a good day, and I aim to share my positivity with others. Positivity, gratitude, and discipline are the keys that help me overcome challenges. I am a big fan of building vision boards and continually manifesting positivity into my life. My statement for 2025 is, "Because I want different results, I am doing different things."
3.Women's Month celebrates empowerment and breaking barriers—what does this mean to you personally and professionally?
Every woman needs to be reminded that we are women. We carry many roles, and especially Gen X and Millennial women face the most challenges because we are caregivers for both our children and our parents. We hold ourselves to the highest standards when it comes to serving others, often robbing ourselves of our own femininity. Personally, I am learning to fall in love with myself head over heels. Professionally, I am pursuing a new certification to become an "Art Therapy and Business Coach." I believe the luxury I am enjoying in life is traveling and learning. The more I travel and learn, the more love and help I can offer to others. Every pleasurable trip I take has business components and vice versa. Whether personally or professionally, I spend my time intentionally. From time to time, I still seek approval for living true to myself from my mom and my children. I am learning to find balance and look forward to learning more from other women, as I still feel guilty for taking trips or not spending quality time with my mother and my children. The bottom line is that I don’t have answers to all the questions. My life every day is still an organized mess, and I am ready to start over each day. The quote to remember “To be beautiful means to be yourself. You don’t need to be accepted by others. You need to accept yourself.” – quoted from Zen Master Thich Nhat Hanh.
About the Author
Seema Govil, a Versatile Leader: Bridging the Worlds of Franchise Consulting, Media, and Philanthropy as the Founder and CEO of Cosmo City Media. Contact Seema at Seema@Thefranchiseconsultingcompany.com.
Thank you for subscribing to the Franchise Journal Newsletter.