John Corcoran 13:45
And talk about you also putting a bar like a coffee bar, and maybe not a coffee bar, but like a coffee bar, because I went in once with my wife, my wife is having service done. And I got out on the laptop. I had a drink that was delicious. And sat at this bar, which is really unusual for a wellness center type of facility. So talk about that decision. It almost feels almost like a coffee shop.
Helina Fan 14:11
Yeah, so herbal medicine sounds intimidating to people. People don’t want to be drinking medicine. But a lot of oboe tunes are actually really healthy and very natural. It’s great for health. So our idea is really to have a portable process for people to like instead of calling over medicine drains. We have oboe lattes, which use the cough, the same concept of method of making coffee to make herbal drinks and mix with milk that actually tastes good and also offers better medicinal benefits than coffee.
John Corcoran 14:52
Yeah, that’s so cool. That’s an interesting idea. And you actually went from zero to about 5 million at the end of 2023. Is that right?
Helina Fan 15:00
Yeah, I mean, what we started at the end in the fall 2020. And then we open one store and we open a second store. And it still, even though the world is open in 2021, but as the economy is still very soft, people are not back to work. So we were able to get significant growth, we went from zero members to over 500 members within a couple years, where the membership base just fell. And then on a daily basis, it’s increasing. So yeah, there is a demand even though in this very soft San Francisco retail economy.
John Corcoran 15:40
Yeah. And now at the same time, your husband’s real estate business has gone through a lot of ups and downs as the real estate market has shifted? What was that for? Like for you? As you’re starting this new business? You’re doing the doctorate and your your, you know, ups and downs, open and close of your new business? While your husband’s business which you had worked in previously? was experiencing a lot of turmoil?
Helina Fan 16:08
Yeah, like when I started the business, I guess most entrepreneurs will post the same thing. Nobody around you would think it’s a good idea. No, but everybody tells you not to do it. My husband will say business, of course, when 80% Dang, in revenue within a month, because we focus on San Francisco, urban retail and urban residential. So people just leave the city of business just leave the business, they bill over 20 years, they just left. They don’t even like it. Okay, you take whatever you want in the store, we’ll just go. So as his business went down so rapidly, of course, he thinks it is a crazy idea to open a holistic wellness center. Everyone tells me that don’t do it, nobody is gonna come and the city is shut down. I guess we just, I think I just continue to go with it. I also did not know how it’s gonna go. But we, I feel responsible for the employees that I already hire. So we just at least offer ourselves and then my chance opens.
John Corcoran 17:22
Well, I’ve lived in San Francisco, or just outside of San Francisco for 21 years now. And we’ve had the great recession, we had the pandemic, and people love to beat up on San Francisco. It’s easy. It’s an easy punching bag in many cases. But you know, this has happened before where the economy around the San Francisco Bay Area has boomed and then it’s contracted, it’s boomed and then it’s contracted. And it has some amazing assets to it. It’s a beautiful, vibrant city. And, you know, I mean, I feel like it’ll come back again, it’s probably in the process of doing that now.
Helina Fan 17:59
Yeah, I think so too. Like, if we want to be around for 50 years or more, as every business one to the other goes through tough times, they gotta go Sudan terms, gravy sessions. I mean, you just have to kind of continue to stay on so you can shut down or not open or just not do any. So you continue to sell. So it is. So I just went ahead and opened it because I just think that we have a chance. We already have the launch.
John Corcoran 18:30
By the way, how did you get your early customers? did? How did you find people that would be open and interested in you know, coming in your doors that were there communities that you had already belonged to? You know, how did you get the word out?
Helina Fan 18:45
We first offer herbal medicine, beverages and we make these elbow pads for people that have COVID at the time. There was no real medicine even today, actually, there’s no medicine for COVID. The only medicine that’s out there is actually herbal medicine. And there have been great formulas published online by the Chinese government. But of course, no one here is using it. So we make those herbal packs and sounds to store and people drink it and they feel better. They have a lot less side effects. If they drink our medicine for five days, instead of doing nothing and just let a course go through it. They don’t have any after fact, like this lot of after fact, sigh problems with having COVID. So people feel better. And then they’re like, oh, then I’m going to start trying to book an appointment. And for people that haven’t slept well for five years, and they come to us if they can sleep well for five days after that. So they’re like, Oh, this is something I should try in my life.
John Corcoran 19:53
Yeah. Now I don’t know how the regulations work, but are you regulated by the FDA if you know I’m calling it medicine. Does that require you to go through some kind of regulation process? Was that difficult?
Helina Fan 20:05
No medicine, herbal medicine, it’s at least right now considered food. So it’s not it’s so it’s regulated by the California Board of acupuncture and Chinese medicine. So it’s okay to call it but it’s considered taboo.
John Corcoran 20:21
Got it. Okay. So that made it easier in terms of startup costs and everything. And then, so you joined EO San Francisco, you became a member and also a strategic alliance partner, thank you for that. Talk a little bit about that decision. You know, I imagine in the early years, you obviously had your husband to talk to but maybe you were looking for other entrepreneurs that you could talk to about kind of the highs and lows, the ups and downs of entrepreneurship.
Helina Fan 20:49
Yeah, my husband was part of YPO. And, and early on. So we were in the YPO. community for many years. And one thing about YPO is that maybe only 30% of the members are actual founders that actually take this off to themselves. A lot of them are higher CEOs, and also second or third generation CEOs. So as I am looking, as I’m building the business, I also have my own needs to want to share and talk with people that are like minded. And I feel like YPO is just different. And well, first of all, we are already in the community, we don’t need to double up. Also, my revenue is also only, like less requirement even though we have a few facts we have a family office that I’m in charge of. That would qualify for YPO. But it just feels like EO is so much more. Myself. Yeah. Oh, so because we started, I literally started from nothing. When everyone is telling me what a stupid idea it is to do that. But I went through it and it was having great traction. So a few like EO are a lot more my sub than me.
John Corcoran 22:10
Yeah. And what has that been like for you? As you’ve become a member of EO having that community to draw from to turn to through the highs and lows and everything?
Helina Fan 22:21
I’m still learning a lot of things on EO and getting the benefits. It’s been great. I would say, Yeah, I do feel I learned a lot and it does help me. We shaped my thinking as a CEO and entrepreneurship.
John Corcoran 22:37
Yeah. And what are your plans for Redmint? I know maybe adding new locations.
Helina Fan 22:44
Yeah, Redmint. My plan is always that we, as a holistic wellness center, should be in every major metropolitan city of the world. So because every city, every city with busy professionals, high achievers are needed. So my plan is to open five to five stores in the Bay Area in the next three years. And then after that we either go through a hybrid franchise or are just like a hybrid model to continue to expand beyond California.
John Corcoran 23:19
You’re going to New York or London or one of those big cities.
Helina Fan 23:22
New York, London, Paris. Boston, you know, so Washington DC. I think people in Washington DC really need help.
John Corcoran 23:33
Sure, for sure. Well, Helina, this has been great. Where can people go to learn more about you and about Redmint?
Helina Fan 23:42
Everyone could come to our store. They could also check out a lot of information and redmint.com social media channels and sign up for events or any newsletters. Yeah, that’s all there is.
John Corcoran 23:55
Yeah, coming soon to a city near you. Awesome. Thanks so much, Helina.
Helina Fan 23:59
Thank you.
Outro 24:00
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