(Editor’s note: This is the 26th installment in a monthly series speaking with minority business owners and leaders. Each will be asked their views on minority-business conditions in the state and for ways to improve those businesses’ chances for success.)
Gary Wallace remembers that the song “Lose Yourself” by rapper Eminem was playing in the background when he made the decision that changed his life.
There was one particular line of the song that stood out: “You only get one shot, do not miss your chance.”
At the time in 2012, Wallace had been working as a technician in the printing business for more than 10 years, had traveled all over the world and built a strong reputation in the industry working for other companies. But when a former customer told him he was retiring and selling his printing machines, Wallace decided to make an offer.
He was going to start his own business.
“This was my one shot,” Wallace said. “I didn’t hesitate.”
It was a scary leap for Wallace, but looking back on it a decade later, it’s a decision he does not regret.
He has built the business, Hall of GraFX, into a busy printing shop, bustling with clients and keeping Wallace working seven days a week.
Wallace, a Rhode Island native, had bounced from company to company, working in Manhattan, Toronto and Virginia since 1997. He was not only an expert at using printing machines, but he became an expert at installing, maintaining and fixing them. But while traveling the world was an adventure, Wallace loves being his own boss.
He bought the equipment from his retiring customer for $12,000 and settled into a small space in a warehouse in Providence. At first, he juggled his day job while his print shop gained momentum. A year later, his business had grown enough to move to a larger space. And then on his daughter’s 11th birthday, Wallace was fired from his day job. He says it was the best day of his life.
“All of my fears are sitting in front of me, and I have no choice but to make it work,” Wallace said. “I have no more safety net.”
Still, Wallace struggled. He had to come to terms with an unreliable income, highly dependent on the number of clients visiting the shop and spreading the word of their good experience with Hall of GraFX. He also had to learn how to work by himself, taking care of every aspect of the shop.
“Owning a business is a lot different than just working,” Wallace said. “Now I have to be everything: the janitor, sales rep, customer service, maintenance, bill collector, human resources.”
While racism was never a direct issue for Wallace, he knew it could have been. Starting out with no loan and no real business plan, all he could do was invest in himself. So that’s what he did, and it paid off. It did not take long for Wallace’s business to blossom, which now barely leaves him any room for vacation days. He now regularly juggles creating decorations for several events, from colorful cardboard cutouts for children’s birthday parties to balloon arches for elaborate weddings.
But he’s not completely alone. His daughter and wife often lend a hand, and he regularly works with student interns from local high schools. This is his favorite part, Wallace says.
“It helps me feel like I’m giving back to the community and help students find something they can do when they grow up,” Wallace said. “I like watching people grow and learn.”
1. Do you believe racism is keeping minorities from starting businesses in the Ocean State, or succeeding when they do? I believe racism doesn’t keep people from achieving their own destiny in R.I. I believe people are their own roadblock in life. Racism does exist everywhere, but it’s up to the individual to work the system to their advantage. I created a business that suits everyone, so people have no choice but to look past my color because I do my best every day to create beautiful artwork.
2. How dependent do you think most minority-owned businesses are on the support of fellow minorities? Is that a sustainable business model? Depending on the business, I will say that a lot of minorities are reluctant to shop with their own people. In my case, some people will come to me and compare me to a national company and tell me that they are cheaper than I am. I tell them, “Then why are you here?” They say, “Because I want to see if you can beat their price.” I tell them no, even if I can. It’s not fair how a small business will be asked to adjust prices to satisfy a picky customer of their own culture. No one ever walks in to Stop & Shop or Walmart and questions any of the listed prices. Why should a small business have to?
3. What one thing could Rhode Island do to boost the odds for minority-owned business success? R.I. should consider helping more people become self-employed based on the person themselves submitting a proper business plan and target market. More money comes out of the inner city weekly than most other communities. That’s why banks should consider this and be more helpful toward loaning money to potential successful startups. It’s a risk for all involved, but with no risk comes no fortune. Banks also get the benefit of knowing they helped a small business grow and they can use this in their own marketing to attract new customers. It’s a win-win for all.
4. Are you aware of any minority-owned businesses that have been forced to turn somewhere other than a bank for a loan? Do you believe the state’s lending institutions generally treat minorities fairly? When I started my business, I didn’t go to a bank for a loan. I had no business plan at all. I invested 100% in myself and took my own money and went for it with nothing at all. I feel that if someone can do that, it’s best. I feel that if I walked into a bank and told them I’m starting a grand format digital printing business they had no idea of, I would have been turned away and that’s based 100% on my skin color. I also feel that if a white person did the same thing, they would have a better chance at getting a loan.
5. If another minority entrepreneur asked you where they could turn to for support for their business, where would you direct them? I would tell them to write up a business plan and have someone proofread it. Then I would tell them to go to a small bank and see if they are willing to help. If not, I would then ask if they had an alternative plan to launch their business. If not, I would tell them to take whatever money they had and start small. I would definitely tell them to go at it alone. I believe that having a partner will only increase the chances of failure. Having a small business is not for everyone.
