Edward Granaghan

Investor

Edward Granaghan is a New Jersey resident and an investor in companies that have socially responsible leaders. One such company is Squire, a technology company that serves the barbershop community. This online tech company provides tools that can help barbershops change the way they interact with their customers and ensure that the experience is as efficient and positive as possible.

Where did the idea for your career come from?

The company came about from the two founders, who were inspired by the rich cultural history of barbershops in the local community. The barbershop is often the focal point of the community, where individuals gather to exchange ideas and discuss local issues that matter to them. With the onset of COVID-19, the interaction between the barbers and their customers came to a halt. Many shop owners suffered financially, while others went out of business.

The application manages reservations, helping to reduce the number of individuals waiting for service at the shop, ensuring both customers and staff remain safe.

This in turn has helped make customers more comfortable and has allowed barbershops to reopen for business. It also makes the interaction between customers and barbershops more efficient, reducing waiting times, which is an ongoing benefit that everyone seems to appreciate.

What does your typical day look like and how do you make it productive?

The application allows barbers to permit customers to select a time slot, select the service needed (i.e. haircut, shave, etc.) and it actively manages the barbers calendar to ensure everyone can be provided for with the least amount of waiting time.

How do you bring ideas to life?

The idea of reducing the waiting time for customers, while making the barbers time the most efficient was a simple concept that the founders were able to program into their application.

What’s one trend that excites you?

Currently, the number of customers and barbershops using the Squire application has grown tremendously and has helped re-open the barbershops that use this application back up.

What is one habit of yours that makes you more productive as an entrepreneur?

It seems that the founders really listen to the various needs to the barbershop community and have tried to help develop solutions for them. This application provides the much-needed help barbershops find beneficial.

What advice would you give your younger self?

Always make sure you are taking care of people who need help, and companies that do the same are great investments.

Tell us something that’s true that almost nobody agrees with you on.

There are charities and grants at the local level that might be able to provide some of the help and assistance to people in startup businesses.

As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?

Read the news to stay informed on these types of topics. But don’t believe everything you read. It takes time to really vet some of these things out.

What is one strategy that has helped you grow your business?

Word of mouth. Conversations with others. That is really what it’s about. Great experience with the application will sell itself through word of mouth. Also, this company gives back to the local communities by providing free haircuts to people in need, such as homeless or poverty-stricken individuals.

What is one failure you had as an entrepreneur, and how did you overcome it?

There might have been other companies that had a concept or idea that is great, but you can’t always find them at the right time. Need to evaluate investment choices that are available as opposed to waiting on the perfect situation.

What is one business idea that you’re willing to give away to our readers?

Nonprofits and business contests for up-and-coming companies can be a good conduit to help people get support for their business. These contests can help stress test the concept and provide feedback to the company about their business, winning one of these contests can also introduce you to new investors that can help the business grow.

What is the best $100 you recently spent? What and why?

I made a charitable donation to assist folks in need during the recent pandemic.

What is one piece of software or a web service that helps you be productive?

The Squire app assists me in identifying barbershops in my area that are open and have available openings. Helps me avoid wait time at the barbershop making it a much more efficient experience.

What is the one book that you recommend our community should read and why?

A Family Caregiver Speaks Up by Suzanne Geffen Mintz. It’s a great book that explores how families can support loved ones who are ill or disabled. It provided me great insight on how I could help others in need.

What is your favorite quote?

Let each of you look not only to his own interests, but also to the interests of others. Philippians 2:4

Key Learnings:

  •  Invest in companies that help solve a problem
  •  Word of mouth is key, and the best word of mouth comes from a product with great user experience
  •  Contribute to charities that help those who need and invest in companies that do the same