Beyonce’s popular track “Diva” provides a clear definition of the term as a female equivalent of a hustler. This cultural reference holds significant meaning for Britni Ricard, a native of New Orleans, LA, and a driven entrepreneur.
This holiday season, Ricard is paying it forward by covering the rent of all the tenants in a 10-unit apartment building she owns. Despite facing numerous challenges along the way, she has managed to transform her setbacks into valuable lessons.
During an interview with AFROTECH, Ricard shared a pivotal moment in her journey that took place while she was working as a waitress at Harrah’s Casino. Driven by her ambition and a yearning to achieve more, Ricard frequently visited the New Orleans Public Library to expand her knowledge about entrepreneurship and gain insights on how to launch her own business.
Ricard, without her own computer, relied on the resources available at the library to delve into the world of skincare and gain a deeper understanding of the beauty industry. Her dedication to research proved worthwhile when she eventually established Cota Skin Care as a tribute to her late brother, Chev Off The Ave (C.O.T.A.).
During the peak of the COVID-19 pandemic, a significant number of people encountered skincare issues due to the prolonged use of masks. Recognizing this as an opportunity, Ricard swiftly responded by offering a solution to soothe irritated and dry skin. The demand for her products skyrocketed, with consumers gravitating towards her offerings. Remarkably, within the first five minutes of launching her business in 2020, Ricard managed to generate an impressive $150,000 in revenue.
Cota Skin currently generates an estimated $16 million in revenue, according to Ricard. This level of success has enabled her to venture into real estate investing, with her first property acquisition taking place in 2022.
When Ricard purchased the 10-unit building located approximately 50 miles outside of New Orleans, it was in need of upgrades and repairs. With the help of her fiancé, she successfully renovated the building, offering housing solutions to the local community.
During a routine conversation with her property manager, Ricard was made aware that a significant portion, specifically 80%, of the tenants were single mothers. With the holiday season approaching, she saw this as a chance to make a difference, as it was a situation that resonated with her personally.
In a recent interview with AFROTECH, she shared, “I come from a single-parent household, raised by my mother who single-handedly took care of three children. So, I truly understand the impact of this time of year on families, especially considering the current state of the economy. It was important for me to give back in a meaningful way. This particular situation really struck a chord with me.”
@1beemarie MERRY CHRISTMAS. Im so grateful to God for putting me in the position to be able to give back. Gifting my tenants with FREE RENT is something ive always wanted to do. ♬ GRATEFUL – DJ Khaled
With the knowledge of the tenants’ demographic composition, Ricard made the decision to cover the December rent for all residents in the building.
Ricard explained that he chose to engage in community work as a way to give back and make a positive impact. He believed that providing a break to single mothers was the best way to do so. Although he is not a single mother himself, as a mother, he understood the challenges and struggles they face. Reflecting on his own experiences, he recalled times when he rented and wished that his landlord would have shown some kindness by offering a discount on the rent, especially during the holiday season.
Ricard has not only agreed to cover December’s rent but also decided to provide free financial literacy classes to help tenants prepare for their future homeownership.
According to her, the amount they spend on rent could be used towards a mortgage. This is the main motivation behind her efforts. She wants to ensure that not only does she provide them with the necessary knowledge, but also the necessary support and resources to achieve their goal.
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