With 2020 impacting people’s personal and professional lives, people have taken the time to reevaluate their lives and career choices. Individuals around the world are looking towards 2021 as a year of change and reinventing themselves to make it as successful as possible.
Black women are among some of the largest groups of consumers that purchase their hair care and beauty products from beauty supply stores. For decades, beauty supply stores have been owned and ran by Koreans meaning Black women constantly had to shop and spend millions of dollars from establishments where they oftentimes were not able to speak with someone with the same hair as them. Now more than ever, Black-owned beauty supply stores are being bought by young African-American entrepreneurs that are becoming more interested in the hair care and beauty industry.
During this time, it is important to have a staple in the Black community such as a beauty-supply store run by someone that looks like you. Being able to have a seat at the table in an industry that at times shut out African-Americans provides a profitable opportunity for Black young entrepreneurs. While starting your own beauty supply store is the goal, there are some important steps and questions that you should ask yourself before you take this big leap and Beauty Supply Expert & Founder of The Retail Genius, Janice Fredricks-Spell, has just the knowledge that will help you make your beauty supply store a success.
Janice Fredericks-Spell created her brand with the goal of advancing and teaching Black entrepreneurs in the beauty distribution and retail space. In the growing climate where many Black women are becoming entrepreneurs in the beauty and retail industry, Janice wanted to share must-have tips that will encourage, equip, and inspire potential entrepreneurs to be successful in creating their own brand. After noticing that there were not as many Black females creating successful beauty brands as males, she was determined to give women the opportunity and knowledge of how to build a successful beauty brand.
Define Your Why
Before you make any purchases, create a business plan, or pick a niche ask yourself the question why? Why do I want to start a beauty supply store? “Are you starting your business because you want to make money, become a beauty entrepreneur, or do you want to create a business that will make a staple in your community,” suggested Janice. Whatever your why is, make sure that your mission and goals for your business are interwoven throughout.
Pick a Beauty Niche
Let’s face it we cannot be all things to everyone. The fastest way to retail failure is not identifying your niche market. Your niche can be defined as the subset of the market on which a specific product is focusing. “Your retail store should have a unique feel to it when people walk in,” stated Janice. Your market niche defines the specific product features aimed at satisfying specific market needs.
Create a Beauty Brand Based on Experience
Once you have defined your why and picked a beauty niche, it is now time to create your beauty supply store brand. “It is important to make sure that your brand is based on experience, not products,” stated Janice. As an African-American, if you have experienced disrespect or belittling at a beauty supply store, create a brand and an environment that is a safe-haven for women of color to feel included and respected.
Draft a Business Plan for Years Ahead
It is important to have a business plan not just for the next few months but for the years to come. “Creating a business plan allows you to write out your goals and objectives for your beauty supply store, but it also gives you the opportunity to receive funding and other financial support for your business from manufacturers or creditors,” suggested Fredricks-Spell. Take the time to plan out your business for the long-term to make sure everything is in order to achieve a successful business.
Be Properly Capitalized
Set aside money to help you cover your overhead costs in the beginning stages of your beauty supply store. “Make sure that your business is properly capitalized because most beauty supply stores fail due to being under-capitalized,” claims Janice. Ensuring that your business is properly capitalized is important because your store is brand new and you may not generate enough revenue to pay for all your expenses while you are building your customer base.
These must-have tips will be beneficial for any aspiring beauty supply store or hair care entrepreneurs or business owners seeking to create the beauty supply store of their dreams. If you want to learn more about creating your brand, contact Janice Fredricks-Spell by visiting her website at https://www.theretailgenius.com/.