Saturday, February 7, 2015
"How I Helped Transform the Black Haircare Industry"
When you're launching a business of your own, you have to not only know your product but be able to educate others on it, especially if you're looking for investors. And this is something that Nicole Sanchez, founder of Vixxenn, a luxury hair distribution company, has done very well.
Sanchez has been interested in hair care since she was 14 years old. Good hair products have always been important to her. But her main reason for starting her own company was "to empower other people to start their own businesses."
Sanchez's research showed that six out of 10 black women wear some form of hair extension, but it is costly. She created a business idea that would enable stylists to become hair extension distributors without having to carry expensive inventory. Stylists would also be able to offer a wider selection of extensions. Her business model would transform the black haircare industry.
Her advice for other entrepreneurs
Sanchez offers four recommendations to other entrepreneurs who are looking for investors to help launch their business:
#1 - Help investors understand the opportunity - it's the old "what's in it for me" scenario; investors want to know that your business is on solid ground and will succeed before they give you money. Be prepared to do your homework, answer a lot of questions, and humbly educate them on your business and how it will make money for them as investors.
#2 - Build good relationships - people buy from people. Investors invest in business founders, not just the business. Take the time to build good relationships with the right people so they become confident in your ability to take your business to the next level.
#3 - Show them the money - convince investors what you have in common with other successful companies, but also what makes you unique.
#4 - Don't delay in pulling the trigger - starting a business is scary, but after you have planned, tested and are ready, just do it. Don't expect your business to be perfect; this can be the reason why many would-be entrepreneurs never get their business off the ground.
For more details about her company Vixxenn, visit www.vixxenn.com
Follow Nicole on Twitter at www.twitter.com/nicolelsanchez