Organic Hair Care Products
Startup Costs: $100,000 +
Home Based: Can be operated from home.
Franchises Available? No
Online Operation? No
According to Fact.MR, the global market for organic hair care products tops $9 billion and will only grow. Here's how to get started.
Ask The Expert: Lynn Power, Founder and CEO of MASAMI
What is the first step to getting started with an organic hair care business?
The first step to getting started is to ensure you have a viable, scalable business idea. I've met countless founders who fall in love with their ideas but sometimes, they are the only ones. You can do a survey, look at industry data or even ask your friends and family, but the goal is to get objective data around your idea. Do people want what you're selling? What problem is it solving? Is the market already saturated? What white space are you filling? Once you know that, it will sharpen your brand proposition and story and enable you to launch more confidently.
What are the trends?
People are gravitating toward interesting ingredients that are efficacious but also natural, like our Mekabu, a Japanese ocean seaweed. We are also seeing people wanting simpler solutions — products that multi-task and the desire to eliminate such complicated beauty routines. Sustainability continues to be important (the beauty industry is a contributor to landfill) and a trend that doesn't look like it will ever go out of style.
Related: Want to Be Your Own Boss? Learn How to Launch Your Side Hustle Fast.
Is the industry growing?
Yes, especially in the premium space. People want solutions that are all about self-care so having luxurious high-performing products that meet their needs is helping redefine the industry and helping it grow.
What type of person is a great fit to try this?
Someone who values quality and knows that what you put in and on your body is important. Someone who enjoys discovering new brands and likes to be one of the first to know new beauty trends and products.
How much money can a person expect to make in the first year and in five years?
That's tricky because in my case, I'm not taking a salary. Every dime we make goes back into the business. So it really depends on what your goals are. If you need to be able to carve out a salary for yourself, then there are other trade-offs in terms of growth, capabilities and marketing spend. Hopefully, by 5 years, the business has enough of a growth trajectory to attract funding or investors if you need to maximize cash flow.
Related: Need One-on-One Help? Book a Session with an Entrepreneur Expert.
What kind of experience/training do you need to have?
I launched my business with a marketing and advertising background which has been incredibly helpful. But anyone who understands their category, their formulas and how to create a go-to-market strategy can be successful. You can learn this from doing it for other people, picking the brains of your peers or bringing in capabilities you need to learn as you go. One of the best things you can do is network like crazy. You'll find that meeting diverse people who are willing to share their insights and experiences can be super helpful.
What do you wish you knew when you were just starting out?
The need to be flexible and pivot. We launched in February 2020 so our business plan was quite a bit different than reality. Having the ability to experiment and follow the trends is critical.
Who are your customers?
Beauty explorers who appreciate high-performing, clean beauty products.
Where do you find new customers?
We do a lot of partnerships with other like-minded brands, which is one of the best ways to find prospects. Of course, social media also helps a lot but harder to get a positive ROI on your ad spend.
What type of growth can be realistically expected year over year?
It all depends on what you are willing to put into the business. We are focused on steady growth, whether that means 50% YOY growth one year or 200% the next year. The key is that the business is moving in the right direction. Sometimes it takes some time to see the seed you've planted start to grow.
Related: Get the No.1 Guide to Starting Your Own Business
Are there any resources you recommend that were extremely valuable to get your business off the ground?
Yes, there are a few networking sites that are quite helpful to build a community of people you can bounce things off of and also help you stay fresh. Current, a fresh knowledge network is great. You can apply to be part of discussions around relevant topics for your business (like future of DTC or beauty). I also like CIRKEL, a platform that connects multi-generational people for sharing learning and insights. Other resources are Canva (we can't live without it) to create content from posters to social posts.
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