If you are a beautypreneur, beauty professional, or thinking of launching your own brand, Glambition Beauty Night Out was the place to be! Held at Google NYC, this great night of knowledge and networking was hosted by Glambition in partnership with #TeamBeautiful. One of the highlights was the panel discussion moderated by Hello Beautiful Style & Beauty Editor and Founder of Model Citizen, Danielle James. The esteemed panelists – Sarah Perez (CEO of SALUD), Vera Moore (Founder, Vera Moore Cosmetics), Jane Carter (Founder, Jane Carter Solution), Kim Baker (Founder, Glamazon Cosmetics), all dropped MAJOR pearls of wisdom to help anyone on their entrepreneurship journey. With over 40 years of beauty industry experience on the stage, here are some of their best tips to help you secure the beauty bag!
Identify a Need in the Marketplace
Vera Moore stressed the importance of “identifying a void in the market” that needs to be filled when you are thinking of launching your product or brand. Moore was a successful actress who struggled to find stage and screen makeup for her skin tone and as a result created her line. As an entrepreneur Jane Carter says you “have a gift from God that you can see the holes, see what’s missing.” Carter’s natural hair empire was born from her allergic reaction to the harsh ingredients in hair products. Kim Baker was inspired to start her company because she “became frustrated because she didn’t see other makeup companies celebrating black beauty.” Is there a product or service you see a need for? Start there. Ask yourself what separates you from what is already in the market and identify who and what is your competition.
We Go Farther Together
Glamazon Cosmetics founder Kim Baker encouraged all in attendance to support and help each other. There is enough success, opportunity, access for everyone. When she was attempting to secure funding for her makeup line, Jane Carter was an integral part of her ability to get the money she needed to grow her business. Don’t fall prey to the “crabs in a barrel syndrome.” Share advice, contacts and opportunities with your circle.
Sarah Perez, CEO of the family owned SALUD which creates culturally inspired health and beauty products, attributes their success to being honest. “Be honest with the product or service you provide..be honest with yourself. Know your strengths, know what you’re good at.” Be humble enough to ask for help if you need it. Vera also encouraged everyone to “stand in their truth and not take on more than they can bear.” Some opportunities may not be a good fit for your company and you have to be able to recognize that.
Getting The Coins
Moderator Danielle James shared the statistics that only 4% of women led companies get funded (even less for Black female owned companies). Also only 17 black women have gotten over 1 million in funding. You must have a financial plan because outside financial support isn’t a guarantee. Research and consistent work and development is also key. “You have to do the footwork, this isn’t something that is going to happen to you by accident, says Perez. “You’re asking people to believe in you, to trust in you. And they have to know they’re going to get their money back.” Moderator James also advised that when asking for funding “you always need 20% more than you think you do.” Vera Moore advised the audience to “keep your job, work part time and save your money. Get a job in the field or corporation you want to go and steal all of their secrets.” Kim Baker shared that she used this model by working at Bobbi Brown and gaining the knowledge to formulate and launch Glamazon Cosmetics.
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Passion & Persistence
Entrepreneurship isn’t an easy road and each woman had to overcome obstacles on their journey to success. One of the biggest challenges according to Carter is “putting a team together who shares your vision and endorse and support who you are.” A “no” doesn’t have to be the end. Kim Baker shared how she researched industry contacts and “literally would not stop calling until they picked up the phone…if you really want something, do not stop.” With a little Internet sleuthing most email addresses and phone numbers are a click away. Trade magazine are another great source of knowledge. Jane suggested them as a great starting point to familiarize yourself with the leaders in your industry.
So are you ready to be the next beauty boss? Be willing to make personal and financial sacrifices to reach your goals. Follow the lead of these successful women by building a team that supports your vision and goals for your brand. Stay focused and true to your core values and we will see you at the top!
If you’d like to watch the livestream of the entire panel discussion, click here.
Securing The Beauty Bag: Female CEO’s Drop Words Of Wisdom At Glambition Beauty Night Out was originally published on hellobeautiful.com