She Tapped What She Learned In Her Corporate Career To Create A $2.5 Million Haircare Business
One of the biggest myths about entrepreneurship is that people who have succeeded in their careers do not have the mindset of running a startup. In reality, the American corporation is a breeding ground for future entrepreneurs - and many end up creating thriving businesses by drawing on what they have learned on the job.
That was the case with Sonsoles Gonzalez. At 52, she founded Better Not Younger, a Miami-based brand selling shampoo, hair care formulations, and nutritional products for older women, after having held senior positions at companies like P&G and L'Oreal for 28 years. She knew from her work that almost all new beauty and hair products appeal to women between the ages of 25 and 40. When she entered midlife, she often joked ruefully, “What happens to women over 45? They die? "
But she saw brands leaving money on the table by ignoring midlife and beyond women looking for products to address changes in their hair. "With very few exceptions, women were thought to have habits that never change," she says. "That may apply to toothpaste and deodorant, but not to makeup or skin care."
She knew that many women were actually looking for products to cope with conditions like drought and thinning - and were ready to invest money in solving these challenges. "It's the perfect storm for anything that happens to your head," says her business partner and COO Augusto Moronto.
Sonsoles Gonzalez realized that while running their business, major beauty brands ignored middle-aged women ...
REF Solutions AV, CA.After retiring from corporate life for six months, Gonzalez got bored and started Better Not Younger in 2018 with the expertise she built up during her career. She used her savings and about $ 600,000 raised from friends and family. Then she raised another $ 1.5 million from private investors.
Almost from the start, Better Not Younger grew with a clip. In its first fiscal year, the brand had sales of $ 400,000, with Gonzalez serving as a solo preneur for the first nine months. Sales were $ 2.5 million by 2020, and in 2021 the company forecast sales of $ 10 million to $ 12 million with its 14 core products sold through its website, stores such as Sephora and HSN. On the way there, the company has expanded to six employees and 15 freelancers. "We're as lean as possible without being stupid," says Gonzalez.
The small company grew from a solo preneur startup to a rapidly growing brand.
Get your product and packaging right. The beauty industry is very competitive. To get noticed, Gonzalez invested heavily in research and development for their products, as well as branding, packaging, and web design. With the goal of building a big brand, she looked for experienced partners who knew what they were doing and, in one case, provided equity to a top-notch agency in exchange for work. "I knew they would probably be there in the long run," she says.
Don't go alone. Gonzalez was an industry veteran, but there was still a lot to learn how to run a startup. She wasn't shy about asking for help. “I've reached out to a lot of people I found on LinkedIn who started a business or who were my co-workers and moved on to something else,” says Gonzalez. “I've always been very impressed by how everyone reacts and wants to help. I'm in the process of hiring a consultant - someone whose profile I saw on LinkedIn. "
Find the right talent. Whether you are a solo preneur relying on freelancers or building a small team of employees, every person involved with your business is important. Gonzalez was able to develop a deep global talent pool through virtual collaboration with her team. "We're trying to find talent in the areas where we'll grow the fastest," says Gonzalez. "We've brought in someone to innovate, as well as marketers, designers, and web developers - people who can help us drive the business." To stay organized, she communicates with her team through Slack.
Set yourself clear goals. Gonzalez has focused her team on growth by setting specific metrics for growth and breaking them down into smaller Key Performance Indicators (KPIs) that will help the company achieve its growth goals. "Right from the start - this is part of my P&G training - you always do KPIs, ”she says. "We always said you get what you measure." The team reviews the progress towards the goals every Tuesday. It pays off in both sales growth and repeat business. "We are satisfied with the buyback levels," she says.
Keep your finger on the pulse of the times. To stay close to her customers, Gonzalez reads all of the reviews customers post about her products. "I think it's important to keep track of what they're saying," she says.
Protect yourself from burnout. Build a startup Developing a sustainable brand is not a sprint, but more of an ultra marathon. Gonzalez had to train himself to break away from the 24-hour requirements of running her business in order to recharge. "I've spent my whole life running in the shower, putting on makeup and heels, and starting the day in my office with coffee," she says, reflecting on her corporate life. “Now I have no more alarm. I try to do Pilates every day. I also try to finish by 6:30 p.m. “That way she wakes up refreshed and ready to innovate the next day. She is there for the long term.
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