When you have an idea that you believe could become a profitable business, you get a rush of excitement. But before you jump, there are some important things to consider, according to entrepreneur and beauty content influencer Jackie Aina.
Aina, who has amassed more than 10 million social media followers across platforms like YouTube, Instagram, and TikTok, is the co-founder and co-CEO of Forvr (pronounced forever) Mood, a fragrance company that boasts a variety of candles and perfumes. is. Forvr Mood products are sold in Sephora stores nationwide and directly to consumers through its website.
Question 1 gets to the bottom of whether your idea is something you actually enjoy doing or if it's just a way to make money, Aina explained. If the latter is true, it may become harder to continue as time goes on.
“I'm a fragrance girl at heart,” she said. “And when we started Forvr Mood, we started with candles, and I thought, [customers] I'm not here for that, so I'm going to burn this candle alone.I'm going to get a lifetime worth of candles. [and] Honestly, that's enough for me. ”
Still, just because you're passionate about something doesn't mean it's a good business idea in and of itself. Take a page out of billionaire Mark Cuban's book and pursue what you think are your strengths. Cuban was once passionate about baseball, but he later “realized he had a 70 mph fastball,” he says on Amazon Insights. Entrepreneur series.
Eventually, as a talented salesman with a passion for technology, he began his path to becoming a millionaire.
Another factor that hinders many small businesses is competition. For example, think about how many local coffee shops you walk past on your daily commute. Even with a solid business model, it can be difficult to stand out among your competitors.
When Aina came up with the idea for a candle brand, she noticed that many high-end candles had “masculine designs,” she said.Understand that people “shop” [their] She decided to launch candles with pastel colors and gold details.
She sells full-sized candles for between $38 and $42, which she says is a good price point between cheaper candles on the market and higher-end candles that cost well over $100.
Finally, understand your niche What you want to meet and what makes you different will help your company stand out. For example, you might create a catchy TikTok to increase brand awareness and reach younger consumers, or use only natural ingredients in your handmade products.
According to Aina, the answer to Question 3 will help you flesh out your marketing and advertising efforts and create a strong mission statement.
While Aina created products for everyone to enjoy, research revealed that she specifically wanted to appeal to Black women, who are underrepresented in the luxury fragrance and beauty industry.
“I really wanted to center Black women who are being cared for on the front lines, because that’s something we don’t really see,” Aina said.
The idea of self-care for Black women is a focus of Forvr Mood from a product standpoint, and Aina added that she's trying to be “really intentional” about spreading that message on social media.
But even if there is an opportunity to fill a hole in the market, Aina said he is careful not to get his hopes too high. “Honestly, I didn’t expect it to go this well,” she said.
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