Big ups to Kayla Newman on her new business venture! Oh wait you don’t know Kayla. Are you familiar with her nom de plume Peaches Monroe? Nah? How about the “Eye Brows on Fleek” Girl?
Yes, the young Miss Newman is the visionary who introduced the world to the term “ on fleek.” Her new project is launching a gofundme page to raise capital for a hair and makeup line. And I ain’t mad at her. I think it is important for youth of color to know that their creativity, genius and swagger is valuable. Why not profit off the slang, dances and style you invent with your friends? Kayla, I applaud you.
But I am unsure if she will be successful. After making a donation to her gofundme I reached out with well wishes and encouraged her to contact me for consulting advice. I think she is making some critical mistakes that might hinder her. If you are wondering what advice I’d share, keep reading.
She doesn’t need $100k
Her funding goal is $100,000. While my expertise is in fashion, I have learned about a little something called minimum viable product. In short you don’t have to have all the bells and whistles. You can go to market with one dope product and grow from there. We are drooling over pallets by Anastasia Beverly Hills because she hooked with us by focusing on brows. You can be Gucci down to the socks, but that brand began with luggage in 1921. Start small with one stellar product; make it for as little as possible and invest in marketing it to the people. I believe she can get it poppin’ for $10k.
I love nurses. My sister-in-law is a nurse. God bless all the nurses, but if Kayla is gonna go to college and start this business she is going to waste a lot of money. It would be better for her to study business, marketing, or focus on the beauty industry. She isn’t going to learn the skills that are going to help her launch her business and she will have to pay in employees and training to make up for those deficits.
Keep the squad small (for now)
She states in her Gofundme summary
“Just so everyone can know my plans, with this money I plan on starting a website, get this project on legal papers with a good team of lawyers, etc and making sure my dreams come true as far as this “Fleek” thing. “
I think creating the proper legal entity is a good idea, but she doesn’t need a team of lawyers. The company Stripe actually has a product that “ automates the complicated process of starting a company into a filling out a short web form” and “takes care of incorporating a company in Delaware, setting up a US bank account with a tax ID number, and creating a Stripe account so they can accept payments.” Sites like Legalzoom also help you establish an LLC. Due to her age, gender and ethnicity she can reach out to government agencies and non-profits for assistance in establishing a business including legal support and mentorship. Remember how I said she doesn’t need $100,000 to start this business? Don’t spend money you don’t have to mimic a business model you don’t need.
In case you are thinking of establishing a beauty brand and need some guidance, feel free to reach out. I share with fashion and beauty entrepreneurs what I have learned to save them time and money. I hope that Kayla decides to contact me for more help so that she can be super successful.