Description:
Starting in the summer of 2018, myself and four other UW students all joined together to pursue our entrepreneurial passions and create a company: F(x) Haircare. The goal of this project was to go through the entire process of starting a company from ideation, research, prototyping, testing, manufacturing, marketing, selling, and finally exiting the market.
Phase 1: Ideation
When we first went to the drawing board, we had ideas that spanned across a variety of industries and with varying levels of complexity. However, we finally decided to focus on self-care as we knew that was a very important area for college students- who were our main target demographic. We also brainstormed the values and image that we wanted our company to stand for. Our values being to focus on providing a high quality and sustainable solutions to the community.
Phase 2: Research
After narrowing our focus down, we researched different types of products. We had to look at not only how well the product would be received, but also how feasible production and distribution were. We surveyed over 50 students, by reaching out to different student-run organizations on campus, to collect insight into what their needs were in terms of self-care. We ultimately found that beauty and in particular, haircare was an area that had not been sufficiently addressed in the market. Our next steps were to research the different types of haircare products and how to recreate a formula for them. In the end we came to the conclusion to create an all-natural, scented hair oil. We used only all-natural ingredients because quality and sustainability were important to us. We decided to add scents to our hair oils because one of the findings from our research was that current hair oils or similar products smelled distinctly medicinal or just not very favorable.
Phase 3: Prototyping & Testing
First, we experimented with different ingredients and ratios based off our research findings of most common ingredients used in in-store products. We compared our product with the ones on the shelves and refined our formula through test trials with both female and male users. We had users split into different groups to test different formulas. We gave the users a small bottle and basic instructions on how to use it, and had them log their thoughts of the product. After two weeks, we interviewed the users about their experience and found out what they liked/disliked about the product.
With our base formula ready, we then began running a focus group with 20 students (female and male) to test different scents. Finally, finalizing our scents and formula, we ran another focus group dedicated to branding.
Phase 4: Manufacturing, Marketing, Selling
After finalizing our formula, scents, and brand image we started our next phase. We pushed hard to launch a pre-sale before the holiday season. During our pre-sale our goal was just to gain traction via social media and word of mouth. After the holiday season, we continued to expand our reach by contacting nearby college campuses to sell our product. We created a website to enable customers not directly on the UW campus to learn about us and to order from.
Final Product:
Our final product was a hair oil that came in two scents:
f(1) - lavender and vanilla
f(2) - cedarwood and vanilla
What I Learned:
This whole project was a great learning opportunity and helped reaffirm my passion for entrepreneurship. There were many things we didn’t know how to do, so we had to research, experiment, and continue to refine our thoughts. For example, after our pre-sale, we raised our prices too high. Although our price was still much lower than our competitors in the stores, we lost sight of our customers: the price-sensitive college student. After observing a slowdown in sales, we evaluated our business model and decided to lower the price to the pre-sale price.
Overall, this was one of the best experiences I have had in college. I had the chance to collaborate with an interdisciplinary team and take on many different roles. A big thanks to my teammates for making this possible!