Curlfriend Collective | Application Preview
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General Information
Business Registration Number: 87-1595892
Location: Sun Prairie, WI, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $250k to $500k
Annual Gross Expense: $250k to $500k
Open to Loans: NO
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Funding Usage
Our biggest expense currently keeping up with our cost of goods and advertising expenses as they tend to be the highest expenses to front before conversions are raealized and being a boot strapped business they're the hardest to keep up with. We've already made a difference for over 10,000 curlfriends in just two short years, but we know we have the ability to bring more curl confidence to so many more curlfriends throughout the world! With your support, we can keep on making waves in the hair care industry and show the world what real hair inclusivity looks like.
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Business Plan
Curlfriend Collective is positioned for substantial growth over the next 5 years, with a projected revenue of $1 million for 2024 and a goal to surpass $10 million in revenue by 2029. To achieve this ambitious yet attainable goal, we have outlined a strategic plan to leverage the government grant effectively. Year 1: 2024 Product Expansion: Utilize the grant to diversify our product line, incorporating innovative designs and quality, sustainable materials that cater specifically to curly, coily, and wavy hair types. Marketing and Branding: Invest in targeted marketing initiatives to increase brand visibility and reach a wider audience, leveraging social media, influencer partnerships, and targeted ads to drive sales and brand awareness. Year 2: 2025 E-commerce Optimization: Enhance our e-commerce platform and user experience to streamline the customer journey and improve conversion rates. Partnerships and Collaborations: Forge strategic partnerships with complementary brands and influencers to expand our reach and solidify our position within the hair accessories market. Year 3: 2026 Inclusivity Advocacy: Allocate resources towards advocacy efforts, supporting initiatives that promote diversity and inclusivity within the beauty and fashion industries. Community Engagement: Establish community-driven events and initiatives to foster a strong, loyal customer base and become a trusted voice within the curly hair community. Year 4: 2027 Sustainable Practices: Integrate more sustainable and eco-friendly practices into our production and sourcing, aligning with consumer demand for ethical and eco-conscious products. International Expansion: Explore opportunities for international expansion, tapping into global markets to further scale our brand and mission. Year 5: 2028 Technology and Innovation: Embrace technological advancements in product design and customization, leveraging AI and data-driven insights to offer personalized solutions for diverse hair textures. Brand Recognition: Solidify Curlfriend Collective as a leading authority in the curly hair accessories space, leveraging PR and branding strategies to elevate our brand presence both online and offline. By strategically allocating this grant towards these key initiatives, Curlfriend Collective aims to not only achieve its revenue targets but also solidify its position as a trailblazer in promoting inclusivity and empowerment within the hair accessories industry. I'm Chloe, the Founder, CEO and heart behind Curlfriend Collective. I'm so excited to throw our hat in the ring for the Amber Grant for Women. At Curlfriend Collective, we're all about shaking up the hair accessories game by giving some well overdue love to all our curly, coily, and wavy-haired curlfriends who've been left out of the hair accessories loop for way too long. So, why did I start Curlfriend Collective? Picture this: me, a fellow curlfriend, sifting through endless hair accessory options only to find nothing that really WORKS. From my journey with endless broken hair ties, the thrown away handfuls of hair ripped out from awful hair accessories marketed to everyone, but really only for those with straight hair and seeing those same issues amongst other curlfriends. That's when it hit me – there's a serious lack of hair accessories that not only understand us curly, coily, and wavy-haired crew, but are also made from high quality silk (the best natural fiber for hair care) AND designed to accentuate our texture with a fashionable that's meant to be seen. From then on, the fire was lit to create a brand that's all about celebrating those gorgeous natural hair textures, making sure everyone feels seen and valued. At Curlfriend Collective, we're not just about the products – we're building a movement. Our goal? To serve up a whole range of accessories tailor-made for curly, coily, and wavy hair, shouting from the rooftops about how awesome these natural locks really are. It's all about boosting confidence and letting our community strut their stuff with accessories that totally embrace their unique curl pattern. We're on a mission to shake things up in the hair accessories world by pushing for more diversity and representation. We're flipping the script on the old norms and making sure everyone – no matter their hair type – feels like they belong and are catered to by the brands they love.
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Self Identified Competition
Slip Silk, Blissy Silk and Teleties Curlfriend Collective presents a compelling investment opportunity within the rapidly growing textured hair care market. In contrast to competitors like Slip Silk, Blissy Silk, and Teleties, our brand's unique value proposition lies in its unwavering commitment to inclusivity and representation within the hair care space. As the textured hair care market continues to expand, estimated to be worth $10 billion with a compound annual growth rate of around 5%, there is a clear indication of robust potential for future development ("The Texture Gap: Type 4 consumers are continually left behind"). Furthermore, the haircare market in the United States, valued at $13.28 billion in 2022, is predicted to reach $15.11 billion at a CAGR of 2.18% by 2027, reflecting steady growth and increasing consumer demand for specialized hair care products ("TAM for US Textured Hair Products Market"). These statistics underscore the immense opportunity within the textured hair care industry, emphasizing Curlfriend Collective's strategic positioning to make a substantial impact and drive meaningful change within this rising market.
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