The Foxy Beauty | Application Preview
The Foxy Beauty is seeking a $10,000 government grant to support significant growth in both inventory and operational space. The funds will be used for various enhancements, including a larger workspace, inventory upgrades totaling $2,000, and improvements to their website. The business aims to purchase quality materials for their handmade products and to establish a stable internet connection, as they currently rely on public Wi-Fi. Funds will also go toward acquiring a new camera for content creation, thus improving engagement on platforms like Instagram and YouTube.
In terms of long-term goals, The Foxy Beauty anticipates generating $100,000 in revenue within the first year after scaling, with a goal of reaching $1 million by 2026. The business plans to gain recognition in beauty magazines and establish an internship program for young girls interested in entrepreneurship.
As a Black woman-owned business, The Foxy Beauty emphasizes its commitment to uplifting the community and supporting young Black girls. It highlights that investing in businesses like theirs yields positive returns and representation. The company follows eco-conscious practices by sourcing materials locally and minimizing its carbon footprint.
In a competitive landscape that includes established brands like Oh, Buttah and Angelina Nova Cosmetics, The Foxy Beauty sets itself apart by offering a diverse range of quality products while prioritizing sustainability and ethical sourcing. This commitment to the environment and fair practices is positioned as a key differentiator in the beauty industry.
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General Information
Business Registration Number: The Foxy Beauty
Location: fort dodge, IA, United States
Length of Operation: 8 months
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
Should we receive the 10,000 requested,we will be scaling up massively both inventory wise and space wise. We plan on renting an office space or renting a larger apartment to make room for all of the product and inventory. We plan on using $2000 on inventory upgrades alone, purchasing higher quality products and materials for the handmade products. These include but are not limited to: a large work table, the raw butters needed to create our handmade products, containers, packaging labels, and packing materials. ThIs would also go to upgrading our website to look as professional and sleek as possible. I have been building up my business all alone for a year now and it is time to start getting help to improve in the places i am lacking in, one of them being web design. We will also be using these funds to invest in stable and consistent internet connection. We are currently utilizing free wifi in coffee shops and it was become increasingly difficult to get work done. The 10,000 would also go towards upgrading our technology. We are in dire need of a new camera to film our content for Instagram, Youtube, Facebook, and Pinterest. Our content at the moment is good, however because of the low camera quality, it causes us to have inconsistent engagement and traffic. Finally, this money would go towards investing in the business through receiving one on one help with social media managers and specialists who can assist us in improving our business and scaling us up to where we need to be. We will also be participating in business seminars, webinars, and events to network and get our name out there to the public.
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Business Plan
We plan on scaling up massively in the next 5 years. Once we get the help we need, we are anticipating a $100,000 year for the first year, and by 2026 be at a minimum of $500k in revenue. Our ultimate revenue goal is one million dollars. We would like to be recognized by magazines and blogs specializing in makeup,skincare, and lifestyle,and be a household name. We also are planning on starting an internship program for junior and senior girls in high school who are interested in starting their own business. We will train them and teach them the ins and outs of being an entrepreneur, and would also be a massive help for us to have people running our accounts or assisting in making, filling, and packing products. After a 6 month-year long internship, we should offer them a position as an employee. We are a black woman owned business with a mission statement to uplift the community and give young black girls to opportunity to be a part of something so exponential & impactful. Recent stats have shown black women are the fastest growing group of people to become entrepreneurs, and groups such as Goldman Sachs have recognized the benefit and ROI they receive when they invest in black women owned businesses. We work hard to send out positive representation of black women through the models we select, our color selection for lipglosses and makeup, and hiring young black girls onto our team to give them an experience of a lifetime. It has also been shown that women owned businesses who have diverse groups of people working for them do extremely well compared to their counterparts. From a logistics standpoint, our company checks every box for why we are a good candidate for any grants we receive. We arealso incredibly eco conscious. We focus heavily on keeping our sourcing US based to minimize our carbon footprint. Shipping from a 3rd world country may be cheaper for us as business owners, however the climate impact it has on the oceans the boats have to cross and the air pollution from multiple trucks to receive the products are not a trade we like to make. We believe in ethical sourcing and keeping our carbon footprint as small as possible. We do this by buying local when possible and keeping as much sourcing here in the US as we can. Not only is this good for the environment, it is good for the economy as the money stays within the country.
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Self Identified Competition
My top 3 competitors would be: Oh, Buttah, a bodycare business. We have the same general audience. They have been in business for over a year, and have a very solid fanbase with many returning customers. We both make handmade products, which is another point of competition. PrtyGrl Beauty is another competitor. This business has also been in effect for quite some time, and has amassed a 15k follow count on instagram. She has a highly engaged audience and offers a wide variety of products ranging from skincare, body care, makeup, and even vaginal care. My final competition would be Angelina Nova Cosmetics. This business has been featured in magazines such as Cosmopolitan and has a HUGE following. She sells mainly makeup, and does a phenomenal job of promoting and marketing her eccentric style makeup brand. Our brand is different from the others because we offer a very wide range of products while still trying our very best to be good to the earth. We find many of these beauty and skincare brands just dont care about the impact their choice of packaging and wholesale ordering have on the planet. Thats where we step in. We make sure our girly girls have all the amazing quality products they want and need, while being rest assured that they are not contributing to fast fashion practices by buying from brands that buy from sweat shops and companies that have extremely unfair work practices.
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Contact Applicant
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