Within the money-making language, a force to reckon with is beauty entrepreneurship. Estimate, what’s your budget on beauty? To many Kenyan women and men, price is not a matter to think about. It seems like beauty is no longer in the eyes of the beholder but rather in how you want to look. Beholders will sort themselves out.
Kenya’s beauty industry is estimated at around Ksh.100 billion according to KNBS 2022 economic survey. Expectation is to grow by 8.38% (CAGR 2022-2026). Market growth at this rate should take the seriousness it deserves.
Beauty entrepreneurship is lucrative, and it attracts both men and women to venture into it. The nature of the business is attracting all sorts of set-ups, online, physical shops, small streets, or luxury stores. It goes beyond urban to even rural areas. In villages you see women go a long way in pursuit of beauty in their nearby towns.
This market is attributed to several factors that include social media, celebrities with mass followers, improvement and changes in lifestyle, and the Kenyan business environment that has been seen as a regional distribution hub for East Africa for various brands.
Being a seriously growing sector of the economy, beauty entrepreneurship has attracted several multinational investors. They include Fenty Beauty by Rihanna and L’oreal among others. With that said, to stand up in this competitive market, you should be resilient to local and international competition. You’ve got to be very dynamic and keep up with the changing tastes and preferences of customers.
Celebrities in Beauty Entrepreneurship in Kenya
To get a view of the most dominating personalities, I’ve listed a few individuals who own this sort of business:
- Wahu Kagwi
- Betty Kyalo
- Vera Sidika
- Huddah Monroe
- Lillian Muli
- Joanna Kinuthia
- Susan Kaitanny
- Lilly Asigo
The list is longer than this.
Taking the bold step
As we think about venturing into beauty entrepreneurship among other options, the question is, who are the most frequent customers? Taking this consideration equips you with the knowledge of where and how to set up your business. The market for this business is skewed to favor middle to high-level income classes. Celebrities above have established their hustles in prime areas like Kilimani, and Westlands in Nairobi. The segment that you will choose plays role in the services that you will offer.
The type of jobs or roles which clients do in society matters a lot. As an Think of salespeople for a while compared with executives and those in the hard job. They will need services at different pricing. Tailor your services to meet their needs and expectations.
The appropriate time comes when the idea knocks your mind. Perhaps its time up for you to get into beauty entrepreneurship. Economic conditions will always be unfavorable if you let them rule your decision-making. But you should be cautious enough as you purpose to join the list of multi-billion businesses not to fall into unnecessary traps.
