A risky business idea has paid off for two Melbourne friends in their early 20s, who are expected to be millionaires by early next year.
A risky business idea has paid off for two Melbourne friends who have achieved a whopping $ 650,000 in revenue so far this year and are expected to grow to $ 1 million by January.
Emerson Lattouf, 20, and Isaac Fakhri, 21, considered each other to have almost a “third generation” friendship because their two fathers also grew up as best friends.
The couple had always wanted to start a business together and had both worked since the age of 15.
They raised $ 100,000 of their savings to launch Amoris Beauty, a haircare e-commerce brand, in October of last year.
Young entrepreneurs could never have predicted that Victoria would be hit by four more lockdowns and Sydney would be in the throes of a 106-day lockdown a few months later.
“Covid has helped tremendously, helped be in these waves of Covid, especially in the care space,” Isaac told news.com.au. “Maybe if it was a styling product it might not have helped as much, but since it was about hair care, the personal care really started to take off.”
Their hair mask product is now even stocked on the shelves of a major hair retailer with stores across the country after wanting to branch out into bricks and mortar sales as well.
Isaac admitted that starting Amoris Beauty was “risky” because he was betting his savings and because the hair care industry is oversaturated with other new start-ups, but in the end the bet paid off.
Emerson was still in high school and Isaac barely a year after they came up with the idea of making their own hair masks.
It helped Emerson to be “surrounded” by hair as he came from a long line of hairdressers and they believed they could come up with a unique recipe for the beauty product.
They found a factory in NSW and tested their product, going through dozens of iterations thanks to the “blunt” comments from Emerson’s family.
Teens at the time had to delay their launch because they got caught up in the Covid-19 pandemic, initially planning to launch in February 2020 but pushing it back to October.
Deciding that social media was the best way to market their product, they used their remaining capital to send hair masks to around 3,000 micro-influencers for review on their channels.
On October 25, the two friends held their breath as they launched themselves.
It was an instant hit – they made $ 33,000 the first week.
“It was pretty mind-blowing for us,” said Isaac.
“It was pretty crazy. Our vision has always been to go as hard as possible from the start, but we never thought it would be that big. “
Since their launch, they have continued to grow stronger.
Amoris Beauty has nearly 50,000 Instagram followers and is expected to earn over $ 1 million by the start of next year.
They made the most money in June of this year as Mother’s Day approached, making $ 70,000 that month and $ 16,000 in one day.
“It’s been an absolute whirlwind,” Isaac said.
They have six employees who work under them either in running warehouses or in social media curation.
Sometimes, however, it was difficult.
To date, they have not withdrawn a single penny from Amoris Beauty, “not even for a meal”, instead of reinvesting it in the company.
Emerson explained, “It never stops, late nights on your laptop, never turn that brain off.”
He estimates that he works until 11:30 a.m. at night and starts working at 6:30 a.m. most days, which works out to a 5-hour work day or a 119-hour work week.
“At the end of the day, it’s a sacrifice we’re prepared to make,” he said.
The friends were looking to start wholesaling their products and struck a deal with Hairhouse, a beauty retailer with stores across Australia.
It has helped that Emerson’s father is the owner of Hairhouse, but both boys claim they went through a rigorous vetting process.
“We have been watched more closely than someone who has no relationship with the company,” Isaac said. “We had to go through seven rounds of meetings, a lot of product testing, a lot of brutal feedback… our biggest detractors are the hairstylists in the Hairhouse network. They certainly don’t hesitate to give us their feedback.
Amoris Beauty hair masks hit shelves in mid-July and a week later Melbourne was hit with its sixth lockdown, meaning the launch ‘dropped’.
However, the company has been supported by its online sales as well as Hairhouse stores in Queensland, Western Australia and South Australia which have not been affected by the lockdown.
For other aspiring entrepreneurs, Isaac had a tip.
“Do it while you’re young, [when] you can’t risk it all when you have mortgages and children to support. It’s our logic, try it, ”he said.
“We thought we were going to give it a try, we’re young, so if we lose everything we can just stay home.
“If it works, the return on investment is incredible.
“There’s no way we could have made this work in a 9-5 job.”
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