Generally, it is said that women spend more than men on products relating to themselves, such as jewelry, clothing, grooming products, etc. It is only in the recent years that the demand for products catering to men has increased. That is because of the changes in society and the rise of the metrosexual man. If you are planning on starting a business, catering to men will be an excellent idea due to the untapped potential that this sector presents.
Men’s grooming products
As mentioned earlier, the rise of the metrosexual man is one of the several factors that have increased the demand for men’s products, and grooming products happen to be a part of that. If you do want to start a business, learning how to identify and attract your potential client is crucial. For instance, you could sell the best safety razors to young men who are active and care about their personal appearance and wellbeing.
Experienced marketers have already targeted their audience and have begun to cater to the specific sectors that require such grooming products. There are many opportunities in this sector; for instance, you could opt to sell men’s shaving products, which is, as of now, still a small market. Some other examples are men’s toiletries, such as perfumes, deodorants, and haircare products. Another extremely demandable sector at the moment is the men’s skincare sector, as men don’t have as half as many products as women do, and one can easily tap into this sector with good marketing skills.
As of now, men still don’t have as many diverse options as women do for their grooming products, and so, if you do opt to cater to them, you need to specify exactly which age group you will be targeting and you will need to be quick to adapt to the changing trends. To learn more about men’s grooming market, read http://www.spireresearch.com/spire-journal/yr2012/q4/mens-grooming-industry-time-for-emerging-markets-to-steal-the-show/
Raising capital for your business
Now that you have successfully identified which sector you are going to cater to and what you will be offering to your customers, you need to come up with a suitable business plan and find a way to fund your small business. There are a few ways in which you can fund your own business, which are:
- Fund it yourself: It’s difficult, but not impossible. There are ways in which you can fund your business on your own, such as by using your savings.
- Borrowing from friends and family: This is for those that can’t afford to append on their business, or don’t have enough to for a startup.
- Angel investors: For those that have the right contacts, this is the path for them. Keep in mind, however, that this is a tricky route.
- Small business loans: Banks may be stringent about it, but it if works, you won’t have to give a part of your business to someone else, as you might have in the case of angel investors.
That said, the best way to raise capital will always be by funding it on your own. Yes, it will be difficult, but if you stick to it, you will succeed and make a profit. So don’t give up. Good luck!