Mr Moran is the founder and CEO of Private Label Extensions, one of the fastest growing business in the cosmetic industry; what started with a single idea seven years ago has turned into 10 different brands and features in Forbes, Fox and CNBC. His recent authorial debut Fearless Beauty maps out the way to success for burgeoning entrepreneurs and he shared his own entrepreneurial story in an exclusive comment to Express.co.uk
Private Label Extensions focuses on hair distribution and technology, helping to build hair brands and entrepreneurs breaking into the industry along with a vast variety of hair extension products and custom options.
“We started the business with an initial investment of $14,000 (£10,000) in 2014. Later in the year we invested an additional $14,000 (£10,000) for a total investment of $28,000 (£20,000),” Mr Moran commented.
This may not be all that unusual for entrepreneurial start-ups but the key difference that sets Private Label Extensions apart from the rest is the fact that this was all the capital ever put into the business, and no other outside investments have been accepted since.
While it may seem like more of a limitation than a unique selling point, Mr Moran has lead the business to exponential growth and success, seeing six-figure average monthly sales along with a heft real estate ownership and inches away from being entirely debt-free.
“Now in 2021 we are doing an average of $1.2 Million (£866,000) a month in sales and own about $2million (£1.4million) in real estate. We have already paid off most of it with only $300,000 (£216,000) remaining to be 100 percent debt free.”
Mr Moran added that entrepreneurship, whilst not always easy, has always been a big part of his life from a young age: “I have really been an entrepreneur all my life. From the lemonade stand to selling sports collectibles, starting my first real company which was in the food industry, and now being in beauty.
“In my 20s, I decided to never get that ‘corporate job’ that would suck me into the nine-to-five life. I don’t think there is anything wrong with that path but it’s just not for me. I have always been about high-risk, high-reward, and being in control of my path towards success.
“I tried everything before getting into the beauty industry. From food trucks, importing curry sauce from Thailand to having one of the first music in the cloud services. Every business didn’t work out for a different reason.
“I was adamant about reaching the success I desired so I never gave up and kept pushing. I didn’t go to college so my business failures were my way of learning how to be successful in business.”
And it is this resilience that often separates the budding entrepreneurs from the try-hard side hustlers, the ability to carry on and learn from every mistake, no matter how costly, is vital.
And while it was certainly high-risk to choose this lifestyle from the get-go of his career, it has definitely paid off as the now multimillion pound business has been ranked 278 on the INC 500 in 2018, an index based on the percentage revenue growth.
But this fruitful venture didn’t start out as rich as it is now.
“I started my current business while I was broke, with a minimal amount of capital to invest. It was tough. Working 50 hours a week during the day while trying to start the ‘next business’ was a challenge.
“Throughout the journey, I learned so much from the little mistakes that were made which allowed me to grow our company, Private Label, to where it is today. Without the hiccups in the growth, I don’t think I would have the experience or problem-solving techniques that are needed to scale a business as we did.”
Alongside the experience he garnered of general business operations, it was Mr Moran’s skill in marketing that saw the most use in this venture.
“I levered my marketing skills as much as possible. Using retargeted Facebook Ads always kept the brand in front of our web visitors. Collecting email addresses and really utilising the flows in Klaviyo followed up with clients automatically to bring them back to our website often.”
He continued: “The features within Shopify allowed us to compete as best we can with much larger companies. Also, my staff. There is no way I could have done all this by myself. Learning how to grow the right team of people has been a major key to success.”
He added that with all of this success, entrepreneurship is still one of the most difficult feats anyone can attempt, and it’s the ability to focus and persevere that will serve entrepreneurs well in their ventures.
“Entrepreneurship can be very overwhelming. Taking that mid-day deep breath can really help along with a few other tips. Time is your most limited resource. Having everything scheduled in a Google Calendar will keep you on track for all meetings and not overlook your time.
“Putting all your tasks in a to-do list like ToDoist makes sure you stay on task. It’s easy to go down the rabbit hole of social media and waste your time. Each time you complete a task you can check it off and feel the satisfaction of a small win.”
He added that keeping up with one’s physical and mental health are also important: “I try and walk an hour each night and listen to an educational podcast. This keeps the energy going while learning from others in business at the same time. Be aware of what you eat to make sure you are full of energy. The combination of these techniques will surely help anyone looking to have a productive advantage.”
Mr Moran also advised that entrepreneurs must be prepared to not only have failures, but to keep going and learning from them: “The faster you can push through all the difficulties of entrepreneurship the faster you will reach your goals. If you give up, you will never get there. Being an entrepreneur is more mental than physical, get your mind right and be ready.”
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