Self-employment
Hair care products are hot sellersPeople are willing to pay good money to look great, and that usually means buying a quality hair care product. "We think our products are the best on the market," entrepreneur Derek Henderson says. ROGER PIERCE |
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Derek Henderson's "Healthy Hair" products are carried by Shoppers Drug Mart.
Up and running for two years, Henderson's company is called Lefty International Corporation (www.leftyint.com). It markets a line of exclusive hair care products called "Healthy Hair" created by famous European hairstylist Andrew Jose. The company's products are currently available across Canada in Shoppers Drug Mart.
Henderson says he got into the hair care business because he believed strongly in the product. "There was nothing like it in the domestic marketplace," he says. "I got excited about the quality of 'Healthy Hair' and couldn't wait to share it with Canadian consumers."
Henderson is part of a growing trend of recent graduates jumping into self-employment right out of school. "When I completed my degree, I decided I wanted to apply what I learned to my own business," he says. "It was a smart decision because I love being an entrepreneur."
It comes with some challenges, Henderson admits. "It's great to be able to build your organization the way you want to," he says. "But the hardest part is finding the start-up money."
Knowing that a new small business needs cash flow, Henderson got some financial help from his family, RBC and a small merchant bank in Toronto called Prescott Thackery Merchant Group (www.prescott-thackery.com).
Henderson has learned a few lessons as a new entrepreneur. "Cash flow is king," he says. "You've got to make sure you keep an eye on your cash flow so you don't pay out more than you take in."
He's also learned the value of patience. "It's a necessary virtue, because things in your business never happen as fast as you want them to," he says. "You can only afford to be patient if you watch your cash flow."
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