Thinking of approaching investors for your business idea, bb? Us too. We recently chatted with Lydia Schoonderbeek, founder and CEO of Source Beauty, the first and leading Egyptian-based beauty platform that seeks out the best skincare, makeup, fragrances, and health products in the market and acts as a hub of information for the Middle Eastern females. Lydia received an investment from the Egyptian Company for Cosmetics (ECC) in return for a majority stake in the business and she’s sharing some need-to-know deets on navigating through your own start-up. Get ready to be inspired.
via Instagram @source_beauty
Cosmo ME: What do you wish you’d known when first looking for funding for your business?
Lydia Schoonderbeek: Looking back, I realise we were too focused on getting investment into our start-up to support our growth plans rather than finding the right partner to grow with. Some of the early potential investors we had conversations with were the wrong fit- both for them and us and at times, I felt disheartened by the process. I learnt not to take those rejections personally. They were just the wrong fit.
The US$5M acquisition by ECC of a majority stake in Source Beauty was exactly the right first and one that was worth holding out for. There are really exciting synergies between the two businesses for us to transform the beauty industry in Egypt together. But more importantly, it felt right, personally and culturally.
via Instagram @source_beauty
C: How did you decide which brands to collaborate with for your start-up?
LS: We constantly keep our eyes out for up-and-coming brands through social and print media, industry friends, and our personal networks. Increasingly, we find that new brands are approaching our business.
Alongside working with more established household names, we love to discover new local, usually female-led, small businesses that are using the best locally-sourced raw materials. It’s the essence of Source Beauty- curating beauty brands that have female empowerment and sustainability at their core. We advise them on brand positioning, packaging, and tone of voice- the whole experience. I love being part of their start-up journey and seeing their personal and professional growth.
C: What’s one key piece of business advice you’ve learnt?
LS: Focus on your customer’s experience with your brand. It’s absolutely the single most important thing to get right. We spent a lot of time fine-tuning our customer experience to make it consistent and personal throughout- from their last interaction with the website, through the ordering process to delivery, and then the theatre of opening their package. I want it to be a truly personalised experience.
Having worked at Harrods and some of the leading high-end retailers, I appreciate the detail that goes into the best customer experience, and I’m passionate about recreating that online. We want our customers to have that sense of feeling special when they walk into a premium shop and for every detail of the experience to feel personal and inspiring.
via Instagram @source_beauty
C: What empowering message would you give to women who are on the path of their entrepreneurial journey?
LS: Never give up. It may sound a bit flippant and obvious, but there are times when the challenges you face just seem insurmountable. But you learn to thrive with the difficulties that building your own business throws at you, balanced by the small successes that move the business forward every day.
You also learn to build a team around you whose strengths are your weaknesses, allowing you to focus on the big picture with the confidence that the details are being looked after.
The challenge for me sometimes is letting go. I’ve built Source Beauty over the last four years with a firm hand on every detail, so it’s a big change for me. My new role as Chief Creative Officer of ECC is an additional outlet for my creativity. I love developing new ideas and seeing them come to life.
Check out Source Beauty here.