We’re excited to introduce you to the always interesting and insightful Kim Davis. We hope you’ll enjoy our conversation with Kim below.
Kim, thanks for joining us, excited to have you contributing your stories and insights. We’d love to start by getting your thoughts on what you are seeing as some the biggest trends emerging in your industry
Everyone wants to get into it now. Fairy Hair has been around for a long time, but with internet how to videos and product availability, I see people trying to do it themselves. It makes me chuckle because it looks so easy, but in fact, it’s quite difficult to master. I have had girls come to me in tears with knots in their hair asking me to cut out the product either they, or a novice put in. I would guesstimate it took me a good 6 months to really become comfortable with my technique. Right now I can do a standard application in about 10 minutes. When I first started it would take me hours just to get one piece in.
Quality product, technique, and personality are the keys to this business.
Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.
I got into Fairy Hair by accident actually. I am an entrepreneuer at heart. I was running a fairly successful payroll company out of Raleigh NC and getting ready to face a divorce. With that divorce came some fear, separation from my kid half the time, a new house, etc. I was worried about the future financially and emotionally for sure. I live about 45 minutes outside of the “big city” if you will. I had been getting fairy hair for awhile and the girls that lived local to me were really interested in getting it themselves. There wasn’t anyone in my town doing it at the time, so I thought why not. I can learn to do this and make some mad money on the side. I found a nice fairy that was from the city and she taught me the craft and mentored me through getting started.
From there my business took off. I think one of the keys to my success has been that I treat this as a business. I am a hustler and a networker and know what it takes to make a successful business. I think many of the other “fairies” treat this more as a hobby or something fun to do.
Last Christmas I was featured on the local news and was front and center on the Shop Local Raleigh Christmas Parade Float. It was such a fun time.
Can you talk to us about your experience with selling businesses?
As I mentioned before, I was the president of a local payroll company called The Paystub People. In early 2020 we were approached by one of our clients about purchasing our business. We had no plans to sell at that time and I really thought “no way” initially. I took the ask to my partners and we began really talking about it. Covid had started ramping up and the political climate was crazy so we thought it might be a blessing in disguise.
I started to research valuations and reached out to a few other payroll company owners that I knew and ended up with three offers to purchase. We evaluated each offer carefully and ultimately decided to sell to a company called Hire Level. We felt their offering and business model were most aligned with how we had been operating our business for so long. I was to stay on and continue on as Sales Director in the Raleigh market.
What I quickly learned is that it is HARD from going to being the boss to being bossed. LOL I stayed on for about 6 months and helped our clients transition and then I had to move on to something new. That is when I really started to focus on building Sparkly Strands!!
Can you open up about how you funded your business?
Because of the sale of The Paystub People, I was in a position to take some time to figure things out. I could live comfortably for awhile while I decided what I wanted to be when I grew up. I put some of that money into growing my fairy hair business, and I also became very interested in real estate investing. I have always wanted to live or at least own property at the beach. I ended up purchasing three investment properties in the Topsail Beach area and started to AIRBNB those. That has been super fun. I’m looking to add to my real estate portfolio.
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