The Pivot of the Beauty Industry

The global hair care market size was estimated to be around 75.06 billion in 2020. The global impact of COVID-19 has been unprecedented and the beauty industry was greatly affected. According to McKinsey, 58% of Black-owned businesses were at risk of financial distress compared to 27% of white-owned businesses pre-pandemic, and the pandemic increased that gap. Between February and April 2020, 41% of Black-owned business ended up closing. The pandemic's impact on Black women entrepreneurs was even greater. One report from Digital Undivided, showed that 98% of Black women entrepreneurs reported their business being directly impacted by Covid-19 and 82% reported experiencing a loss in revenue.  Those are devestating numbers but many beauty experts and salon owners were able to pivot and are thriving even after the initial negative impact of the pandemic.

One of those resilient entrepreneurs is Keyonta Goodman better known as Key. She is breaking barriers by being a thriving woman of color in this space. After bouncing back, the haircare market is now projected to grow from 77.15 billion in 2021 to 112.97 billion by 2028. Seeing as though most of that spending power is from black women it is amazing to see a black woman thriving and benefiting from those numbers.

Key has had a passion for beauty since she was about 10 years old. She started doing the hair of her classmates in high school for prep rallies and homecomings from 2000 to 2004. She has been working in the beauty industry for the past 5 years after receiving her education from Paul Mitchell The School in Jessup, MD. Gaining creative experience by participating in photo shoots, fashion shows, and special events such as a top model runway competition in 2016. Key specializes in color, cutting, texture and updos including wedding hairstyles.

In addition to styling, she is also well experienced in a variety of braiding techniques to achieve the perfect look without damage to your natural hair. Working with the best quality extensions, key also applies semi-permanent and temporary hair extension for her clients to achieve the ultimate look. We had the pleasure of interviewing Key recently to discuss her brand overall success.

•What’s your definition of self love?

Key: Self love to me is taking the time needed to ease my mental. Self love has to start within. Not focusing on the negative but the bigger picture of the positives. Clapping for yourself and walking at your own pace.

•What advice would you give someone trying to get into the beauty industry?

Key: To the people who are trying to get into the beauty industry, come in with a clean slate. No matter what you know start fresh as if you are a beginner. Often times people come in as know it alls and miss important information.

•Your brand is very visible. What do you think is the key to standing out in such an over saturated industry?

Key: The key to standing out is promotion and great customer service. You can be a great hair stylist but have horrible customer service and most people would rather go to a person that has less talent but great customer service over excellent talent and poor customer service.

•What type of services do you offer?

Key: Some services I offer are natural hair care, color, extensions, braided styles such as faux locs/ feeding braids, micro links, and makeup.

•It’s Women’s History Month. Who is a woman who inspires you and why?

Key: A woman that inspires me is Madam Cj Walker. She really believed in her dream and nothing stopped her from providing a great product. That has inspired me to created my own product which is used on edges and being sold in several beauty supply stores in Maryland.

When asked about inspiring others Key says, “I want others to connect with me and see me as a reflection. Someone that started with a dream and built everything from there. Someone who didn’t look back and stayed focused. Dreams can become reality.”

You can connect with Key and her brand online here.