Mike Viskovich didn’t always take the entrepreneurial route. Before Bolidfy was even a thought, he worked in the entertainment industry, editing reality television shows. While he enjoyed his work, Mike knew he wanted to start a company of his own.
Coming up with a product wasn’t difficult. As someone who personally experienced thinning hair, Mike knew there was a demand for hair loss products. After all, he had used hair fibers on himself for years. He knew that if customers found a product that worked, they would buy it over and over.
It was at this time that Mike began learning more about the profit margins of hair products, and to his astonishment, he found they were huge. Businesses could make $50-60 per bottle, and with each customer buying an average of one bottle per month, there is never a shortage of demand.
A thick, lush head of hair is a sign of youth, vitality, and even success. While it’s normal to shed about 100 strands each day, many people across the world lose handfuls at a time. It’s no wonder why the value of the alopecia market will climb to $4.8 billion by 2026, according to Grand View Research.
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Not Just a Hair Club for Men
Hair is something that most people take for granted until it’s gone. Contrary to popular belief, fine, thin hair doesn’t only affect men. The American Hair Loss Association reports that by age 50, nearly 85% of men will experience noticeable hair loss, and almost 40% of women will also have some degree of thinning hair.
Thinning hair is often the elephant in the room—while many people deal with it, few want to talk about it. What they do want, however, is a discreet way to make their hair look and feel fuller, without undergoing surgery or wearing hot, sweaty wigs.
That’s precisely what Mike Viskovich provides his customers through his brand of products called Boldify. Boldify products not only boost volume, but they also boost self-esteem. Boldify offers products to conceal hair loss and thinning hair. Customers can get a thicker, bolder head of hair with the brand’s wide range of products, including hair fibers, texturing products, and serums. These products help customers look their best so that they can feel their best.
A Slow Start to a Successful Brand
Mike decided to begin his venture into hair thickening products slowly, on a very part-time basis. He still showed up to his day job every morning, while focusing on the Boldify brand during his spare time.
With the support of his wife, Sacha, Mike was able to obtain samples and begin working on the brand. Amazon became the first marketplace for Boldify. The FBA program made it simple to run the business without leaving the house.
Three Whole Sales
But that doesn’t mean he didn’t pull his hair out from time to time. Starting a business is tedious, uncertain, and sometimes a bit scary. To counteract these negative thoughts, he began listening to the Freedom Fastlane podcast and found inspiration from the interviews. They were real people with genuine stories about following their dreams. The podcast gave Mike the boost he needed to cast his doubts aside and move forward with boldness.
When he finally decided to launch Boldify, Mike learned the hard way that success isn’t instantaneous. To his dismay, the launch only resulted in three sales. Although disappointed, he didn’t throw in the towel. Mike continued perfecting his brand and connecting with his customers, and as he did, sales began to increase.
Starting a company from scratch is a bit like beginning a weight loss journey. You work hard, and it seems to take forever to see results. But then one day, someone mentions in passing that you look good. Slow and steady always wins the race.
Don’t Quit Your Day Job—Lose It Instead
Things don’t always go as planned, of course. Three months after Mike began selling his products, the reality TV company where he worked went bankrupt. He found himself without a full-time job or a reliable paycheck. Thankfully, his employer owed him some money—$10,000 to be exact.
Instead of depositing that cash in his bank account for a rainy day, Mike invested it into growing and expanding Boldify. By this point, he was also turning a modest profit of about $800-900 a month in sales. Although he could have lived off this income, Mike reinvested every dollar he made back into the business. His once weekend and after-work endeavor would now become his new full-time career. Mike sought funding and applied for a few business loans to further grow Boldify. He was even able to hire his first employee to manage marketing—his wife, Sacha.
Climbing to the Top without Slowing Down
Going full-time was the best move for Mike. Now that his finances depended on the success of Boldify, he could focus on improving sales. He began by getting to know his audience better. Women make up nearly 60% of Boldify’s customer base. People of all ages use the products. He serves as many customers in the 20-30 age group as he does in the 60-70 range.
Finding the right way to market to such a diverse group isn’t always easy. Those trying to conceal hair loss don’t often congregate; they would rather blend into the crowd.
Currently, Mike is taking the influencer route to reach out to a bigger audience. While many companies target large influencers with a huge following, he has found that micro-influencers are the better option for Boldify.
Going with his gut has proven beneficial. Even though Boldify is still a young company (only started in 2016), it has an impressive track record. Mike remembers when he first hit 20 sales a day; it was an exciting time.
Hitting 100 Sales a Day
Before he knew it, however, the brand began closing 100 sales a day. Sales continued to increase, and the numbers jumped exponentially. Boldify soon hit $50K a month and then made it to $100K. Today, the company brings in about $380K monthly, with no end in sight.
With new launches on the horizon, including an eyebrow serum and gummy vitamins, Mike expects to climb to the one-million mark soon. While he once thought he’d sell the company at this point, it’s now Mike’s goal to turn Boldify into an 8-figure business. Selling directly to the customer makes it possible for companies to hit these big numbers; it levels the playing field.
Even a $60K Mistake Couldn’t Stop Him
In the past three years, Mike has experienced his fair share of bumps and bruises. Right now, he’s dealing with a $60,000 mistake, and while that number would make others cry and give up, Mike is ready to take the bull by the horns.
Mike found out the hard way that inspections are always necessary. He sent 10,000 units to Amazon for a new product launch, but when he finally got to see the samples for himself, he realized the units were unsellable. The quality didn’t meet his brand’s expectations.
Always inspect and verify your product before sending it out. Even if you trust a supplier, problems can arise. Sure, being out $60,000 is a fiscally painful way to learn a lesson, but Mike knows he won’t make the same mistake twice. As he put it, he could spend days stewing in self-pity, but it’s better to set emotions aside and practice how to remain calm and focused.
Advice for Budding Entrepreneurs
“Take what you need and leave the rest.”
When you begin a business, you’re sure to hear plenty of advice from those with experience. But, as Mike found out, this input represents their path, their personal journey—not your own. While the intentions are good, if their advice doesn’t resonate with you, it may not apply to your brand. Take what you need and leave the rest.
Find the holes in your competitor’s marketing and do it better. Mike noticed other companies weren’t meeting the needs of the customer—they didn’t effectively demo the product or provide personalized service. Boldify listens to customer feedback and provides a two-way conversation.
Mike also urges fellow entrepreneurs to learn about markets. You can have a high-quality, life-altering product, but if you enter a crappy market, you’ll get crappy results. The opposite holds true—a mediocre product can perform well in an amazing market. Look for where there’s an opportunity, cast aside any doubts, and be bold.