Shaindy’s Wigs, LLC

Customer:

For many women in the Orthodox Jewish culture, choosing a wig is an important step in preparing for married life. Traditionally, wigs are worn to address the belief that, once married, a woman’s natural hair should be seen only by her husband. Women choose the wigs that best reflect their style and preference, and often Orthodox women will have multiple wigs and other head coverings that are appropriate for a variety of occasions. Shaindy’s Wigs, LLC caters to that customer base.

Shaindy Braun, owner of Shaindy’s Wigs, LLC, began her career in the wig industry more than 17 years ago, working for other wig companies and learning more about the ins and outs of the business. During that time, she developed lasting relationships with her customers, many of whom have remained customers of hers to this day. Before launching her own company, she also worked for a friend, selling her wigs and gaining a better understanding of what goes into the manufacturing and pricing of products and services. She formed Shaindy’s Wigs in 2012 and does business under the name of Sary Wigs, using the first initials of her children’s names to form the Sary name.

Challenge:

Shaindy began the company with her own savings and was determined from the outset to reinvest all of her profits into growing the business. She identified the niche she wanted to serve as quality/value, selling wigs that have a high-end look and are made from high-quality materials at an affordable price. Within the first few weeks of opening her doors, she sold more than 50 wigs and began to search for a supplier that could meet her growing inventory needs. After meeting with several overseas suppliers, she was able to find one that could deliver exactly what she wanted and would work closely with her to create the wigs she knew her customers wanted.

Soon, the business grew, spreading nationally and then internationally as she established her reputation for quality, value and customer service. Many of Shaindy’s customers today are wholesalers who have discovered her designs and are looking for more inventory for their channels. With a mix of about 50 percent retail and 50 percent wholesale, she is aware of the importance of having extensive inventory to enhance customer options. To take the business to the next level, she needed additional funding.

Solution:

Shaindy talked with her accountant about securing outside funding from a financial institution, and based on prior experience, her accountant immediately recommended that she get in touch with KeyBank. She connected with a local KeyBank Relationship Manager, who learned more about her business and talked with her about the loan options for realizing her goals. Together, they decided that a loan from the Small Business Administration (SBA) was the best fit.

Two loans—an SBA 7(a) Term Loan and an SBA Line of Credit—have made it possible for the business to take off. Shaindy is committed to retaining the small-business feel, but the additional funds helped her expand to three lines of wigs at a variety of price points. She feels that KeyBank’s expertise with the SBA program made the process simple and fast, and she plans to work with KeyBank to fund additional expansion, perhaps even acquiring her own commercial space in the future.

Results:

Thanks to the SBA loans, the business is on track to continue its growth and is well positioned to capitalize on future opportunities. With three lines of wigs and a deep understanding of what drives her customers’ purchase decisions, Shaindy is very optimistic about her company.

In addition to the wholesale business and the retail operation that provides individual sales as well as styling services, both primarily serving the Orthodox Jewish community, Shaindy is exploring ways that she can use her expertise to meet the needs of women who are looking for wigs for medical reasons. She recently helped a friend who had lost her hair because of chemotherapy, and immediately recognized that there is a huge opportunity personally and professionally to make an impact with that customer base. In fact, she feels a responsibility to make it possible for every woman to feel beautiful no matter what, doing everything she can to make products available even to those who can’t afford them.



"I wasn’t sure how hard it would be to secure the loan I needed for my business growth, but KeyBank took care of everything. They explained the process and made it simple for me. With all the details in place, all I had to do was come to the closing and sign the papers."
– Shaindy Braun, Owner, Shaindy’s Wigs, LLC