Introducing Farah Kabir, Co-Founder of HANX
Farah Kabir
Meet Farah, Co-founder of HANX. A sexual wellness brand for women dedicated to creating a range of sexual health products that are gynaecologist approved and designed to sit unashamedly in our bags and on our bedside tables.
Here she shares how she started, her top tips for fund raising, the value of finding a mentor and importance of doing your market research.
Website: hanx
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“I’m a co-founder of HANX – a sexual wellness brand designed with women in mind. I am passionate about smashing taboos around sex, pleasure and health, whilst empowering people to own their sexuality. I launched HANX, with my childhood friend Sarah, in 2017 to create an inclusive sexual wellness brand that empowers positive sexual health ”
HANX
You trained as an accountant and had a career in investment banking at Goldman Sachs: how do you think this has helped your business?
My CIMA qualification certainly came in handy when it comes to financial modelling and handling a cashflow for a new business. I think my experience at GS certainly helped with raising investment for the company in terms of clout and knowledge.
What does a typical ‘day in the life’ look like for you?
My morning doesn’t start at 5am like most successful entrepreneurs sadly but I do get up at a reasonable time and admittedly the very first thing I do is check my emails, filter the important ones and then get ready for work. Pre- covid19 I would walk to work (we’re located in the city) as I find it clears my mind and listen to the news or podcasts.
The day consists of anything from meeting a potential retailer to brainstorming product development with our manufacturers all the way to discussing fun creative concepts for the brand with our lovely marketing team.
There is always usually at least one spreadsheet involved each day, I can’t hide from them sadly!
What were the main steps to setting up HANX?
Market research and understanding the competitive landscape were the first steps. We wanted to understand what the current offerings were and what women wanted from a product that didn’t exist in Europe. We surveyed over 2000 women to find out exactly what they wanted and the result were HANX condoms – our first hero product. Vegan, free of nasty chemicals, ultra thin and in neutral packaging. Next we had to find a manufacturer that would tick the boxes for our consumers – this took some time finding the right ones and negotiating; it was imperative that they had all the certifications. Once we had the product development running, we spoke to as many friends and family as we could about the idea and learnt from continuous feedback. We finally launched end of 2017 with the help of Huckletree Alpha program after a lot of cups of tea and long hours!
HANX products
You raised an impressive £1m of funding. Tell us about your experience of the fundraising process?
Fundraising is hard and can be draining. There are some time-wasters and we had a lot of no’s but after time and experience we found the investors who believed in HANX ultimately believed in the founders too. It’s also a full time job, so when we raise investment, my only task is to meet with prospective investors, create the pitch deck and ensure the financials are up to scratch.
We have a range of angel investors who believe in the brand ethos and what we seek to achieve with the company.
I’m grateful to have a range of mentors and advisors who have been pivotal in the fundraising journey.
Find a coach, mentor, advisor…. Read ALL the business books, and go to as many educational events as you can. Be a lifelong learner.
What’s your vision for HANX?
To be the go-to sexual wellness destination, creating products all the way from a woman’s first time to her first child and beyond.
HANX Products
What are your most valuable business resources?
My network – I am very fortunate to have good people around me who have dedicated their time to building my skills and also the business. This includes mentors and advisors. It also helps that I come from a family of entrepreneurs and particularly my brothers are a very handy resource to tap into when it comes to running businesses!
What are your top financial business tips?
Always have at least 3 months cover. I learnt how quickly cuts can be made in banking and that was a real wake up call for me not to always assume I can live the lifestyle I do. Diversify your portfolio. Even if you don’t have much money, open a shares ISA and have a direct debit set up. If you are unsure where to invest, start with funds and do some reading. I often enjoy investing in brands I love and that are tangible (i.e. I use them) such as LVMH.
Have a long term view, don’t invest unless you are prepared to a)lose that money and b) have a view of not needing it over the next 2-3 years.
What are your top tips for anyone looking to start their own business?
Calculate your risk. By that I mean look at the market, see what else is out there and really be honest about whether your business is offering something different. Accept feedback – good and bad as it will help you improve on your offering. Find your community. We were very grateful to work at Huckletree – a startup ecosystem where members genuinely want to help one another. Ask for help – reach out to networks, join platforms and go to events.
Have you faced any challenges as a woman in business? If so, how have you dealt with this?
I have pitched for investment where the man on the other side has either told me “it’s a man’s job” or that us “women” are not capable of making it in this industry. Which is frustrating to hear but it gives me more fuel and fire to prove them wrong.
I do believe if our applications had a man’s name it would be different story with some…
Describe your relationship with money and personal finance?
It could be better! To say I use to work in finance, you would think that I would be great with money! The truth is I have all the knowledge but often too lazy to implement that with my own finances. I tend to be generous with money when it comes to friends and family because life is too short but at times I have been known to be savvy, e.g. looking for the odd bargain.
What is the best financial decision you have ever made (business or personal)?
I am lucky to own a flat in London which seems to be my biggest asset at the moment – everything else is invested in HANX which I am confident will pay off!
What did you learn about finance and money when you were growing up?
My mother always said look after the pennies and the pounds will look after themselves.
We were always taught to save and not to waste. Education was also taught as a key to wealth.
HANX Condoms
Who is your role model?
I would say my mother – she is a true inspiration who has faced adversity multiple times throughout her life but always managed to remain resilient despite juggling a business and four children. She always has a positive outlook on life and has been my greatest pillar of strength.
What inspires or motivates you?
Communities who have struggled to have their voices heard. In particular the Black community. With everything going on, I feel compelled to go beyond just “supporting” the movement. Everyone can make a difference towards ending racism whether it’s educating themselves or offering skills, we can all make a change.
I’ve recently set up a mentor group, with contacts in the industry who are willing to donate their time to help the Black community. Whether that be cv building, career advice, life or industry insight.
Recommended reading and listening?
I really enjoyed Love In a Time of Cholera – I travelled to Cartegena and discovered the works of Gabriel Garcia Marquez.
A book I am currently reading is the Billion Dollar Whale which is fascinating.
My favourite podcasts include:
The Entrepreneurs Podcast by Monocle,
and