You’ve always imagined coming up with your own beauty company, but the abundance of competition in today’s market is enough to give you chills. It seems the opportunity to establish your own brand has passed–or has it? If you go on social media or online forums, there are still a lot of women who haven’t found the right product for their sensitive skin and acne scar issues. What works for others haven’t worked for them, but your solution might just do the trick.
In case you’re wondering about what it takes to profit from your own beauty hacks, here are three tips on how you can still break into the market and create a successful beauty company.
Compelling Story, Compelling Selling Point
Here’s what you need to understand with today’s market, particularly in the beauty industry: origin stories matter. If you have a compelling story on how you came about the idea for your beauty company and what your products have done for you, then you increase the chances of attracting customers. Social media platforms like Instagram understand this best, which is why its algorithm focuses on genuine engagements. Your story needs to start a conversation or at least become a part of a relevant one.
Perhaps you found out that you have a rare skin type or condition that makes you extra sensitive to harsh chemicals. Maybe you have a complex relationship with your skin and the expensive products you need don’t fit your budget. Giving potential customers something to relate to is one of the best selling points for beauty companies. You can even begin your marketing by posting your glow-up journey on your social media accounts. Consumers are big on “evidence” to ensure that you’re not pulling their leg. Go the extra mile by launching your YouTube channel or going live twice a week to talk about what your experiences and products. The more people see you and hear why your company exists, the better the chances that they’ll connect and make a purchase.
Before you begin working with private label skincare manufacturers, you’ll want to speak to experts about your plans. Think dermatologists, skincare gurus, marketing and branding specialists, and people in your industry who are willing to share a couple of business tips with you. Simply having the assurance that you possess a competitive edge isn’t enough to launch your beauty company right away. You’ll want to draft your business plan and speak to as many reliable people as possible to know what needs changing, removing, and improving in your current vision.
If you have never done market research before, now is the time to learn from a credible voice in the industry. This is how you’ll know whether there’s a demand for your particular product or not. It’s also where you’ll get an idea about pricing and how your competitors are faring.
You’ll also want to discuss how the pandemic impacted the beauty industry. While purchases for cosmetics are still high, the boom of clean skincare products has increased exponentially. There’s also a greater emphasis on sustainable practices, ingredients, and packaging, so you’ll want to watch out for those choices. More people are now aware of what’s good and what’s not for the environment, and you don’t want to be called out on social media because of poor choices even if you don’t market yourself as a sustainable vendor. Green choices are no longer an option in any industry, but a must. Consumers are now holding businesses accountable to prevent another pandemic from popping up.
Scale Your Business
You’ll want to grow your business eventually, so scaling it properly is important when you’re just beginning. This applies to how personalized your packaging is and whether it affects your ability to sell with other retailers. There’s also the matter of choosing the right ecommerce platform for your vision. Wix, Shopify, WooCommerce, and Zyro are among the top platforms you’ll want to consider, but be careful in evaluating your compatibility with their unique attributes. It’s costly to have a great start with one website only to realize that it cannot support your growth rate and needs.
Another important decision you need to make lies how you’ll produce your products. Some beauty companies establish their own labs at home or in a commercial space, while others hire private label skincare manufacturers. Your choice will depend a lot on your ability or inability to create a sterile environment with all the tools you need to produce your products. Unless you have the capital and the experience, you’ll want to stick with a reputable manufacturer that can meet the quality you want.
Embrace Your Journey
The experience of launching a beauty company and making it thrive will be different for everyone. Embrace your journey, but be guided by the lessons people in your industry learned through their own errors. At the end of the day, the only thing standing between you and your success is your determination to manage your business like a true CEO.