With businesses reopening and working towards economic recovery, a few creative ideas may have popped in your mind when you were forced to engage in 'beauty at home'. It’s a great time to be an entrepreneur and innovate in what is being referred to as the 'post-covid' era as lockdown has really made even those that never thought they would own a health/beauty business, become owners of enterprises in this field set to pay them for many years to come . A British couple reported in the Daily Mail 7 days ago were said to have set up a hand sanitising company at the start of covid (12 weeks ago) and the business deals they struck have made them almost overnight millionaires with the value of those deals to be a whopping £30 million! This number 1, indicates that ANYONE can create and innovate in this industry and number 2, there is no idea too small to actually make it BIG!
Having that said, not everyone can or will make such success in a short time as this, but it's definitely proven that if you have the right idea at the right time and you move quickly enough you can capitalise on this thing called OPPORTUNITY. But being a successful entrepreneur in this industry requires that you look at the big picture and follow a strict plan or strategy that will see you safely transition into the world of being a health or beauty entrepreneur.
Here are some practical guidelines that can help you when beginning your own entrepreneurial journey:
1. Don’t Quit Your Day Job
First things first, consider starting your business part-time, especially if it’s online, while you’re working and have a steady income. It usually takes six months to a year to get a business going and you don’t want your ability to make your mortgage, rent or any credit payments to hinge upon your beauty business being an overnight success (like the other guys we just discussed). Start with what you can manage, financially and time-wise, and scale up as your business grows.
2. Find Your Niche
The days of serving every beauty consumer are over. Particularly online, consumers are looking for healthy or beauty products or services that are UNIQUE. Being an 'Organic' 'Clean' beauty or health brand is not enough - you need to define what sets you apart from your competitors and communicate that to your target audience. One way to do this is to find a need—something a specific group of people want, but can’t get easily nor is widely available and service that gap. Having your 'differentiator' is extremely important as competition is stiff in the health/beauty industry and trying to compete with the beauty giants may be a tall order. Stick to finding where the big guys aren’t or don't offer and run with your niche
3. Have an Online Presence
If you’ve not been planning to start an online retail business, think again. Not having a web presence is like a sin. The internet plays a valuable role in your company and there is no excuse not to have even a 1 page website (of which you can also build yourself) to tell people about your product or service. It eliminates the limitations of physical location and broadens your customer base by, literally, millions. It’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing. The key to also having a successful business showcased online is to get up to speed with social media platforms such as Facebook and Instagram of where you can also get your customers to shop off these platforms too.
Your online business and social media accounts aren't going to run by themselves either. Most successful online business entrepreneurs put in the time and the energy to make it a success, so you too have to!
4. Refuse to Quit
Failure is a part of business, however, successful entrepreneurship requires creativity, energy, and a drive to keep going even when (and if) you fail. Few people realise that many business icons have had their share of failure amongst the famous Kardashian sisters who had a series of beauty brands, products and tools from the mid millennium that utterly failed with some not even lasting a year in stores. Today, Kylie Cosmetics, Kylie Skin and KKW Beauty are all $bn businesses that have arisen like a phoenix. And it is that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones, as once famously said by Coco Chanel - "Success is most often achieved by those who don't know that failure is inevitable"
5. Get A Mentor
If you have found yourself having failed or bare the risk of failure due to various reasons such as lack of experience in the health/beauty industry, have never run a business before or don't have a solid business plan or strategy, then maybe it is time you got a mentor. Business Mentors have gone through the journey you are about to embark on and have experiences they can share that will help you not make the mistakes that you are almost by default going to make in your new venture. Seek professional help (not free) because these people live off making sure that you are a success. Think about it... what interests does a 'free business mentor' have unless it is a high-flying billionaire that wants to' give back' through philanthropic business activities or community projects as part of their retirement? And what are the chances that you will meet these people anyway? Be serious with your beauty entrepreneurial life. No, really
So How Do I get a Mentor?
Diadem Business Consulting runs Mentorship Programmes exclusively for the health and beauty industry and are committed to helping both those new to or already in business in this industry. An entrepreneurial team with over 20 years experience in the beauty industry in retail, service and franchising, our mentors also have professional grounding in Business Management, Finance, Recruitment and Marketing, making us a power force for your start up or trading business. Together with our individual expertise, we foster results-driven and proven business strategies that meet the ever-changing demands of the health and beauty landscape. We provide support to both part-time and full time entrepreneurs to accelerate business growth for their ventures through a business-specific accelerate plan guided by a business roadmap and our 5 point system for success
Get in touch with a Business Mentor today and get your beauty business to grow