According to a cosmetic industry market report by Statista:
"In 2018, the global cosmetic market grew an estimated of 5.5 percent in comparison to the previous year. Skincare, hair care, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the cosmetic market. Skincare was the leading category, accounting for about 39 percent of the global market. Hair care products made up a further 21 percent, while make-up accounted for 19 percent in 2018. Skin care has been forecast to remain the most profitable product category, as its market value is projected to grow by 20.1 billion U.S. dollars between 2014 and 2019..." - Statista (2020)
With such a positive outlook on this industry, it can only mean that there is room for innovation from budding beauty entrepreneurs, just like you. But how can you make sure that you are among the winners rather than the losers in this highly competitive industry? We have tabulated the four key questions you need to ask yourself in order to determine your readiness for starting a beauty brand in the lucrative beauty industry
1. Are You Ready To Be Your Own Boss?
Have you mentally prepared yourself for the switch from employee (student, homemaker or whatever label fits you currently) to boss? You are going to be the one making all the decisions pertaining to your beauty brand; everything from branding, and product names to your product line and where in the world you market your brand. This total control is one of the driving forces behind many people who take the plunge into starting their own beauty brand but it is also one of the elements that catches new entrepreneurs off-guard. When you start out there is an endless list of decisions that need to be made and new questions crop up every day.
Even more important you will need to remember that in a small business you will wear many hats. Even if you manage to start out with one or more employees you will each fulfil more than one role in your new business. And if you are running a one-man or one-woman show then you serve in every capacity from accounts administrator to social media marketer to salesman to CEO. Can you handle switching from task to task and role to role like that and are you willing to make those switches?
Similarly, have you prepared your family and friends for this switch in attitude. Your life is going to change - probably pretty drastically - and that change can have a positive or negative impact on your family life and social interactions. It will make things much easier if your friends and family are supportive going into the process.
2. Where Is Your Niche?
Have you identified your niche yet? ie what sets your beauty brand apart from your competitors and all other brands in the marketplace? One of the reasons many beauty brands fail is that they fail to focus on a target audience. Think of where you envision your end-customer; will they buy your products in a supermarket eg Tesco, drugstore eg Superdrug, speciality store eg Holland & Barrett, premium store eg Boots or John Lewis or high-end department store such as Selfridges? Knowing your niche means you are better able to find, target, and maintain your customers as well as provide the best possible beauty products to suit that customer base. That focus is one of your best chances to not only survive but to thrive in a very competitive marketplace.
Always remember that independent beauty brands are now dominating the marketplace and they are doing so by finding a different approach -- a niche. Ensure you have one!
3. What Is Your Plan Of Action?
Another key factor in the survival and ultimate success of your beauty brand is how much planning you do before you launch your brand to market. You need to decide if your retail channels will be exclusively online, available only in the traditional bricks and mortar or include both. Are you going to work full-time or part-time at your new business? Are you going to hire help or go solo? Have you written (or at least outlined) your business plan? Dreaming, thinking and planning can save you much trouble and waste later when things are hectic and problems strike. Planning can also help keep you focused and to balance your spending and time.
4. Who Is In Your Support Network?
At some point, no matter how experienced or adventurous a beauty entrepreneur you are, you will need help. You will need support, advice, tools, or information -- or all of the above. One of the beautiful, and most frightening, aspects of growth is that it can lead you to places you never imagined. No matter how much planning and experience you bring to your new position as CEO the unexpected will arise. How will you cope with this? It is important to recognise that no business is an island. It is not failure to seek help. Failure is when your business shuts down because you didn't get the help you needed.
The best way to get timely help is to work on your support system while you work on building your beauty brand. That way you will already have a ready list of resources available that you can quickly tap into when emergencies strike. In today's world there are many marvellous resources available to you no matter what stage your beauty brand may be. These include:
~ Publications (newsletters, magazines, books)
~ People (beauty business mentors or beauty business consultants)
~ Networks (organisations and forums in your niche as well as general business and marketing)
~ Education and training (tutorials, courses, and seminars)
Have you answered yes to all four of these questions? If so, you have the key fundamentals to starting your very own beauty venture, now!
Visit our website for more information on getting expert help in starting your own beauty brand or if you need assistance with any of the points raised in this article email, email@example.com