While you may have been toying with the idea of starting your own skincare business for a while, you must understand it is a tricky industry. The skincare industry has been growing at lightning speed with niche markets mushrooming every day. This gives you a unique opportunity to start making and selling your own skincare products. But it is easier said than done.
Things to do to start your own skincare business:
- Create a product line: To make your presence felt in the market, you need to choose the perfect product line. The star or “hero” product is going to be your main product, and for making that, it is important to have some prior knowhow and expertise.
- Additional products: You can then choose some other products that will support this hero product. For instance, if your main product is scented bath soap, you can choose to market related products like bath salts.
- Research: You need to find out how to make the product by learning about its manufacturing in details. Without knowing all necessary ingredients that go into making it, you cannot get an edge over your competitors.
- Find a logo: To have your own product you need a striking brand name and logo. This can be done through brainstorming potential brand names till you find one which is absolutely right for your products.
- Write down your goals: Without knowing short-term and long-term business goals, you cannot be sure if your company is on track. Goals will help you make the right decisions and keep you motivated.
- Market research: This knowledge can help you design your marketing strategies better and improve your sales. For example, body lotions meant for the elderly will need to be marketed in a different way than shampoos for women.
- Get a license: Without license from a recognized body, you cannot start selling skincare products. For this, you need to find out the legal requirements in the region where you intend to operate and complete the necessary paperwork.
- Create a business account: This helps you monitor your expenses; you can also become eligible for small business loans and get benefits from banks.
- Manufacture your own products: You must invest to buy proper equipment for making the products. You can get bulk suppliers to provide ingredients and raw materials so that you can save on costs.
- Hire professionals: You could either make the products on your own or hire professionals for the job. You must either rent or buy a place to set up equipment and tools. If you wish to sell cosmetics you must follow government regulations and guidelines.
- Package the products: A skincare business can become popular when packaging is appealing and suitable for the brand. Get a freelance designer to help you with this. It is also important to make sure that packaging is easy-to-use and functional.
- Write a business plan: This describes your business, how it is unique, and what your USP is. The plan should not be too elaborate or exaggerated. It needs to highlight ways to sell and make the products. You need to have a pricing model which takes into account costs of raw materials, labor, and equipment.
- Marketing plan: Without an effective marketing plan you cannot sell your products. This is especially true of skincare products which are directly connected with how you look. The plan must be attractive enough for investors to put their money into your project. Use print, electronic advertising, and social media marketing to spread the word.