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Guest post by Melissa Page
With Kylie Jenner’s newly launched skin-care line to the 10-step Korean skin-care routine, it’s crystal clear that beauty is still one of the most booming industries today. In fact, it has skyrocketed to a $532 billion value and counting.
It’s safe to say that entrepreneurs who want to try their hand at a skin-care line are taking the right route. They’re entering an overcrowded yet promising market, so it’s best to make a solid start.
There are several things to consider to achieve success in the skin-care industry.
Crafting a Business Plan
As with any other business, a business plan is a crucial requirement. It helps the business owner set goals and plan how to achieve them.
There are many ways to create a winning business plan. For a skin-care line, it should provide a start-to-finish process: from registering the business, to connecting with suppliers, to promoting the products.
An extensive business plan includes an overview of the industry, an executive summary, and financial projections, among others. Business owners should also have a good understanding of the target market to be able to point out the brand’s strengths, weaknesses, and opportunities.
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Deciding on the Hero Product
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While entrepreneurs can launch a skin-care line with multiple products all at once, having a hero product defines the brand better. It’s more of a marketing strategy—promoting a single product is easier than marketing the whole brand itself.
The hero product is usually the brand’s best seller. To decide on the hero product, business owners should consider which of their products represent their brand best. For instance, if a business takes on the environment-friendly route, its hero product should be organic and cruelty-free. If they’re all about inclusiveness, they can consider a skin-care product that all genders can use.
Following Industry Regulations
Since skin-care products affect a person’s health and body, business owners need to make sure their products are safe to use for their customers. With this, they must comply with the US Food and Drug Administration (FDA) regulations, which fall under the Federal Food, Drug, and Cosmetic Act.
This law ensures that all cosmetics are safe for consumers. It also enforces the proper and accurate labeling of products. This is why it’s important that the product packaging is not only appealing to the target audience but also clear and concise.
Marketing the Business
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Entrepreneurs face tight competition in the beauty industry. A business may have a good product, but that won’t gain enough traction without a good marketing strategy.
Before anything else, sellers need to decide on a business name and logo. They can check with the US Patent and Trademark Office to make sure their business name is still available. Otherwise, they can find an alternative that won’t put the company in legal trouble.
Once all that’s settled, it’s time to get the brand out there. Here are some essential tips you shouldn’t miss out:
- Create a website. A website is a nonnegotiable requirement for any business. If sellers want to succeed online, they’ll need the platform to reach out to a much wider audience.
- Sell products online. While they’re at it, business owners can set up an online store where buyers can conveniently choose and purchase their products. It’s a hassle-free option for both parties.
- Establish a social media presence. There are 3.5 billion social media users today, so if a business is not active on Facebook or Instagram, they’re missing out on a ton of traffic and conversions.
Manufacturing and Packaging Products
For entrepreneurs starting small, they can start making their skin-care products at home. Some easy-to-make skin-care products include soaps, clay facials, and toners. But before jumping in, make sure all ingredients and processes are safe for use.
On the other hand, business owners can find manufacturers to create the products for them. This requires a lot of research on their end. They can check client reviews to see if their products are at par with the standards and if their processes are ethical and align with the brand’s values.
For the packaging, connect with a creative designer who can help bring the brand’s personality and vision to life. Getting a freelancer for the task costs less than hiring an agency does, but the final decision is completely up to the business owner.
Starting your own skin-care line is a challenging but exciting venture. Competitors will be out and about, so it all boils down to having a product that stands out. Of course, going through the right processes helps launch that product on the right note.
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