Many people are experiencing an unexpected “time-out” in life right now, and it’s given them some space to think seriously about pursuing their dream career. If you’re a budding beauty guru, you may be wondering if this is a good time to start your own line of cosmetics. It seems like the luxury brands keep getting more expensive, but beauty products don’t need complicated formulas to look radiant.
It’s never been easier to create customized makeup at home, but the question is whether there’s a market for it. According to the “Lipstick Effect,” your chances are good. The Lipstick Effect theorizes that, in times of economic crisis, consumers will cut back on higher-priced luxury items, but continue to treat themselves to smaller indulgences, such as lipstick, because they make them feel better. With that in mind, take a look at what you need to start your own cosmetics business.
If you can develop a signature product that proves to be a hit, you’ll be able to build a reputation and a foundation to expand your line. Because you’re new to selling your own cosmetics and these are uncertain times, you probably don’t want to commit all your savings by going all-in on an elaborate company. Experts will tell you to stay lean and build authority within your niche first.
Ask yourself what you’d like your marquee product to be and do some market research to ensure it’s worth investing any time or money. To lure customers away from brands they are already loyal to, make sure that your cosmetics offer something unique that doesn’t just add to the beauty industry, but expands upon it.
An Understanding of the Rules
If you want to sell something like lip gloss, make sure you are familiar with the FDA regulations that govern what ingredients you can use, and what claims you can or cannot make on labeling. There are many compliance issues involved when it comes to labeling cosmetic products, including the accuracy of ingredient lists, medical claims, and medical risks. You are responsible for the safety of your products, so brush up on legal consequences in the event something goes wrong. Consulting both national and local guidelines will ensure nothing is contaminated along the way.
Look into any licenses you need to apply for as well. Regulations can vary by location. Depending on the scope of your plans, you may need licenses for a home business and permits for a manufacturing space. Your city’s business development department can tell you more.
You’ll need to create a prototype of the product you want to sell to ensure you can duplicate its quality and appearance. Stock up on the ingredients you need to perfect the beauty aid you want to introduce to the world. If the Lipstick Effect has inspired you, put a twist on the idea by offering a lip gloss that will appeal to consumers as an irresistible impulse buy or the perfect gift for someone else. In that case, the only ingredients you’ll need are bulk lip gloss base Versagel, a base oil such as castor oil or coconut oil, a tint, an essential oil for aroma, something to flavor the concoction, and some sparkly packaging.
Keep things simple when you’re just starting out, as there will be fewer ways to make a mistake. Some other foolproof homemade spa items include body scrubs, solid perfume, and bath bombs. These items don’t require many ingredients and happen to be reliably solid sellers, too.
A Business Plan
At the very least, you need to ensure the price you’re charging will result in enough profit to make it worth your time and effort. Ingredients add up, distinctive packaging comes at a price, and professional photographs might be worth the investment, as they can have a significant effect on your product’s online appeal. You can look into the pros and cons of different suppliers if you plan to buy ingredients in bulk.
You’ll want to compare different marketing strategies that will target your ideal demographic and diversify awareness of your product. You can look into sending your product to internet influencers for review and exposure or opening social media accounts on platforms such as Instagram and Pinterest. You can also opt for more traditional marketing methods, such as starting a blog that can attract browser searches with keywords, establishing an email marketing campaign, and buying straight-up ads. You’ll have to prioritize the best ways to maximize your budget. You may want to set a date with a financial goal you must meet before you commit to moving forward.
You’ll enjoy brainstorming for your brand more than writing a business plan, guaranteed. Your product needs to catch consumer’s eyes, be distinctive from competitors, and have a mystique and purpose that makes it a must-buy. Once you’ve created a story that explains what your cosmetics are about, you can consult a graphic designer or try your hand at creating a name, logo, color combination, and design that will convey your message with one glance. It’s a lot to take on, but it’s a fun challenge. Your goal is to sell a product that will add to consumers’ lives, even if only in a small way. You need shoppers to have an emotional response to your product. As such, it’s a good idea to research your competition to learn from what’s worked for them and determine how you can set yourself apart.
A Sales Venue
Currently, the future of brick-and-mortar shops is too uncertain to delve into those waters. That’s good news, though, as it will lessen your financial risks and simplify the process. You can still start your business by taking advantage of sales tools such as Etsy to build your consumer base. While Etsy does take a percentage of sales, it can be worth it in the beginning, as you will not have to focus on the technicalities of building a website, the intricacies of search engine optimization, or come up with an advertising strategy on your own. When many small business owners feel growing pains because of Etsy’s limitations, they turn their focus toward migrating those customers to their own websites. You can look to a service such as Shopify to set up a transactional space with minimal fuss.
Again, unless you have a lot of retail experience or in-depth knowledge of the beauty industry, you should start small, focus on a single marquee product, and build from there. A larger portion of sales have moved online during this health crisis, so there will be plenty of opportunities to catch the attention of new customers. After all, this is exactly when customers will be looking for new pampering products that will give them the Lipstick Effect.
If you’re looking for a way to break into the beauty market, you can increase your chances for success with a lip gloss that will appeal to the new work-from-home demographic who no longer has a need for more elaborate makeup. Consider what you need to start your own cosmetics business and find the no-fuss supplies you need at No Prob-Llama. Visit us to stock up on proven ingredients and to gain inspiration to begin your journey to success.