Everyone who’s into cosmetics is fascinated by the current trend of having their own line or brand. It is now much possible to put up your own brand of cosmetics because suppliers and target consumers are now more accessible than ever. Aside from that, it is an avenue for bigger income flow for you. Statista.com mentioned in its latest statistics in the cosmetic industry that its market value is projected to grow by 20.1 billion U.S. dollars between 2014 and 2019.
A lot of celebrities nowadays are putting up their own line and are getting huge success because of their fame. You might be asking how you will be able to promote your business as an ordinary person. The following are simple guides in building up your own cosmetics line plus the how-tos of promoting it.
The basic of having a business is to plan it. Planning will be your guide to what you will do next. It is like a to-do-list, which will remind you if you are missing out on the important things to do. Having it planned will give you confidence in putting up your own business, especially when it is your first time. It can also help you ease the adjustment period.
Planning includes research. Deciding on what kind or line of cosmetics you want to put up is very important as your first step. There are wide options to choose from, like skincare, hair products, or make-up. Having your own research over these things can help you decide what would fit your personality, budget, and target market. Research can also continuously help you with many other things like marketing, a list of possible suppliers, and how to grow your business through innovations.
Planning also involves the budget that you will need to start-up. This certain budget can be dictated through research. Since research can help you find suppliers, you will have access to knowing how much you will be initially needing. It will give you an idea of whether your budget fits or is still in need of funding. You might also want to consider outsourcing funds to possible investors such as family or friends or having a business partner to share with.
Outsourcing of Suppliers
Since you have done your research on possible suppliers, it is important to list them and contact them. One thing you can do is to list down all your possible materials needed — from raw materials to packaging and contact your list of suppliers. Jot down their strengths and weaknesses from their delivery time to the cost that they are charging. Aside from that, take time to see other people’s reviews of their service for you to be able to decide on which supplier you are choosing.
There are cosmetic contract manufacturers that will provide you certain materials — especially the raw ones — to use on your products. These manufacturers are intended to cater to even small businesses as well. This could be one of your options on where to get hard-to-find raw materials.
Be wise in choosing your supplier because they are considered to be your partners also. Try to outsource a supplier who will gain your trust in the long run. Also, this will ensure that your products’ quality will be sustained and consistent. Lastly, have a backup supplier just in case your main supplier can’t deliver on time due to high demand.
Know Your Market and Build it
Your market must be clear, so as your target consumer. Competition between a wide range of products can take you to a challenging phase. It is essential to decide and list the possible marketing strategies you can use nowadays. Since the pandemic started and plenty of businesses moved to online ways of selling, you can join this trend.
Social media like Facebook, Instagram, etc. are a few to mention as a tool to promote your business. It is a plus advantage that these platforms are initially free and have options to offer if you want to broaden your possible audience. You might ask what you can do to promote your products differently. This will test your creativity in selling and innovating your ways of promoting. Some product makers invest in sending their products to an influencer and paying them to use it and have a good review of it. This can broaden your market since a lot of people follow such influencers over the net.
Another advantage of this pandemic to your business is that renting up space as your physical store is optional. Since social distancing and lesser physical contact are promoted, the only platform to sell your products is online. This step can save much of your budget and can contribute to a worry-free renting fee every month.
Though having social media as your platform, it is also essential that you register your business. Legalities can gain your consumers’ trust in the long run. Since your chosen line is cosmetics, you must have your permit to operate, and your products are assured to be safe to use. These are a few to name for you to be able to execute your business well.
The cosmetic industry has been evolving through time and is now catering more and more to consumers based on their needs. Despite the pandemic currently happening, Mckinsey.com mentioned that DIY and self-care products are rapidly increasing in the United States. This shows that if you plan to start now despite the pandemic, there is still a strong possibility of growing your business.