BusinessHABSkincare business: Are you a beauty guru looking to start your own skincare line? The skincare industry is growing quickly and there are tons of niche markets for specific products, which means you can make and sell your own! To start a skincare business, come up with a product line that you think you can sell successfully. Plan out your business by writing down your goals, doing your research, and taking care of any financial and legal requirements. You also need to figure out how you’re going to make your products and put together a business plan so you can pitch to investors to secure startup costs. To sell your product, you can set up a retail storefront, organize skincare parties, or harness the power of the internet!
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Skincare business
1. Choose a hero product that will be the main focus of your business.
A hero product, or a star product, is the main product that you sell. Choose a product that you have some knowledge or experience with so you have an idea of how it works and how to make it. For instance, if you use natural skin moisturizers for your dry feet that you make yourself, starting a skin care line of natural foot creams could fit right into your skillset.
- Decide what your hero product will be based on your own expertise and knowledge as well as your market research.
2. Add products to your line that support your hero product.
Choose additional products that you can sell in support of your hero products so you have a variety of different, but related products. For example, if your hero product is a scented bath bomb, you could also choose support products like moisturizing bubble bath soap, or rejuvenating bath salts.
- Adding support products to your skin care business will promote your main product and increase your potential revenue.
Skincare business
3. Research how to make your products online.
- Knowing your product will make your business seem more professional and will help you when you pitch your products to potential investors and customers.
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4. Come up with a name and logo for your business and products.
Spend some time brainstorming potential names for your skin care business until you’ve found one that you’re happy with. Even if it’s just a working name that you plan to change later, give a name to your skin care business to make it feel more real and keep you motivated. Then, sketch out an idea for your logo, which will be the visible representation of your brand. Think of names for your products as well and try to make them fit your overall brand.
- A great business name can help define your product line and is essential for building a successful brand.
5. Write down goals for your business so you can stay on track.
- Even though your goals may change over time, defining them in the beginning will keep you focused and help get your business established.
Skincare business
6. Do market research to determine your target audience.
- For example, you could choose to sell a body lotion to older men, which would require an entirely different marketing strategy to sell successfully than an acne cream for young women.
Tip: Use skin care industry data from government sources such as the FDA, as well as information from trade organizations and publications related to the cosmetics industry to conduct your research.
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7. Get a business license so you can sell your products legally.
In order to sell your products, you’ll need to obtain a business license that allows you to operate your business legally. Find out the requirements for your area, file the necessary paperwork, and pay the filing fee to receive your license.
- You may have to wait for a week or so to receive your license.
- Failure to obtain a business license could cause you to face harsh fines, penalties, and possibly jail time.
Skincare business
8. Set up a business banking account and keep track of expenses.
Opening a bank account as a small business can help you easily track your expenses, make you more eligible for a small business loan through the bank you open the account with, and receive small perks and benefits from the bank. Visit a bank in your area to open up a business account.
- Shop around the banks in your area to see which ones offer the best benefits for your business account.
9. Acquire the proper equipment to manufacture your own products.
- Use the money that was invested to start your business to purchase the equipment you need.
Skincare business
10. Find bulk suppliers for your ingredients to save on costs.
- Buying in bulk saves on costs in the long run.
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11. Manufacture your products yourself or hire people to work for you.
Use a garage, shed, or rent a space you can use to set up your equipment and store your ingredients. Start making your line of products or hire and train people to make your products for you so you can focus on selling them.
- When you’re first getting started, you may be able to enlist friends and family members to help you make your products.
- As you start to sell more and more of your products, you’ll make more money, which will allow you to hire more help to make more of your products!
Skincare business
12. Follow regulatory guidelines regarding cosmetics.
- Make sure you follow the rules and regulations closely so you don’t face any fines or penalties.
Tip: Keep a copy of the regulations where you make your products so you can reference it if you need it.
13. Design a packaging that is attractive and fits your brand.
Come up with a unique style for the packaging of your products, to set your brand apart from the competition. Look online for freelance designers you can hire or design it yourself if you have an artistic vision.
- The packaging that your products come in should represent your brand and be appealing to both new and existing customers.
- Make sure the packaging is also functional and easy to use.
Skincare business
14. Write a description of your skin care business.
Be honest, direct, and professional and describe how your skin care business is special and how it fits into the cosmetics market as a whole. Discuss your main products and why there is a demand for it. Talk about who your potential customers are as well as any competing companies or products on the market.
- Avoid using flowery or exaggerated language in your description.
- For instance, if you plan to start a business selling an all-natural exfoliating body wash, you could draft a description that talks about the special ingredients such as, “Key West Cleanser uses the finest sand from Caribbean beaches to exfoliate the skin, which is a unique selling point that appeals to younger audiences.”
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15. Put together an operational plan for your business.
An operational plan refers to how you plan to make and sell your skin care products. Discuss how your products are made, how you acquire the tools and materials to make them, and where they will be made. Calculate the costs of equipment and raw materials to make your products and include any additional costs that you have, such as shipping and delivery fees.
- Look into how much renting a storefront or a place to manufacture your products would cost.
- You can also include goals for your future operations and costs such as potential retail space and hiring employees.
16. Develop a pricing model for your products.
Calculate the costs of equipment and raw materials as well as the labour it takes to produce your product. Come up with working numbers for what you plan to price your products when you sell them.X
- Your prices need to be relatively close to similar items on the market in order to be competitive.
- Potential investors need to see your pricing models to decide if your business is profitable enough to be worth their money.
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17. Come up with an effective marketing strategy.
- You could use social media, email marketing campaigns, radio commercials, or any other type of marketing, but you need to explain how you plan to use them.
- Discuss why your marketing strategy is an effective one for your target customers. For instance, if you’re selling an acne facial wash for teenage boys, describe why your marketing strategy will get their attention.
Skincare business
18. Make samples of your products for potential investors.
- Making your samples also gives you a chance to finalize what your product will look like.
Tip: Put the samples into containers with your logo and business name on them to give a glimpse of what the final products will look like!
19. Pitch your skin care business to potential investors.
Contact and schedule meetings to pitch your skin care business plan to venture capitalists, loan officers at a local bank, and other organizations such as the Small Business Administration. Present the description of your business, your operational and marketing plans, pricing models, and samples of your product.
- Pitch your business idea to any potential investors you can find so you can secure the startup costs.
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20. Rent a location to sell your products from a retail store.
Look for a location that gets lots of foot traffic in an area that your target demographic frequents and has a rent you can manage. Set up your storefront with all of your skin care products and start selling to people directly.
- Hire staff to work in the store and keep money coming in even when you aren’t there if you have the funds to do so.
21. Set up a website to sell your skin care products online.
- Many services also have templates you can customize to create your website quickly and easily.
- Direct social media and online advertising to your website to make sales there as well.
Tip: Choose a domain name that includes your business name so people can remember it. For example, if your business is called “Bella’s Bath Bombs” then a good website domain name could be “bellasbathbombs.com.”
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Skincare business
22. Visit local stores and offer to sell your products to them wholesale.
Call or send emails to local businesses to set up appointments so you can meet with them about your products. Take samples and pitch your skin care business to health and beauty supply stores. Offer to sell your products at a discounted wholesale price so they’ll carry them in their stores. If they accept, you’ll have a regular customer and will get more brand recognition!
- Create business cards with your name, your business and logo, and contact information for you to leave with potential customers.
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23. Organize skin care parties to sell your products.
Organize a big party and invite as many people as you can that you think would be interested in buying your skin care products. Give out lots of free samples at your party to get people to try your products. Offer your products for sale at the party to sell directly to your guests.
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