Having the opportunity to launch a beauty business can be incredibly exciting. The industry itself is worth over $532 billion, making it a lucrative industry when exploring entrepreneurship. Whether you want to sell falsies, skincare, or makeup, there are numerous avenues that you can take.
Like any business, there are certain considerations that should be made to help with your success. For beauty aficionados just getting started, we have some expert tips for how to launch successfully.
1. Research Competitors
Always start by researching competitors in the beauty industry. By picking a competitor whose success you want to emulate, you can take notes on what has made them the brand they are. Take a look at their website and how it is designed. Consider what types of products they sell and how many different collections. You should also look at their social media accounts to find out what their customer base looks like.
In researching brands, you can also look into the people that run them. Being inspired by other entrepreneurs serves as more motivation to make your business succeed. Inspiration can come from anyone that you see fit, even those outside of the industry. Christopher Sarofim, for example, is at first glance a professional in the medical field. However, he wears multiple hats and is a highly successful businessman. Study how others have conquered their businesses and apply those same strategies to your beauty business.
2. Choose A Niche
With so many different products within the beauty industry, its good to find a niche. For example, instead of selling everything under the sun, you might want to become a magnetic lash expert. That way, consumers see you as the authority for false lashes, selling added value products such as eyeliner, lash glue, mascara, and makeup remover to get rid of any adhesives. You could even consider private labeling your own magnetic eyeliner lashes, or sell other popular brands.
Whether you choose a specific beauty product or want to have a wide offering, selecting a niche allows you to have more focus.
3. Find Vendors
The most profitable beauty businesses offer customers high-quality products that they will want to continue to buy. When sourcing vendors, keep in mind that the cheapest is not always the best. Always order samples before placing a bulk order for your inventory. This way, you can flag any quality control issues before selling bad products to your customers.
Do your research on all vendors, including those that will supply your beauty products and those that might be providing any packaging.
4. Consider Branding
Branding is one of the most important aspects when it comes to launching a beauty business. You want your brand image to be consistent across the board. This means that your packaging, website, and social media should all have the same elements.
Choose your color palette to start with, then use it in your logo, banners, graphics, and other design elements. This helps with brand awareness and it will make your name more memorable to shoppers. Good branding also helps with the overall customer experience and makes it much easier to market your store effectively.
5. Be Social
Social media is vital to any business, but beauty brands can leverage the power of social tools. Social platforms such as Instagram have 1 billion active users each month. With social platforms like Pinterest, YouTube, and even Facebook, you are putting your products in front of this large audience that otherwise would be hard to reach.
Another tip is to be active and engaging, with tons of relevant content. Consumers will want to purchase from you if you are constantly making posts and being interactive. Going back to the magnetic lash example, you could do eyelash tutorials where you show followers how to apply lashes on their upper lash line and lower lash line. Get creative on your social platforms!