The skincare industry has evolved immensely over the decade, coinciding with the self-care movement and growth of social media-driven entrepreneurship. One evidence is that nowadays, wherever you go, many skincare products invade store shelves and mall booths. And as skincare regimens became more complex and varied, so did the selection of goods.
Try visiting an online skincare store, and you’ll get dizzy browsing pages upon pages of moisturizers, cleansers, toners, serums, gels, mists, and the list goes on.
In recent years, there have been remarkable brands that have exploded and expanded into the mainstream. But you’d be surprised to know that many of them came from humble beginnings. Chuckling Goat, soapNskin, and Clockface Beauty are great examples of homemade-products-turned-successful-brand.
That said, whether you’ve already been experimenting with a few recipes or you’re a skincare enthusiast looking for a new professional path, starting a skincare business is a great idea.
Learn how to get started and succeed in the industry.
Perfect your products
Behind the glitz and glamour, the most successful skincare businesses are those that have excellent products. That means they deliver on their promise and are safe to use. To build a cult following, you must make sure your product really lives up to expectations. To achieve this, experiment on different formulations and get them tested rigorously for safety and effectiveness by a trusted lab. You can also give out samples to friends and relatives and see how they react to different skin types. Keep repeating this process until you’ve got products that you can confidently take to market.
Pick a niche
While you’re experimenting with formulations, it’s also important to already have a niche in mind. The skincare industry can be quite competitive, so if you don’t have anything special or new to offer, it could be hard to stand out. One strategy is to pick a specific niche and craft your products to cater to it. For example, a line of waterless and all-natural moisturizers safe to use during pregnancy, cruelty-free and parabens-free cleaners, or certified organic serums.
Study your market
Doing in-depth research on your target market should also happen simultaneously while you’re working on steps 1 and 2. Try to find out what your competitors are doing and find gaps in their offerings. Study how they market their products, what their message is, how they interact with customers, and how they form their image. If these brands are doing it well, then it means their strategy is working. You can then build on this to come up with something better.
Get a partner
While many businesses started with just one person, it’s still good to have a partner who can fill skill or knowledge gaps and help you get more funding. It’s also wise to get a partner who’s passionate about your products, has business and finance savvy, and, more importantly, a willingness to collaborate with you.
Secure funding
Once you’ve laid down your business plan, have done your research, and have perfected your initial product line, you can start applying for business loans. Make an awesome pitch and practice your lines with your partner. There’s no one-size-fits-all strategy to securing business loans, but it pays to have a deep understanding of your business model and long-term goals and come prepared to talk numbers.
Find trustworthy suppliers
If you’ve managed to secure funding, congratulations on making it this far. From here, you can start expanding your one- or two-person operation into a network of suppliers and manufacturers. Start with a few trustworthy ones and make sure you’re sourcing your ingredients from the best. If you’re doing all-natural and organic, make sure your raw materials come from certified organic farms and sources. It would be wise to visit them first and see how they work first-hand before making a deal.
Build your brand
Branding is everything in skincare. Consumers in this market have become quite meticulous and wary, and for a good reason. Plenty of big brands have resorted to deceitful tactics to take advantage of trends. So it’s important to build a transparent, unique, and trustworthy brand. One way you can do that is to be clear and straightforward with your messaging and only advertise realistic results. And, of course, avoid making bold claims. One way you can build people’s trust is to partner with influencers and other beauty gurus who can make honest reviews of your products.
Start an e-commerce website
Since the COVID-19 pandemic broke out, people have been using the Internet to discover new brands and buy their favorite products. People love to shop moisturizers online, among other things, because they can look at ratings and reviews, study the label carefully, and do further research without leaving their homes.
This is why it’s important to build a digital presence right away. It can be the best strategy to penetrate the market while you’re still building reseller partnerships. In fact, some skincare businesses that have started online have managed to succeed even without having to sell in retail chains and boutiques.
Start a mall kiosk
Another way to build brand awareness is to put up a mall kiosk in your local area and start selling your products in your hometown. People appreciate and love local businesses, so be sure to include that in your advertising. Plus, a mall kiosk allows customers to try the products first-hand, which can further improve your credibility.
With these ideas, you can ensure that word about your products can spread. Take the necessary steps to ensure you prepare to handle a business that can see growth and success in the future.
