The beauty industry is valued at up to $511B in 2021 and is expected to grow annually by 4.75% worldwide. By 2025, it’s predicted to exceed $716B by 2025 and $784.6B by 2027. Read more about Australian Industry Trends here.
So how can you succeed in getting your unique business known out there? Don’t let these big statistics scare you. This article will walk you through exactly how to run a successful beauty business. Let’s start by moving your business to an ecommerce store.
Where do you start?
There is no denying that many businesses are moving online. More and more people are enjoying the convenience of sitting on their cozy couch at home and purchasing products at the tap of their fingers. Especially in the midst of the pandemic, a large proportion of your revenue is guaranteed to be from online orders.
Now let’s dive into the questions you’re really interested in. How do I get my business name out there? How do I start an online beauty business?
Step 1: Get back to basics
First, you should take a good amount of time creating an authentic brand image. You will need a simple yet eccentric logo, packaging, website and a loyal community of customers. Think about what will make you stand out amongst the rest. Is it the quality of your products? Or is it your business’ values that will draw in customers? You must decide on your company’s 2-3 competitive advantages and target customers accordingly.
Grab a piece of pen and paper and answer the following questions.
- What makes your business different?
- Who are your target customers?
- How will you reach them?
- Are your products or services totally new? If not, how will you stand out?
Draft out all the products and services and begin crossing off those that are indifferent.
Step 2: Register an ABN
What’s next? Register your business to secure your business name and your unique Australian Business Number (ABN). It can be daunting to be all on your own, so you can start by hiring a lawyer or researching the steps on how to register your business.
Do you want to start your own website?
Use our ‘Start a Website’ workflow to complete and check off all your legal requirements.
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Step 3: Create a loyal customer community
It’s so important to build a community of customers that will remain loyal to your products over your competitors. How can you achieve this? It’s simple, give customers the incentive to return to your products and services.
Creating loyalty points for each time a customer purchases your products can be a good starting point. But it may not be enough these days to really sustain a community when all your competitors are using the same strategy. So be unique and try to come up with alternative ways to get your customer to return to your store.
Step 4: Utilise the power of social media
Utilise the power of social media. Instagram in particular is extremely popular among brands and influencers in the beauty industry. Not only that, the followers on your instagram account is a great indicator of your growing community!
Here are some simple steps for you start an online beauty business and make the best use out of a Instagram account.
- Create a business account on Instagram
- Link the business account to Facebook
- Ensure you use appropriate hashtags for each post to reach target audience
- Post 2-3 stories per day and up to 2 posts per week
- Host giveaways and promotions as they are essential to connect with your followers
Read more about the 5 Ways Your Business Can Use Social Media Effectively.
Key Takeaways
Understand your business in and out thoroughly. If you don’t know your audience, selling point and products, who will? Understand your unique competitive advantage and build a strong community of customers. Make good use out of social media and post frequently to remain connected with your clients.
Now get to work and have fun!
