How to Start Your Own Skincare Business
Do you have a passion for beauty and want to be your own boss? You could start your own skincare business today. Read this article to find out how.
Beauty is probably one of the safest and reliable industries to have a business in. The demand for skincare and makeup will never go out of fashion. So starting a business in the skincare industry is a fantastic business idea, you just need to know how to manifest it.
Do the research
Research is very important for a skincare brand, because the products are being used on the faces of women and men around the world. You need to research potential dangerous ingredients, allergies, sensitive skin and skin conditions. You may decide to try to introduce a product that can help address a skin issue, or perhaps fill a gap in the market.
For example, take Eye Envy. The formula they produced helps grow lashes and brows back especially after being over-waxed or damaged from extensions. Priced at $120 per bottle and can prove real results, it’s a killer business.
To get some ideas flowing, next time you’re doing your skincare routine think about anything that annoys you about the products. Maybe something you would like to change about mass produced brands that can ease use or application. Discuss these ideas with some friends to see if it’s a viable product to introduce. If you have lots of people agreeing with you, it could potentially be the next big thing in beauty.
Visit the manufacturer
When it comes to selecting your manufacturer, it’s ideal to visit them in person. In saying this, it is of course convenient to go local, but if you can’t find the right manufacturer at home don’t be afraid to look overseas. Other countries may have the correct resources to produce the product you want, so this can’t be underestimated.
Make the trip out there to visit a few factories and build a rapport. This is the only way to really see the process, understand the way it works and have control over your own product. You want to know exactly what is being put in the formula and the power to change it if necessary.
Testing every product is so important. Test it on yourself, friends and family or whoever is willing. Take into account if they have sensitive skin or any allergies and if there are any reactions. Go back to the drawing board and start the process again if any problems arises.
It’s going to be a big trial and error process, but once you find that perfect mix it’ll be so worthwhile. Your customers will love you for it as well, knowing how much effort and how dedicated you are to providing the best products you can.
Document the process and show it off on social media. Being transparent and upfront with people helps build a trustworthy rapport with your customers. This will create loyal repeat customers as well as amazing word of mouth referrals for free.
Before you start your skincare business, you also have to choose the structure. If you’re starting with a friend, perhaps a partnership is best. If it’s a solo mission then maybe a PTY LTD company. There are many options and one or two may suit your situation best. Speaking to a business lawyer can help clear this up.
It’s so important to get this right because tax obligations, GST claims, and potentially how much control you have over your sales can all depend on this decision. Choosing the wrong structure can incur thousands of unnecessary costs for things you don’t need.
Roll with the punches
A big part of business is expecting the unexpected and knowing when to let things go. You can try your best to prepare for many different scenarios, but chances are something will get thrown at you that you had no clue even existed. That’s why it’s important to be able to react quickly, make decisions quickly, but also know when you need to let go.
There’s absolutely nothing wrong with being a control freak over the process of manufacturing and ensuring everything is as perfect as it can be. In fact, that is commendable and more businesses should do that. It can be easy to get stuck in the same routine though. The world is constantly evolving, so while a product works really well now, there comes a time where something new is needed.
This is where you have to be able to let go of the thing you worked so hard on and start the process all over again.
Taeisha is a Legal intern at Lawpath. She is a Law student at Macquarie University, previously completing her Commerce degree. She has an interest in Commercial Law.