How to Start a Skincare Business
The skincare industry is climbing its way to nearly $6 billion in revenue and shows no signs of slowing down. Suffice to say, it is a competitive business to get into in today’s world. That is not to say it can not be successfully done. There are up-and-coming skincare businesses every year making their mark on the industry. If you are looking to break into this field, there are some steps to follow and advice to heed to make the likelihood of success much higher. We will discuss below five of the first steps in how to start a skincare business.
Step 1 – Know your Stuff
Regardless of your motivation to start a skincare line, whether that be a true passion for skin or that you believe the profit margins will allow you to be a successful entrepreneur. You need to know enough about skincare that you can contribute in an educated manner to investors, employees, and customers. You do not need to be a dermatologist, but you must be knowledgeable about the products you are hoping to sell. You should take some courses about skincare, find every book you can and read it cover to cover, work with a mentor or professional in the skincare field and do as much online research as possible.
Step 2 – Choose the Right Name
Consumers love catchy names and great marketing. An excellent skin care line should have a name that catches people’s attention and makes them want to check out your website and products. A perfect example of this is Drunk Elephant. They have a name that makes you want to know more about them, and once you get to their website, you are hit with colourful graphics and cleverly named products. A name will not continue to sell products if they are not quality, but they get people’s feet in the door or their eyes on your website. A crucial part of this step is to ensure that it is still legally available after choosing a name. The patent and trademark offices are an excellent place to start with this.
Step 3 – Take Care of the Legalities
Before you can start getting your skincare line out to consumers’ hands (and their faces!), you want to make sure you have crossed all your T’s and dotted all your I’s when it comes to the legal stuff. Consult a professional to help you with the licenses, product liability insurance, and other legal processes that need to take place. You may not want to spend the money as a new entrepreneur on lawyers fees, but in the long run, the money spent may save you a lot of hassle and more money in the future.
Step 4 – Create Products that Deliver
Skincare is all about results. You have one shot at getting a customer to come back and buy more of a product or try new products from your line. Most skincare lovers know that you have to give a product about three months to judge its effectiveness for your skin. Depending on how long a product lasts, you want to ensure that its profit margins will make you money and that the product does what it promises. Customer reviews are everything, and you can be sure if your products do not live up to the expectation, customers will write exactly how they feel about them online.
Step 5 – Commit to Building the Brand
Branding is absolutely everything in today’s constantly evolving world that relies heavily on a social media presence. It is important to remember to commit to building a brand and not just a business. Make sure there is a story behind your business and a cohesive narrative. Take time to develop a brand theme, narrative and robust foundation that customers can come to feel like they know and belong to. If marketing and branding are not your strong suit, you can find independent contractors and freelancers on sites like Fiverr to assist you.
So, are you ready to start a skincare business?
Starting a new business is an exciting venture that can lead to a life-changing set of events in your life. It will not be easy, but it most definitely will be worth it. If your goal has always been to create a skincare line, the five steps above are a great way to begin the process. With research, planning, and a commitment to success, you can make your dream of helping people achieve beautiful skin a reality while earning a profit that affords you a lifestyle you have always wanted.
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