The typical American spends over $320 on their skincare regimen each year. That means you’ll always have an audience if you start a new business centered on skincare products! There’s never been a better time to dive in and bring your skincare formula to the public.
Stay with us to learn how to start your own skincare company!
Determine Your Focus Area
As you’re determining your business’s focus, consider the industry trends. Is retinol still a coveted ingredient? Would it pay off to use only organic ingredients?
You don’t want to invest in unpopular or outdated ingredients. And you want to align your product with your customer base. For example, seniors may prefer products that soften wrinkles over foundations that contain astringent.
You’ll also need to ensure that your skincare products are safe for consumers. The Food, Drugs, and Cosmetics Act sets standards for labeling and product components. Check to be certain you are in compliance to avoid legal troubles.
Get Your New Business Organized
Start by writing a complete business plan where you map out your mission and strategies to grow. Include the names of personnel involved, and identify your initial expenses.
Add your projected revenues and expenses for the first five years. And perhaps most importantly, schedule quarterly meetings with key stakeholders. This is your opportunity to revise plans if you’re moving in the wrong direction.
Look into getting product liability insurance and any necessary licenses, too. If you’re producing your products from home, check off any needed health inspections. And if you’re contracting with other businesses or facilities, obtain copies of your contracts.
Market Your Skincare Products
When you start a business, you need to invest in branding. Hire a graphic designer to create a logo that reflects your identity.
A sleek logo with minimal colors may appeal to young professionals, for instance. But if you’re marketing a new lip gloss to teens, you may want to choose bolder colors.
Set up a website to tap into online sales. And establish a social media presence where you can engage with customers. Post pictures, reels, and other insights into your business on each business day.
Find a Reliable Manufacturer
Eventually, a successful new company will need to expand its manufacturing beyond a garage or basement. Make sure that you’re talking with potential manufacturers. See what kinds of bulk production deals they offer, as well as how quickly they can produce your products.
Ideally, find a manufacturer that is able to offer personal care packaging. That way, you’ll be able to offer professional and accurately labeled products.
And try to find a local or regional manufacturer to make communication easier. If you need to upscale quickly, for instance, it can be helpful to meet in person to discuss your needs.
Learn How to Start a Skincare Company
Starting a skincare company is a rewarding way to help people feel better about themselves. Once you’ve determined your niche, map out your business strategy and manufacturing plans. Maintain a strong brand voice and don’t overlook necessary permits and licenses.
Get more tips to bring your new company to life. Check back for fresh articles soon.