We all want healthy and radiant skin and today most of us have at least a rudimentary skincare routine. The skincare industry is experiencing consistent growth as consumers are growing more discerning in the skincare product they purchase.
The global skincare market is expected to grow from $100.13 billion in 2021 to $145.82 billion in 2028. As consumers want to invest in natural high-quality products, there are many opportunities for skincare entrepreneurs to develop and promote their own products to consumers.
If you’re curious about how to start a skincare business, in the article below we share six tips you need to consider.
Draft a Business Plan
Before establishing a skincare startup and investing your time and money, you need to have a clear vision and a well-written skincare business plan. This is essential for anyone starting any type of business as it will ensure that your business has the potential to thrive long-term.
Your plan isn’t only about showing potential investors that your business idea is solid, but it’s an important tool that you can refer to every time you’re facing important decisions. It will make your operations run simpler and smoother. So, work out what your brand will stand for, what products you plan on selling, what your niche market is, where you’ll be selling, how you will fund your business, and who your competitors are.
Do Your Research
One of the first steps when launching your skincare business is to look at current market trends and see how you can find your place. This type of market research is especially important in the beauty industry and will help you understand what is lacking in the market, identify the products you can offer, and earn money. Newcomers are advised to read beauty blogs and publications and follow influencers to learn about the latest trends or use a tool such as Google Trends to validate their ideas.
Another strong recommendation for newcomers is to collaborate with other skincare companies to grab the attention of potential customers and promote your own. So if your business offers rich facial creams you could collaborate with a cosmetic clinic that offers injectable treatments. For example, if your business is based in the Toronto area, you can visit Skinjectables Botox Clinic and see what they have to offer. Collaborating with an already well-established business can help you gain your potential customers’ trust.
Remember that learning is a never-ending process and this especially goes for the skincare industry as there are constantly new developments so you should always work on staying updated when building your skincare brand.
Decide On a Hero Product
The hero product is the main product you choose to offer to potential customers. Choose one that you’re well-familiar with or have some experience with so that you know how it works and how to produce it.
For instance, if you produce your own organic skin moisturizers for dry hands, setting up a skincare brand of organic hand lotions can be right up your alley. Based on your own experience, skills, and understating, including thorough market research, try to figure out what your hero product will be.
Check All Legal Requirements
It’s extremely exciting to begin your own skincare business but there are certain legal requirements that you need to take care of first. To ensure that your skincare products meet the appropriate quality and safety criteria, you must first familiarize yourself with the Food, Drug, and Cosmetic Act (FD&C Act).
In addition, your skin care products must be safe to use and appropriately labeled for consumers. You must also think about various licenses or documentation to protect your brand. If you’re unsure about what is in the best interest of your business, contact an attorney to make sure you’ve squared away on all fronts.
Ask for Help
In the beginning stages, it’s normal not to know everything about creating a thriving skincare business. However, you can still learn a lot from people who have insider knowledge and experience. Yes, you can learn quite a bit from free webinars and courses but learning from people who have walked the same path can help you avoid confusion and more work in the long term.
Market Your Skincare Business
Once your skincare business is up and running, it is crucial to come up with different strategies to promote it. Don’t skimp out on the basics. Develop a marketing plan to build public trust that the skincare products you’re selling are safe to use. Set up a website, create your social media accounts, and give email campaigns a shot.
You can also use your buyers’ personas to think about what type of marketing materials are most likely to grab the attention of your target group and where they might actually see your marketing campaigns. For example, older audiences might prefer traditional TV ads, whereas younger audiences are more likely to look for skincare products on Instagram or TikTok.
Before starting your very own skincare business, you must consider our six tips. Doing your market research, creating a strong business plan, and keeping up with the newest trends will help you build a reliable skincare brand that resonates with consumers.