What to do before Starting a Skincare Business
How to Start A Skincare Business from scratch:
Skincare is all the rage, and with good reason! It's an industry with plenty of room for growth, and it's also one where consumers are likely to spend a lot of money themselves. But as any business owner knows, starting a new company is no small feat. Before you dive straight into your skincare venture, consider these steps first:
Find a niche.
The first thing that you need to do is find a problem that needs to be solved. To do this, list your target market and the products they use. Then, list your competitors’ unique selling points and features in order to determine what they offer that you don’t.
Once you’re done with this, write down all of the products that are already on the market (and those which aren't) so that you can think about how your product would fit into them as well as what makes it different from other similar ones available in the market.
Decide what type of ingredients you want to focus on.
Trending ingredients. What ingredients are trending right now? Are there specific ingredients that are in demand, or popular with your target market?
Ease of sourcing. What products are easy to source, and which ones are more difficult?
Easy to work with. Some products may be easier to work with than others, so you want to consider how much time you’ll save by working with a particular product over another one. For example: You could use a serum containing hyaluronic acid or glycolic acid, but would need to combine them yourself if you wanted the two effects; however, using an anti-aging cream that already contains both active ingredients would save time and money on sourcing these items separately (but it might not give you as many benefits). In addition to saving time on sourcing, some products are also easier than others when it comes down to actually applying them onto skin (e.g., creams vs serums). So even though they might be pricier than other options out there at first glance due their convenience factor alone!
Before you start your skincare business, make sure that you have a good idea. This means that you need to have thought through all the details and know what your goals are. What kinds of customers do you want to serve? Where will they be coming from? Who are the competitors in this field, and how can I beat them at their own game? How much money do I need to get started and what revenue projections will be realistic for my company? What is my supply chain going to look like—how do I source raw materials for my products, and how am I going to make sure that I have a steady stream of inputs without having any major interruptions in production? These questions should all be answered before starting any kind of business plan or financial projections.
Will you make the product or buy it pre made?
The next thing you’ll want to consider is whether or not you want to make the product yourself, or buy a pre-made one from a manufacturer. There are several advantages and disadvantages to both methods, so let’s take a look at some of those first:
Making your own product means that you have complete control over its quality and integrity. You can ensure that no harmful chemicals go into its production, or only use organic ingredients if that's what you prefer.
Buying a pre-made product means that someone else has already done all the work for you! This could be an attractive option if time is tight or if there's something specific about making it yourself (like safety requirements). However, there may also be less flexibility in terms of what kind of ingredients are used and how they're processed.
Packaging and labeling.
It’s important to consider packaging and labeling both before you begin selling your product. Packaging is the first thing customers see when they come into contact with your business, so it should be consistent with your brand and convey the quality of your products.
Packaging includes everything from jars for lotion or bath bombs to boxes for soap or body wash. Once you have an idea of what kind of packaging will work best for your product, determine what kind of label will best communicate its benefit to customers. Labels must be compliant with state and federal regulations, so make sure they include all required information such as:
Name of Product & Business Name
List of Ingredients
Net Weight or Volume
- How to Use
Distribution and selling.
Your distribution channels, or the way you get your products to customers, will depend on how many people you want to reach. When you first start out, it’s probably best to keep things simple by selling directly from your own website and/or pop-up shop. As you grow, there are many ways to sell your product:
In person at an event like a farmers market or local fair (you might have to think of creative ways of getting people interested in buying something they can't touch yet)
Online via eCommerce platforms like Shopify (you'll get more exposure through this method but will have less control over pricing)
Through retailers who sell skincare products such as Target, Ulta or Nordstrom's (this option is good if you want a major retailer's name behind your brand)
If you plan on selling online only, it's important that shoppers have an easy way of finding what they're looking for without being bombarded by too much information. This means creating clear categories with clear titles so that users will know what category each product belongs in before making their selection—which means sticking with two or three categories at most!
The best businesses start with careful planning and consideration.
Before starting a skincare business, you need to be aware of the risks involved. This can include learning about the competition and knowing what you're getting yourself into. You should also be aware of the costs involved, as well as any resources required for your business.
The best businesses are those where careful planning and consideration has gone into every step along the way.
It’s important to be thoughtful and deliberate when starting a skincare business. Once you have all your ducks in a row, you can jump into action with confidence!