The beauty industry is constantly growing and evolving. With new trends emerging, it creates opportunities for entrepreneurs to go the extra mile to achieve success in the beauty space.
Although, as a beauty entrepreneur, it gets challenging to stand out as a new player. Apart from a great idea and business plan, it requires many other things to make it successful.
If you want to start a beauty business in 2021, there are dozens of ways to go ahead that can hone in on your target market. Choosing a focus and vision is helpful when you’re starting to build your brand.
Your niche could be either a specific type of product or a line of products that are meant for specific consumers. This will make it easier to brand your business effectively and stand out in a pool of other beauty brands.
Starting your own business is exciting and daunting at the same time. As there are multiple ways to success, here are a few steps to keep your business idea on track. This could guide you towards building an established business brand in no time.
Choose your product or product category
If you wish to stand out from your competitors, choose a product that you can create with a unique touch to it. There’s no harm in choosing a product that resonates with you, but you should also ensure that there is a surge in demand for what you produce.
I would recommend starting with one or two products with a first-of-its-kind product message and establishing its USP. This will help you get proper feedback while having a perfect process to build your customer base without a ton of pressure.
It is advised to consider the cost of production of an item and in which market you want to place it in — luxury product, organic product, etc. This will help you set realistic margins and earn a profit on every sale.
Build your brand
Your brand is the personality of your business, hence it should be designed to form an authentic image in the minds of your audience. You personalise your brand by creating an aesthetic that includes a colour palette, logo, and the like.
Additionally, you’ll develop a voice for your brand that is presented in any copy on your website, social media, and packaging.
Create a business plan
Having an idea of your product/brand and executing it solely depends on the effectiveness of your business plan. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.
It will be used primarily for your team’s reference, but it will also help if you are pitching for partnerships, loans, grants, or investors.
Your business plan must include the following:
- Your company’s overview
- A market research analysis
- The legal structure and general organisation of your business
- A list of your beauty products and their offerings
- A brief of your marketing and sales strategy
- A detailed financial outlook
Starting a business requires capital, and there are several ways to come up with this. You could fund your business with your savings. However, if you don’t have enough savings, you have the option of either borrowing the money, taking bank loans, or seeking investors.
If you decide to go with an investor, determine if you want a hands-on partner or if you would prefer a silent investor. It can be your family members, friends, or business associates. To take a business loan, you can reach out to a bank that could help you out.
Design a digital storefront
Having a digital presence is ideal if you are a startup looking to reach your audience largely. Your beauty brands website must contain all the necessary details of your brand and products and be easily accessible to your audience.
I would advise having an online storefront even if your products are sold in physical stores. There are two options when it comes to building your online storefront — you can either create it yourself with sites like Wix, or you can hire a professional to build it for you.
Ideally, professional assistance is recommended to ensure a seamless experience for your customers, when they are on your website.
Create marketing and sales strategies
Once you’ve built your brand and product offering, it is time you develop a marketing strategy. It is important to reach your audience in the right way by presenting your brand creatively. Offering exciting sales, launching campaigns, and brand association helps in positioning your brand.
If you are sticking to ecommerce for your makeup business, both advertisements and content marketing are good options. Below are ways of creating your marketing strategy:
- To run targeted paid ads on Facebook, Twitter, and Instagram
- To implement social media marketing by creating engaging content for your following, who could be potential customers
- To use search engine optimisation (SEO) to target keywords that your potential customers would be searching
- Include influencer marketing in your marketing plan to associate people with large social media followings to talk about using your products and encouraging their followers to buy the product
Pro tip: Design your marketing strategy so that it speaks with your target audience. Make use of free marketing tools such as Google My Business, and use social media for marketing and promotion. Many businesses create Facebook peer groups to spread the word and interact with like-minded people.
Tracking and analysing
Keeping track of all data, especially numerical ones, is a very important front that has to be covered. This helps to analyse the data and understand the way the company is performing, and also helps in minimising the malfunctionings. All proceedings like funding, expenditures, profits, losses, etc., must be precisely recorded.
There are so many possibilities for aspiring entrepreneurs who wish to start their beauty brand. Success awaits your way in the industry once you set up a solid strategy and get to work.
Edited by Suman Singh