So, you have decided that you want to go into the cosmetics business and produce and sell your own range of make-up. It is a great idea as it is not only something for which there is a proven demand, it is something that can be scaled, done either as a full-time business or as a side hustle and the costs to set up are not enormous. If you have played your cards right, you might even have clients in the wings waiting to purchase your merchandise. But before it is all systems go you need to do a bit of planning – no business will ever fly without a proper business plan – and some goal setting. In short, all the building blocks need to be in place. Here are some of the angles that you will need to consider before you can be certain that you are on the road to profit and success.
Make it your own
You might have a great product and even a client base ready to purchase, but you still need to turn the raw product into a packaged commodity. How the product is presented and made to stand out from the competition is very important. As much as you like to thing that it is purely about the quality of the cosmetics, the sad truth is that it is also about the cover on the book. Start with a quick online search for something like ‘custom cosmetic packaging’ and see what comes back. Investigate the options and then negotiate a deal. The way you package your product can make a huge difference to its overall success.
Know your strengths
It is impossible to do everything, and you need to acknowledge that from the outset. Ask the honest questions like what are your strengths and weaknesses? What do you enjoy and what don’t you enjoy? What can you afford to outsource and what can you not afford? Your business will have a research and development component, a production side, a distribution side, a sales and marketing component and of course, inevitably, a pure administrative side. You might think that you can do it all, and maybe if you have three or four clients you can. But if the plan is to scale the business into something bigger you need to identify the right people to help and bring them on board early. Juggling too many balls inevitably leads to disaster – don’t set yourself up to fail.
Live the product
Anyone who has ever started their own business will tell you that if you want it to be successful you have to live the brand. Wear your product, talk about your product and always be alert to the opportunities to grow the product. Running your own business, be it cosmetics or anything else, is all consuming. This is not just a nine to five job, this is a lifestyle and you need to invest wholeheartedly. Read up on other people who have embarked on similar journeys to the one that you are looking to travel and draw inspiration from their stories. Forewarned is forearmed – if lessons have been learned by others, there is no reason for you to learn them again first-hand, rather go to school on their mistakes and avoid them completely.