If you are considering starting a skin care line, you could be about to make a shrewd and future-proof business decision. The global skincare market has witnessed double-digit growth over the past few years and is expected to be worth a staggering $750 billion by 2025.
Some of the most famous and profitable skincare brands in the world have been created by individuals with a passion for better skin, such as Paula Begoun, Susanne Kaufmann, and Linda Rodin, to name just a few. Starting a skin care business allows you to target a diverse and extensive range of markets.
If you have a passion for skincare and wish to transform this into a successful business, here are the steps you need to follow to launch your skincare beauty company.
1. Determine Your Market
The first thing you need to do before you can start putting together your product formula is to decide what your target audience is. This means deciding exactly what you want your skincare business to achieve and which real or perceived gap in the market you want to address.
For example, do you wish to market skincare products specifically to men? Perhaps you want to produce environmentally friendly or organic skincare products? Maybe you want to create skincare products that are specifically designed to help people with certain skin conditions. Deciding your purpose and niche is the essential first step.
2. Build Your Brand
No matter how good your product is, you will not be able to build a customer base without a strong brand identity. Your brand needs to be fleshed-out and finished before you launch your first product. This means putting together your messaging, target audience, aesthetics, and digital presence.
Start with your mission statement and work outwards from there. Learn from your competitors to see how visual branding is essential for skincare products. Build a brand that speaks to your target audience.
3. Manufacture and Distribute
The next step to begin product manufacturing and product packaging. For this, you will not be able to go it alone. You need to partner up with a long-term manufacturing partner that has the capabilities and technologies to mass-produce exactly the kind of product you have in mind.
For this, you need a quality formulation manufacturer that has a proven track record of producing the kinds of skin care products you wish to market. Once you have a quality manufacturing and distribution partner, your business will be poised for growth and scaling up.
4. Plan Long-Term
Finally, it is important to think beyond your initial launch. Successful beauty brands require long-term planning. Where do you see your skincare brand a year from now? Do you wish to see your brand appear on the shelves of major department stores? What are your sales growth targets for the next five years?
Businesses that stop growing will eventually stop altogether. Always have a detailed long-term growth plan and work to implement it.
Are You Thinking of Starting a Skin Care Line?
If you are thinking of starting a skin care line and need more help in building a durable beauty business, you have come to the right place. Make sure to consult our expertly-curated Business section for detailed insider advice on how to build a business that is fit for 2021 and beyond.