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Iceni Magazine | October 25, 2020

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How To Start Your Own Beauty Business In 2020

How To Start Your Own Beauty Business In 2020

The beauty industry is one of the most profitable and competitive in the world.

There is a constant influx of new products emerging within the industry. the beauty market is huge, especially the female segment of the market, where there seems to be something for everyone looking to take a bite.

Starting a business is simpler than it has ever been, especially if you have a solid concept or product to push into the market. Tools like social media now act as tools to level the playing field for both new and old beauty brands if you use them correctly. With platforms like GoFundMe and Kickstarter, aspiring beauty entrepreneurs are able to get financial help from strangers who believe in the viability of their ideas and products. Ecommerce platforms like Shopify and Woocommerce now make it easy for anyone who has a product to sell to set up a website for free or for small monthly fees. Here are some steps to get you started.

Find Your Niche

Everyone has that great idea of a product that they imagine will do extremely well in the market. But many fail because, while the product is great, they have failed to find a niche market. Finding your niche should be the first step you need to take before laying out other plans to put your products or services on the market.

Have a clear understanding of who you are, your strengths, and what you can offer. This will help you carve a niche or find the perfect niche for your products. Are you into organic hair products? Are you an amazing hairdresser? Do you like the idea of creating the next big lip gloss? These are questions that you need to answer in order to find your niche. Finding a niche is all about filling a void or a gap in the industry, and this includes knowing who your target consumers are, what they need, their financial status, and what is not available to them already.

Choose the best location

One of the most important factors that you need to consider when starting your beauty business is location. If you are planning to set up a physical store, then this is as important as the product or service you are providing. If you are considering a brick-and-mortar location, you can consider starting small. Bear in mind that starting small is a good business decision, so if you can afford a small space in a good location, then you should go for it. If you have decent space in your home, you can convert it to a salon, and then put more efforts in marketing your salon to bring clients to your location.  Identify the best location by knowing where your target audience lives or where they are likely to spend most of their time – such as a shopping mall, a business district, a popular high-end street etc.

Finances

You need to have a clear idea of how much you need to invest in your beauty business. Also, you need to be clear about where the funding will come from, and how to keep to the spending budget.

Create a proper and well-detailed business plan to ensure that you stay on track. Your business plan should include everything from projected revenue/income, expenditures, and the structure of your business and growth.

If you have a solid business plan, you can approach investors who always need to see a business plan to help them know whether your business is a good investment opportunity or not. You can also consider crowdfunding or getting a bank loan.

Find reliable suppliers

If you are selling beauty products, finding the right supplier is great for your business. The right supplier that supplies quality products at a reasonable price will help your business grow.

For an online beauty business, you need a reliable shipment service that will pack and deliver your products to your customers. Issues like slow delivery can harm your business, so finding a supplier/shipping service that can match the delivery times is important.

Launch and market your business

Once you have put everything in place, you need to launch your beauty business and do some marketing. If you are working on a shoestring budget, you should consider creative ways to get your products and services to your target audience. If you are located in a busy area, then you should consider making the launch of your business an event. But if you can afford to do some aggressive marketing, ensure that you are targeting your niche market. A well-targeted advertisement campaign is effective and promises great rewards. If you are looking for ideas to start your beauty business, then you should check out fotopharmacy.com.


 

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