The global beauty industry will be worth a whopping $756 billion by 2026. Wow. Are you itching to get your hands on a slice of this multi-billion dollar pie?
To develop a makeup line you need more than just a good product. Keep reading to learn the essential elements of starting a makeup line the right way.
Positioning Your Makeup Line in a Crowded Market
Starting a makeup line starts with important research. The only reason to develop a makeup line is if your product is going to be different from what’s already on the market.
Kate Loveless, founder of Redhead Revolution was frustrated because she could not find products that worked for her ultra-fair complexion and light eyelashes.
Melissa Butler quit working at wall street to make lipsticks when she was frustrated at the lack of diversity in current products.
As you can see, the key to a successful cosmetics line is catering to customers that are underrepresented by current brands. You also have to provide something that is different in some way or is part of an emerging trend.
Know Your Target Market
A huge aspect of starting a makeup line is knowing who you are selling to. You need to be really clear about your ideal customer.
Here are a few key demographics to consider:
- Actors and actresses
- Makeup artists and consultants
- Cheerleaders and athletes
- Drag queens
- young tweens and teens
- aging women
Once you have a demographic group, you will need to narrow down the customers out there to figure out who would benefit most from your products, what their needs are, and how you can give them what they want.
Yes, you want to start a beauty line that includes makeup and skincare. But, when you are just starting out take it nice and slow.
Choose one or two beauty products to launch. Then as you get the hang of the process and find a manufacturer of cosmetic products, you can start to build your customer base and expand.
Create a Business Plan
This probably isn’t the sexiest part of starting up a makeup line, but it sure is important.
Before you even start developing your cosmetics, make a business plan.
A business plan is useful for you to have when it comes time to make decisions later on. It also helps you figure out ahead of time how to deal with issues that will likely come up.
If you will need financing, are looking for a business partner or investors, a business plan is essential.
Your business plan should include:
- your vision or mission statement
- Market research analysis (including your competition)
- The legal structure, leadership, and organization of your business
- An explanation of your beauty products
- Your marketing and sales strategy
- Your finances
- How and when you plan to expand
This business plan will help make sure that you have a solid game plan as you move forward.
Create a Successful Cosmetics Line
Thanks for reading. We hope this article has helped you see the main requirements for creating a makeup line that will succeed.
Before you go, check out our other articles for more entrepreneurship content that will help you get your business off the ground.