A Step-by-Step Guide to Becoming
a Beauty Entrepreneur
By Maggie Holmes
Being a beauty entrepreneur is an equal part of craft and business. This means that you have to tend to the manufacturing process. Here, you need to ensure that the recipes and ingredients are used ethically. Second, you need to make sure that the cost of production and marketing is exceeded by the cost of the product in order to be profitable. Other than this, you also need to tend to the business part of the enterprise. You need to manage marketing and logistics. Here are several tips and tricks that will ensure that you start outright.
1. The product
The first thing to focus on is the product itself. First, you need your own recipes. This means finding something that A) works and B) is appealing to your audience. Ideally, you would also find a way to make this unique by adding your own scent or flavor into the mix. There is a lot of demand for organic cosmetics products on the market. Therefore, going full-green may drastically improve the marketability of your business.
Then, you need to make a list of all the ingredients that go into the production and calculate the exact cost of the product. For instance, if 100g of a certain oil costs $1 and a single unit needs 20g, the cost per unit is $0.20. Keep in mind that there are many such items. The package and even rubber bands/lids that you use have a certain cost. This is something that you shouldn’t ignore. Lastly, the money you spend on marketing per single month should also be split into the number of units produced. This will finally get you a full price.
2. Knowledge will help you stand out
In order to stand out, you will need to grow as a professional. There are so many incredible online courses that you can access in order to expand your options. For instance, paying for a premium online eyelash extension course can make one head and shoulders ahead of their competition. The best thing about these courses is the fact that they really don’t last that long. You also have the privilege of selecting your own training dates, which is a saving grace for any busy entrepreneur.
3. Be wise with your marketing
The next thing you need to do is consider your marketing. Influencer marketing is huge when it comes to the beauty industry but getting an A-list celebrity to promote your brand is unrealistic. So, you need to focus on micro-influencers instead. Research your demographic and check out who they follow in terms of local celebrities. Also, look for specialists like makeup artists and cosmeticians to promote your brand. This will resound far more soundly and it will cost you a fraction of what you would spend on a macro-influencer. Branding in general is a challenge that you will have to work hard to overcome.
4. Look for tax cuts and deductions
When running a home-based business, you’re eligible for so many different deductions. The more of these deductions you use, the more money you save. This can go to extreme extents and it all comes down to how vigilant you are when it comes to keeping track of expenses and saving money. For instance, if you have a room that takes 10% of your home’s surface and it’s a room where you make your products (the area is used exclusively for work), you may be able to deduct 10% of your utilities as a cost of production. A coffee that you pay for while meeting with a supplier is also a cost of running a business. There are many such minor expenses that can accumulate over the course of time.
5. Take it seriously
Running a home-based business and working from home, in general, is quite difficult. The problem lies in the fact that becoming an entrepreneur takes a lot of time, effort and intrinsic motivation. This means that you have to get up early in the morning even though no one is forcing you to do so. It means trying to explain to your friends and relatives that just because you’re at home, this doesn’t mean that you’re available. Sure, it’s hard but those who want to make it in this field need to withstand and overcome these challenges.
6. Write a plan
A dream with a timeline becomes a goal. A goal broken down into steps becomes a plan. It is really that simple. Knowing where you want to be in a matter of months is great but establishing all the minor steps that will get you there is something entirely different. The backbone of any great business plan is market research. About 41% of startups fail because they failed to realize that there’s no market need for what they’re peddling. Other than this, you also need a financial projection.
7. Follow the latest trends
Like in the majority of other fields, trends constantly evolve. For instance, there are numerous trends that are popular at the moment, trends like skincare, inch loss, men’s grooming and other interesting matters. Hopping onto a popular trend can be a simple way of getting your name out there. Diversifying your offer is also a good idea. Not depending on a single product/service as a main source of income will give you quite a bit of financial resilience. It is, therefore, something worth keeping in mind.
Running a successful enterprise takes a lot of guts and it will push your organizational abilities to their limit. Being enamored with the beauty industry will only make this somewhat easier and increase the chance that you’ll persevere all through these hardships. Moreover, since your success depends on the amount of hard work and effort that you invest, loving what you do will give you enough intrinsic motivation to help you out. Passion for what you do is a key ingredient for success but it’s not a whole recipe. There are a lot of factors that go into this and you have to check all the boxes to make it.
Maggie Holmes is a passionate blog writer who is extremely keen on writing about fashion, lifestyle, pets and technology. Her exclusive hobby is to surf the net to find amazing articles that can inspire her with some fresh ideas for article writing. She loathes being a common person who wastes her time. Follow her on Twitter.