Hi there beautiful people,
It’s been a lot of work attending to mundane issues, putting content together and of course putting my thoughts to paper. The life of a beauty entrepreneur contrary to what most believe is very hectic, most people don’t even know the half of it; it’s definitely not a walk in the park.
While thinking though, I figured that it would only be appropriate to talk about what it takes to become a beauty entrepreneur and to kind of shine light on the path for those thinking of venturing in it.
According to statista, the retail value of the beauty industry is put at 2.47 million Euros, now if that is not enough encouragement to get into the market then I don’t know what is. This estimate is still growing exponentially and has far more growth potential than envisioned.
The stats are good, the market environment is slightly good, question now is how do you get started ? How do you become a beauty entrepreneur? Is it in anyway easy? What direction do I need to take? Am I going to need help ? There will be so many burning questions once you decide to follow the beauty entrepreneur path and I can tell you that they will never end.
So what are the things you need to know before you start out?
- Barrier to entry is gradually becoming low, thanks to China, manufacturing has been made easier, they provide you with all the chemists that help with the formulation. You can easily arrive at your perfect prototype in less than a month.
- You need to manufacture your product for the consumers, even if you do get it right from production, there will be changes that will occur due to customer feedback. the best approach however is to the test with the intended target market in order to get a sense of what they want and how they want it.
- The trend in the market as at the time you decided to go into production will not help you. You need to focus on the product vision and stick with it, trends fizzle out fast and it is best to stick with what can stand the test of time.
- Get help, you could hire a consultant to help you get ahead and make less financial and legal mistakes. You also need to hire employees that can add value to your business, the right kind of employees with the right working ethics will help your business move faster than it would normally.
- Have a clear go-to-market strategy, this should cover WHO your target market are, WHERE they are – are they online or do they prefer face to face dealings, WHY they are buying what they are buying- insights into why your customers are buying will make your life meaningful , it will send the right message across to them.
This list is not in any way extensive, we are starting a closed group to help people who intend to go into business or are already in business make sense out the nonsense. If you are interested send a 50 word summary as to why you want to join this group together with a trusted beauty mentor name.