The skincare industry is predicted to reach $200.25 billion by the end of 2026, which is amazing news for aspiring entrepreneurs looking to launch their skincare line.
If you’re truly passionate about skincare products, want the freedom and flexibility of being your own boss, or simply feel like there is a lack of options, this business idea might be perfect for you. The best part about launching a skincare line is that you will always have a market among consumers who want to look their best and boost their self-esteem. Not only will this entrepreneurial journey lead you to your financial independence, but you’ll also be able to make a huge difference in people’s lives.
Even though this might seem daunting at first, below we share some solid tips to start your skincare line from scratch and establish a successful brand.
Conduct Market Research
Thorough market research is the first step to getting a competitive edge, learning and following industry trends, and connecting to your consumers. When launching a skincare line, your market research can be all about talking to people who may be interested in the products you offer or conducting an online survey and sending it to close friends, or ideally, to your future customers.
Ask them what they feel is missing on the market and what they want to see. When you get to know your customers’ preferences and needs, you’ll be able to develop and market a product that they actually need.
Meet Legal Requirements and Obtain Insurance
When starting a skincare line, you should make sure that you address certain legal requirements first. Start by reading the Food, Drugs, and Cosmetic Act (FD&C Act) to ensure that you meet the right standards for quality and safety. Your product must be safe for your customers and they must also be properly labelled. In addition, you should also register your business, and obtain the necessary licenses, permits, and other documentation to protect your brand.
In that context, business insurance is a must, so be sure to invest in the right policies that are essential to your operations. For example, purchasing product liability insurance for small business owners is a must as it can safeguard your business from claims related to bodily injuries, illnesses, allergic reactions, or property damage caused by your skincare products.
Identify Your Niche
Since skincare is a booming industry that covers everything from sunscreen to body lotions and makeup. Therefore, it could be wise to niche down and find a specific market for the product you are going to sell. For example, you might be looking to design environmentally friendly products for conscious consumers.
Furthermore, think about what kind of products you would prefer to sell. Would it be creams, moisturizers, or serums? Ask yourself what will make your brand different and what kind of customers you want to attract.
There are many skincare niches to choose from and it can be anything from luxury skincare, special products aimed at treating specific skincare issues like acne or oily skin to socially responsible skincare products.
Choose A Business Name
One of the most important aspects of starting a skincare line is choosing your brand name since it is something that creates the first impression. You should choose something that relates to your core brand values but make sure the name is short, easy to spell and remember. Before using the name, double-check to see if it’s available. The best way to do this is to use business name generators and they might even get you some ideas for the name.
Pick Your Manufacturer
In today’s world, all consumers want to have complete faith in the ingredient list when buying a skincare product and they also want to see user-friendly packaging. Unless you’re making your skincare products in your home, you will need to find a reputable manufacturer. Choosing the right one can take a lot off your plate when designing your own skincare line.
A good manufacturer will create your products in bulk, following the highest regulatory standards so you can focus all of your energy on building a strong brand. All you need to do is choose a company you can trust and make sure they are compliant with the health and safety standards. Check to see if they have the right licensing in place and ask what kind of materials they use.
The best way to start a skincare line is to follow the above mentioned tips, ensure you have a sustainable plan, and then do your best to promote the brand you’ve created. By remaining focused and finding fresh skincare solutions, you will be able to appeal to consumers and gain their trust.
All images from DSCENE Beauty team The Biggest Makeup Trends for Fall 2022 story captured by New York based still life photographer Aaron Cameron Muntz and DSCENE magazine’s Beauty Director Damien Vaughan Shippee – discover the complete story.