How many times have you heard the same story- I want to start a beauty brand because I can not find products on the market that will suit my needs? On the surface, yes, it is a solution to a problem but is the scope of problem large enough to start a business?
I am a beauty industry consultant who have been advising many businesses on product development and marketing on beauty brands. My vision is to invest and collect a portfolio of beauty brands one day- yes, be the beauty shark on shark tank!
For starters, there are three fundamental points to consider when venturing out:
- What is the underlying motivation for you to start a brand? If it is to develop something for your own needs- you are creating products, not necessarily a brand unless your needs is an unmet needs for many, the chance of sustaining a brand is slim. Do your research before you dive in especially if you do not have the funds to educate why your products can meet “others” needs. If you can not make it relevant to majority of the consumer groups, rethink your strategy.
- Where do you intend to sell? How many times have you heard that my business plan is going into Sephora and on QVC? While these are the beauty destinations for consumers, do you have local stores you can test market? When you start playing with big players too early in the game it could turn disastrous as once you are OUT, you are never back to the tank. There are also minimum quantity requirements for getting the packaging and products. Are you maximizing your sell-in powers to have PO’s in hand so you do not house excess inventories?
- Why should I buy your products? For brands, especially new skin care brands, building credibility is critical. This partly explained why so many skin doctors ditched their white coat in the office and focus on developing beauty products. Retailers want buzz. Consumers want proof. A great product story may no longer suffice. People want to know who is behind the brand and why I should trust my face with your products. If your products are developed with celebrity make-up artist who know makeup artistry, dermatologists who know skin, cosmetic chemists who custom-design the product to suit your brand need, flaunt them. They are your trump cards. Better yet, if you have clinicals to prove, a picture is worth than a thousand words.
The above three points just scratch of surface on launching a beauty brand. Other factors to consider include what type of budget, how long to plan for launch, what retail windows should I hit, what kind of PR/Social Media campaign should I plan and where to find capitals to sustain the growth.
If you can answer my three questions and still want to launch your beauty brand, let’s talk! Check out my consulting site: http://www.gracekingdombeauty.com