The cosmetics business is booming. No wonder you are so keen on starting an at-home cosmetics business. Research suggests that the global natural and organic beauty market was valued at $11.06 billion in 2016 and is forecast to nearly double by 2024, reaching $21.78 billion.
That kind of growth is exceptional. In a period in which the economy has been growing very slowly, finding pockets of robust growth can prove extremely profitable. So here’s what you need to do to start your own at-home cosmetics business.
Write a Business Plan
The first step in your journey is in writing a business plan.
Your business plan is like a map that shows you how to build the business of your dreams and navigate through the competitive and regulatory environment. Many entrepreneurs skip this step because they are in too great a rush to start building their businesses. What you need to do is to stop and consider the hurdles you will face, the regulations you need to abide by, what your competitors are doing, your marketing strategy, and many more such questions. A business plan exists to demonstrate that an idea is viable.
Not only that, you simply cannot get a loan without one. Nor can you attract business partners.
Consult the Small Business Administration, which has very useful resources to help you write a business plan.
You will also need to decide what business structure your business will take. There are five kinds of business structures recognized by the government. You’ll have to figure out what business structure you will use. You need to pick the business structure that meets your needs. It’s advisable to consult with an attorney or accountant on this matter. After deciding on a business structure, you will have to register your business.
Create a Brand
A great brand tells the world what your company’s values are in a simple, powerful, and memorable manner. When you think of great brands, you instantly know what the company stands for, and the quality of the products and services they offer. For instance, Solarium Tanning is renowned for the high standards it sets. That’s part of its brand.
Your brand is more than just a cool logo or a catchy one-word name. It’s what the company is. In a sense, it goes beyond the products and services. At each stage of the customer journey, your customer is confronted with your brand. At every point where the customer comes into contact with your business or your product, they also come into contact with your brand. Your brand is not just what you think your business is, it’s what customers experience from interacting with your business.
Your brand is the foundation upon which customer loyalty is built.
Many business owners think that if they have a great website or nice packaging, they have a great brand. Far from it. Until you walk in the customer’s shoes and understand the kind of experience they have when they interact with your business, you cannot begin to build your brand.