Valued at nearly $600 billion, the global beauty industry is thriving. New brands are entering the market at a steady pace, and new ingredients and products are continually capturing the attention of consumers. All of this means that smaller entrepreneurs have little room for error when it comes to launching and growing a successful beauty business.
Whether you are still in the planning stages or ready to click “buy” on your first product order, do yourself a favor and review these common mistakes. Knowing what to do—and what not to do—as a budding beauty entrepreneur will help you gain an edge over your competitors and skyrocket your brand to success.
Mistake #1: Trying to do it all yourself.
Launching a successful beauty brand is no small undertaking. While Onoxa simplifies many of the steps to create your private label skin care line—from selecting the right products to designing your labels and building your inventory—trying to handle everything yourself can feel incredibly overwhelming, and you risk getting burned out before your business even has a chance to flourish.
First things first, know your strengths. For example, if you are more passionate about interacting with customers and the “people” side of the business than you are about managing things like finances and inventory, it may be worth hiring someone to help with day-to-day business operations so you can focus on what you do best. For smaller startups on a budget, consider enlisting friends or family members to help out while you get things up and running. Even having someone reliable to help with boxing and packing orders can be a huge time and energy saver.
Mistake #2: Failing to invest in marketing and promotion.
Premium products and pretty labels will only get you so far. To launch a successful beauty business, you also need to be a savvy marketer. Start by learning everything you can about your target audience: who they are, what products they buy, where they shop, and how they shop. Then, create a clearly defined marketing plan that includes key strategies such as email marketing, social media marketing, search engine optimization (SEO), paid advertising, and word of mouth. Need a little more inspiration? Check out our 6 Unique Ways to Market Your Skin Care Business blog.
Mistake #3: Pricing your products too high (or too low) for your audience.
Pricing is somewhat of an art form. Get it right, and your business will be profitable. But if you miss the mark—even by a little—that profitability may suffer. Once again, researching your target audience will be critical, as this will help you get an idea of how much they are willing to spend on beauty and personal care products. You also need to think about where you will be selling your products (e.g., in a spa or salon, online, at events) and the additional expenses that may be involved. To help you get it right, Onoxa has created a simple guide to Pricing Your Skin Care Products for Profitability.
Mistake #4: Loading up on inventory right from the start.
Many new beauty entrepreneurs believe they need to have a stockpile of products before they introduce their business to the public. Not only can this mindset hold you back and keep you from launching when you want to, but it’s simply not true. You can absolutely start with a few select products to get a feel for what your audience likes and how your products will sell in your chosen venue. Then, you can easily add more products as your business starts to take off.
Pro tip: Never feel pressured to purchase large quantities of product simply because a manufacturer has a high minimum order quantity (MOQ). Instead, look for a private label platform like Onoxa that has a low minimum order quantity and allows you to grow and add to your product inventory at a pace you feel comfortable with.
Mistake #5: You don’t have a website. (Or you do, but it’s not optimized.)
Nowadays, with so many people choosing to shop online instead of in stores, creating an attractive and easy-to-navigate website is a must. Along with having a clean and simple design, detailed product pages, and fast, secure payment options, your website should also be optimized for mobile viewing to reach customers where they spend the majority of their time. You can learn more here about the 5 Elements of a Successful eCommerce Website.
Mistake #6: Not putting enough thought into branding and design.
For beauty entrepreneurs especially, thoughtful branding is essential. More than just a creative logo design or a specific color palette, your brand is a visual representation of your business and a big part of what makes it recognizable (i.e., sets you apart from your competitors). However, in a rush to get their products to market, too often new business owners don’t invest enough time in their branding strategy, which can impact their success later on. Visit our helpful blog about creating brand guidelines to ensure a clear and consistent message for your customers. Or, if it’s time to hit the reset button, you can read about the benefits of rebranding here.
Mistake #7: Letting a few hurdles slow you down.
With every new business, there are bound to be some setbacks. The best bet? Avoid having unrealistic expectations at the start and give your new business time to grow and find its groove. Initial sales aren’t what you expected? Ask for customer feedback, listen to what beauty buyers are saying, and reassess your sales strategy. Got a poor review? Respond with above-and-beyond customer service that affirms your commitment to your customers. Bottom line: Stay focused, address problems as they arise, and pivot whenever possible to stay on course. If you are passionate about your brand, you are bound to find success.
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At Onoxa, we’re about more than just creating premium-quality private label beauty products and supplements to help you launch your dream business. We provide the resources and ongoing support you need to elevate your brand and reach new levels of success. Be sure to join your fellow beauty entrepreneurs on the Onoxa Insiders Facebook Group to share insider tips and best practices!