It's no secret the beauty industry is a billion dollar industry and is growing by leaps and bounds. There are enormous opportunities to be had in this industry. Whether you want to sell skin care, body care, hair care or cosmetics, there is a place for you in the beauty industry.
First there are a few questions you should ask yourself before you take the big leap. You need to identify your ideal customer and/or target audience.
1) Who do you want to sell to (please don't say everybody). I take you through a thorough actionable activity in the eCourse Beauty Business Blueprint Super Startup!- Launch your beauty business in 90 days or less to show you exactly how to create your ideal customer on paper, give him/her a name, a lifestyle, etc. (get it here).
2) How are you going to price your product. Pricing too low and too how can be detrimental. You need to find that pricing sweet spot. I show you how here.
3) Are there any regulatory or legal issues you need to be aware of? I go into detail on the FDA requirements here.
4) What type of ingredients do you want to use? Organic, synthetic, a combination of both. Do you want to provide and anti-aging line (big profits), an acne line, a sensitive skin line...the options are endless. I talk about narrowing this down here. The state of California has a list of chemicals known as causing cancer or causing reproductive toxicity. If you plan to sell in Canada you need to be aware of their "hot list" of ingredients not allowed in Canada. The European Union also has a list of ingredients to avoid.
Much thought should go into your vision before you launch so will avoid costly mistakes down the road.
Good luck and best wishes!