Are you considering starting up your own skincare brand in 2020? Read on to find crucial tips and advice to ensure your success. Skincare startups are on the rise, make sure you know what you’re getting into before making the big jump
Firstly, congratulations. You’ve decided you want to take a big step forward, establishing your own skincare brand can be a very rewarding process. More people than ever are doing this, and as a result there’s a never ending stream of exciting new products and innovations in the market.
Below are the list of things we think you must know before moving forward, as well as some advice if you’re already an established business
1. It won’t be cheap
Often we get people telling us they’ve made products at home from natural ingredients that have been working wonders for their skin. While manufacturing these at home may cost only a few pounds, many regulations need to be followed before these products can enter the market. These are location dependent and it’s best to check your local laws to see what you’ll have to do.
Typically this includes some sort of certification for the product, to ensure it’s safe for topical use. As well as ensuring the stability of the formulation, packaging, and ingredients. This can cost hundreds of pounds (UK).
In addition to this, you’ll need some sort of product liability insurance. While you think your product might be safe, someone else may have an adverse reaction to the ingredients. To protect yourself and your business in case of a lawsuit, this insurance is absolutely essential. There may also be further complications in transport, packaging, and ingredients as your insurer may have strict standards which must be adhered to. Something you must absolutely research to every last detail.
2. It can be a difficult market to enter
The Skin Care market is dominated by large brands that are quick to capitalise on new trends. Combine this with the increasing number of Skin Care startups may lead to a challenging experience.
We advise you focus on a niche, focusing generally on skin care won’t necessarily give you a USP (Unique Selling Point). Perhaps think about anticipating future trends, read our article on the Top Skincare Trends to Expect in 2020 for some inspiration. Niches can include organic products, CBD-infused products, the list goes on
3. Have an online presence
You’ll need to have an online presence in the form of a website and social media accounts to market your products. Digital outreach is far more effective than what you could accomplish in person, so make sure you spend some time perfecting this.
You’ll need a logo, and think of a short catchphrase that best describes your business. If you’re tech savvy this may not be challenging but if you aren’t you may have to outsource for this. This again can contribute to costs. However, the good news is that starting a website isn’t too difficult these days, try services such as WordPress, Shopify etc.
4. Encourage feedback
The best thing you can do in the early stages of your business is to ask for feedback from your customers. This can be feedback on your packaging, designs, the ingredients and the product’s effectiveness.
Make sure you’re constantly adapting, after all, it’s the consumers that are purchasing your products. Do your research often, keep up to date on the latest products and innovations in the industry.
5. Consider raising capital
If after reading all this you think it may be a little too expensive for you, consider raising capital. If you have a niche and product(s) that you believe to be excellent, reach out to potential investors.
This can be through platforms such as Kickstarter, or events where you can directly meet potential investors. As you’ll be selling yourself as well as the brand, consider purchasing professional business cards.
Finally, enjoy the process. It may be a little daunting at first, but think of it as a learning experience. After all, you’re more likely to succeed with a positive mindset, set realistic goals for yourself.