Running your own business has many perks especially if it has to do with makeup or beauty. You get to be your own boss and make all of the decisions surrounding your company. Have you ever thought about how to start a cosmetic line?
You don’t even need a lot of free time to start your own cosmetics line as long as you’re good at managing the time you do have and plan well. Running a cosmetics line can be fun and help give you a creative outlet.
Keep reading for our step-by-step guide to how to start a cosmetic line.
Step 1: Figure Out Who Your Audience Will Be
When it comes to cosmetics there are tons of different products for a range of different people. Take time to do some research and see what market you want to fit into. Defining your audience will be your first step in starting your own cosmetics brand.
There are tons of different cosmetic products out there as well. Figure out exactly what products you want to focus on and who you’re aiming to sell them to. For example, you could be promoting skincare for a person in their 30s.
Step 2: The Legal Stuff
Your next step is to figure out all of the legal stuff when it comes to starting your own cosmetic line. You can either create a partnership or become a Limited Liability Company, also known as an LLC.
It may be best for you to speak with your financial advisor or even a civil lawyer to help you out. Deciding on the legal stuff will help greatly when it comes to tax time so you want to be informed.
Step 3: Choose Your Name and Trademark It
Coming up with a name for your company is either going to be very easy or extremely hard. You want a name that helps to embody you and your brand. It also needs to be an appealing name that people will recognize.
Once you’ve decided on your brand’s name, then you need to trademark it. You will need to do a search to make sure that the name you’ve chosen isn’t already taken by someone else if so it’s back to the drawing board.
Find the appropriate way to register your business in your state. You want to make sure that you’re doing everything the legal way so you don’t run into any hiccups later on.
Step 4: Insurance
Every business is going to need some type of insurance so try and do a bit of research to figure out what is best for yours. You may want to reach out to someone that you trust during this step as it can be a bit overwhelming.
You may even want to hire someone that can help you from the start with taxes and any accounting information. This way someone will always be there to keep track of it for you as it can be stressful.
Step 5: Figure Out Your Budget
At this point, you’ve handled all the legal stuff and you’re probably ready to get into the fun part. But you need money first! Figure out how much cash you have that you can invest in your own business.
You may also want to reach out to investors that support what you’re trying to do. This could be friends or family members with extra cash. You can even branch out and try to reach people higher up in the world. Make a plan and show them what you’re willing to do.
Step 6: Social Media Marketing
When it comes to marketing, social media is king! Before you do too much make sure you can reserve all of the social media handles with your business’s name.
Later on in the process, you will want to be able to advertise through Facebook, Twitter, Instagram or even YouTube so make sure you create these accounts early. Having all of your social media handles be the same is a great way for people to find you on other platforms. It also helps to keep you authentic.
Step 7: Business Bank Account
Getting a business bank account could be a smart move for you early on in the process of starting your own cosmetic line. You don’t want to mix business and pleasure especially if you have a lot riding on the business.
If you have people who invested in your company, then make sure to deposit all funds into this bank account. You will be able to pay yourself along the way but make sure to keep your personal account separate from your business account.
Step 8: The Distributors
Now comes time for a little bit of fun. You need to find cosmetic distributors that you can trust and have reputable products. Try to read reviews and do your research before deciding on a supplier.
Your supplier is the one where you will be getting all of your products from so you want to make sure that they’re trustworthy. You should also do some research on prices and see if you’re getting a good deal.
Step 9: Start Marketing
Now it’s time to start marketing your brand to potential customers. Sign in to those social media accounts we created in step 6 and get to posting. You want to make good content that people will either want to share or want to follow.
You should also make sure that you have a site set up for your company as well. Whether it is just a way for people to get in contact with you or if they can shop through the site.
Step 10: Buy or Lease a Shop
Buying or leasing a shop to sell your products could be very beneficial to your company. It is a way to communicate face to face with your customers and recommend the products that you feel they would like.
If you’re only going to be selling your cosmetics online, then you may even think about buying or leasing office space. This is a great way to separate your business life from your home life.
How to Start a Cosmetic Line
When it comes to figuring out how to start a cosmetic line you’re going to have to do a lot of research. Figure out how you’re company will fit into the beauty world that we have today.
If you’re looking for lifestyle or beauty advice, then make sure to check out our other very informative posts.