Dreaming, creating and launching a beauty business (skincare, haircare, make up, nail polish, men’s product) is extraordinarily exciting and often times very overwhelming.
One thing that I hear constantly is there are too many things to do, but without the cashflow to do them all. Limited funds without a strong strategy cause many people to stay stuck, right at the dream phase and never taking action.
Today, let me help you get unstuck. Here are some smart strategies that can help you create and launch your business even if your funds are limited.
Strategy #1: Be clear on what you want to create.
This is the most important step. Be clear on your target market. Launching too many products to a broad demographic is a sure fire way to fail.
Many of the best brands are very focused on their target demographic. They know their customer and they know what their needs are. For example, starting a skincare line that suits a 20 and a 50 year old is just not a smart strategy. Choose one, go after that market, and then expand your line.
To create a sustainable business that is profitable you need to get clarity around what you want to create, who is going to use the product and does your product actually fit their needs.
This step is crucial, please don’t miss it.
Strategy #2: Stay focused with the number of items that you create.
In an ideal world, we could all launch everything that we want to and all at once. However, it’s not the smartest strategy. Creating a product takes a tremendous amount of thought, from selecting the final formula, the artwork, your branding, the wholesale and retail price points, it is a very complex process.
When you stay focused and limit the number of items that you start with, your reduce your risk for costly mistakes and create room to launch more products. I always teach my clients to start with 2-5 products as a foundation and add new collections and SKU’s as their business grows.
Strategy #3: Spend money wisely.
Money needs to be allocated in these areas to make sure that your business will grow:
1. Inventory: Keep your numbers low until your business begins to grow. It’s important to not overspend when you are just starting out.
2. Graphic design: Professional designed artwork, logos, website, social media graphics are a MUST to hire a professional for.
3. Photography: In today’s visual world, nice photo shots and about us page shots are crucial.
4. Marketing: Spending money on promoting and advertising your business is the life line to your business’ growth. As a brand owner, especially solopreneurs, you may not have the resources to hire a marketing manager but you can learn how to do your own marketing.
5. Education: Continually keeping up with the new trends and ideas in the marketplace is a must.
6. Samples and promotional material: Samples are the best strategy for growth. They create loyalty amongst your customers and will help you acquire new customers. Many retailers require vendors to provide both samples and promotional material.
7. Admin support: I know it’s tempting to do it all but hiring a VA either online or locally will be one of the best decision so that you can guide and grow your business.
Some final thoughts, being bold and strategic in the marketplace is what will help your brand stand out and succeed.
Let me know if you need any help, you can always book a strategy call.