Skin Care Business Opportunity
Wondering how to start a natural skin care business? According to a report from Trefis, worldwide, beauty products accounted for over $300 billion in 2018. The skincare market accounted for 45% or almost $135 billion in 2018. This marked an increase of almost 60% in the last 10 years. The same financial analysis firm projects the skincare market to grow by 30% to $180 billion in the next five years.
How to Start a Your Own Skin Care Line
If you’re reading this then you probably want to tap in the multi-billion dollar a year skin care business. Many entrepreneurs have built large fortunes in the skin care business and many have failed.
Skin Care Business Plan
The purpose of this article is not to teach you how to come up with a business plan for your skincare business. There are plenty of business plan articles all over the internet you can learn from. Below, we’ve listed a few very important items you should take care of if you’re just getting started.
- Business name for your skincare line
- Your market (where you sell your products such as online, your own brick and mortar store, retail, etc.)
- Skincare Product list
- Pricing list
- Manufacturer
- Budget (cost to have products manufactured and marketing budget)
If you’re like most people we hear from after they’ve read this page then chances are you’ve already completed several steps from the list above and are looking for a manufacturing facility to make your skincare line. They type of manufacturer you want probably depends on the size of your operation and your budget. Being that you’re probably starting out, we recommend that you select one to no more than three products.
Most manufacturers you will talk with will require an MOQ of 5,000 or more per SKU. On the flip-side there are manufactures that have very low minimums or no minimums at all. The advantage of the latter is you can buy a ready made product with no MOQ restrictions and can be in business in days. You skip the research and development phase and can start making sales right away.
The downside is your product is not unique. There’s a high likelihood that the exact same product you will sell already exists. The only thing that’s different is the branding and marketing. You can still make money using this model but bear in mind that scaling with this model can be challenging.
The other option is to have the product custom developed for you. We believe this to be the best way to start your skincare business. Your product will be unique and your competitors can’t just buy the same product from a wholesaler.
How to Start a Natural Skin Care Business
If you’re considering launching a unique and custom made product for your skin care line then let us explain how we work before you take the next step.
How to Work With Us
Everything starts with an initial consultation. This is where you tell us about your vision and your goals. We will discuss products and ingredients you wish to have in your products.
Our Requirements
- MOQ 1,000 units per SKU
- Up to 3 samples per SKU sent out for approval prior to placing order
- a non-refundable $2,500 R&D fee. A portion of the R&D fee is applied to each order and can be completely recouped.
Want to know how we can help you create your own skin care line? Get in touch with us.
248-733-3199