Starting a cosmetic brand in the UK is a profitable venture to consider. A Statista survey indicates that the United Kingdom is one of the leading cosmetic consumers in Western Europe. Another survey also shows that 83% of women in the UK wear makeup and other cosmetics. These statistics signify a lucrative business prospect, should you wish to join the cosmetic industry.
However, business research revealed that nearly 80% of UK businesses fail in their first year. Therefore, you must know the basic requirements to launch and maintain your cosmetic venture successfully. For instance, a feasible business plan can keep your focus. That said, here are some beneficial tips to help you successfully start your beauty brand.
Carve a niche for your business
It’s advisable to carve a niche for your business. Not only does it create a steady revenue stream, but it also ensures that customers remain loyal to your brand. According to online entrepreneur Matt Woodley, carving out a niche can make you an expert in your field, making it easier to charge higher rates for your products. Therefore, your niche should appeal to a specific group, solve a cosmetic problem and align with your skills and values.
Many factors come to play when carving a niche for your cosmetic business. For instance, determining those you wish to sell to helps you to plan your marketing strategies. Moreover, you need to understand your customers’ values, world views, and spending habits for an informed decision. It’s prudent to conduct market research to determine what beauty products people are likely to buy and tailor your brand for that purpose. Business experts also advise catering to a neglected customer base to reduce competition and maximise profits.
Set your brand apart from your competition
With many competitors vying for your customer’s attention, it’s only prudent to define your unique selling point. Business experts argue that business differentiation gives you the upper hand while piquing your customers’ interests. Therefore, it’s best to add value to your products to distinguish them from other similar products. According to Tan-Luxe founder Marc Elrick, customers are gearing towards personalised products and services rather than generalised products. Therefore, you may tailor your cosmetics to suit your customer needs.
Research shows that 80% of customers will likely spend on a brand with excellent customer service, making it a strategy to adopt. If possible, you may allow your customers to customise their beauty products and focus on quicker and more effective delivery services. It’s also prudent to research emerging customer trends and apply them to your business. For example, a Nielsen survey revealed that 53% of customers were interested in organic cosmetic products. Therefore, you may want to go organic with your brand as well. It also helps to adopt cleaner and more sustainable ways to manufacture your products to help the environment.
Be abreast with the law governing cosmetic products
It’s imperative to comply with the UK’s cosmetics regulations should you wish to launch your brand without legal troubles. According to the Cosmetic, Toiletries and Perfumery Association (CPTA), all cosmetics made or sold in the UK by individuals or large companies must abide by cosmetic laws. For instance, you must be aware of potentially damaging chemical components in beauty products and their effect on the skin and respiratory system. Fortunately, courses on the Control of Substances Hazardous to Health (COSHH) would put you on the right track.
Furthermore, cosmetics placed in the UK market must comply with the Council of 30 November 2009 on cosmetics products for cosmetics marketed in Northern Ireland, the Schedule 34 of the Product Safety and Metrology Statutory Instrument, and the Regulation EC 1223/2009 of the European Parliament. Therefore, you may visit the CTPA and GOV legislation websites for more information on cosmetic products’ laws.
Assemble your line-up suppliers
It’s vital to work with trusted suppliers to make your cosmetics production quicker and more efficient. Therefore, you may need the following:
- Companies that offer raw ingredients for the production
- Manufacturers to help you build your product line
- Packaging companies to brand and protect your products
- Shipping companies that track, deliver and handle your product returns.
However, it’s prudent to contact multiple supplies to get the best prices before committing to anyone. Fortunately, several established suppliers may have business contacts to help you start operations quickly and protect your production costs.
Besides, they help you gather the necessary paperwork for safety purposes, making it crucial to align with suitable suppliers. For starters, you can request product samples from a supplier or work with them on a flexible basis. After verifying their credibility, you may then sign long-term contracts, which is more cost-effective.
Select a sales platform
You may decide to sell your products online or offline depending on your business plan and preference. While an online platform requires a website and other social media platforms, an offline platform requires a physical retail space like a shop. Both platforms have their unique features; customers can easily search for your products online, while they can test your products in your store. You may employ both platforms to establish your brand’s presence further and boost sales. However, if you’re starting with limited funds, you may leverage social media and exhibition fairs to reduce costs.
Develop feasible marketing strategies
It’s advisable to forge winning marketing strategies to establish your brand in your customers’ minds. Besides, it boosts your business’ reputation and attracts customers to your products. Besides, effective marketing puts you a step ahead of your competitors and gives ideas to sell your goods and services to the public. Therefore, you may want to adopt marketing options suitable for your business.
You may decide to use online, offline, or a mixture of both strategies to promote your brand. However, it’s prudent to follow market trends for maximum results. For instance, market research shows that 80% of UK women buy their beauty products online, making it vital to employ digital marketing strategies. You may also try out traditional methods like flyers, face to face interaction, and telemarketing. Perhaps you may also learn how to create TV ads, as they effectively draw customers to your brand.
It’s also best to find a mentor to guide you through the process and get your business registered to give it legal status. While these tips are not all-encompassing, they are a great start to establishing your beauty brand.