2020 brought many changes for a lot of industries, and the beauty industry is definitely no exception. Beauty brands have always relied heavily on in-person purchases. Before this year, 85% of beauty sales happened in-store. But COVID-19 has changed the way people shop. Focusing on a strong online marketing strategy is crucial. Limited in-store experience […]
Most of us probably take soap for granted. We use it daily, and we rely on it to keep us clean and healthy. But beyond that, it’s just another household item. Before the global pandemic, most of us didn’t give our soap a lot of thought beyond what brand or scent we used! These days, […]
“No competition, no progress.” – Bela Karolyi Why Bother with Competitor Research? Understanding the current competitive landscape for the beauty product(s) you’re bringing to market is a critical step on the path to success. Once you’ve done the research for your niche, you’ll emerge with an understanding of your competitors’ strengths and weaknesses. You’ll know […]
“A strong team can take any crazy vision and turn it into reality.” – John Carmack Statements like “teamwork makes the dream work” or “it takes a village” have become so overused that they’re now considered cliches—but they’re overused for a reason. Creating a team is one of the key ingredients for a successful and […]
One of the most important things to think about when starting your beauty business is your budget. Your goal is to make money, and your budget affects every business decision you make. It’s important to make sure you take into account enough capital in your budget planning process to cover all of the costs involved […]
One of the most important things you can do to succeed in business is create a profitable niche. These 5 steps will help you create a profitable niche for a beauty brand, but the ideas are applicable to any brand in a crowded market. Another way of thinking about your niche is asking, “What is […]
A well-planned and strategic launch will give you the opportunity to build momentum, fine tune your branding, and start your business with paying customers. When my mother and I launched our beauty brand, 42 Dubonnet, our launch went even better than we had hoped. I’ll share a launch plan checklist similar to the one we […]
It’s important to develop an exit plan before you start your business. An exit strategy not only protects your investments, it also gives you peace of mind. By planning ahead, you can feel comforted by the fact that if things don’t pan out, you’ll be prepared. Play it out in your mind When thinking about […]
Funding options for your beauty business There are many options to consider when looking for ways to fund your business. Some of the options require more work, like applying for grants or running a crowdfunding campaign, while others require less work but carry more financial risk, like getting a loan or using credit cards. A […]
Starting your business with a co-founder means you’ll have more support and resources, but you’ll also give up some autonomy and financial benefit, since you’ll be sharing your profits. There are many factors to consider when making this important decision. Let’s consider the pros and cons. Is one the loneliest number? Benefits of having a […]