Startup Costs: $2,000 - $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? Yes
Online Operation? Yes
With an estimated compound annual growth rate of 7.1% through 2027, and with a global market size of more than $56 billion (according to a 2022 Industry Research report), the cosmetic skincare market presents a myriad of profitable opportunities, including creating and marketing your own product line. Given the increasing market appetite for natural (including organic) products, a line that’s transparent about ingredients and committed to sustainability and natural beauty could be a wise decision in terms of marketing and consumer acceptance.
Ask the Expert: Priscila Fadul, Founder of Lendava
What is the first step to getting started in the skincare industry?
The beauty space of today is one of nonstop novelty, so before getting started it’s imperative to do your research and understand how this industry works.
Before launching my skincare brand, I attended trade shows, helped develop several brand launches, interviewed scientists, visited labs and read chemistry books cover to cover. I performed endless testing, perfected the percentages needed for formulas and learned the quality and type of each ingredient necessary for each of my products. Once I found the perfect lab for creating our formulas, I devoted myself full-time to forming the brand.
Your own research might also include visits to local cosmetics counters, and most cosmeticians will be more than happy to explain the benefits of a variety of treatments, including what certain ingredients do for the skin.
To keep business startup costs to a minimum, start with a basic line (cleanser, toner and moisturizer), and expand from there. You can promote products online, particularly on social media, but your best advertising will likely be word-of-mouth referrals. To jump-start this roster of customers, offer a free skin care analysis along with free samples from your line.
Is the industry growing?
Since the start of the Covid-19 pandemic, people have been spending more time than ever on self-care — whether practicing minimal make-up, simply taking better care of their skin and body or creating routines that boost mindfulness. There is simply endless room for new and interesting things in the beauty space: New trends, technologies and innovations are a constant.
Related: Want to Be Your Own Boss? Learn How to Launch Your Side Hustle Fast.
What are some of those current trends, and what type of person is a great fit to try this?
This industry is one of nonstop novelty, so it’s important to stay up-to-date on scientific and other breakthroughs. “Skin minimalism” is one trend very much in the spotlight. The concept is what the name implies… minimal skincare and minimal makeup, and an emphasis on products that include the bare minimum that skin needs, with a mission of “letting it be.”
Skin minimalism is also what we want to encourage with Lendava. By using fewer products, you are not just doing good for your skin by avoiding risk of irritation, but are also supporting a more sustainable approach to skincare, while saving time and money.
Anyone with a passion for beauty and wellness, for sure, would be a great fit. It’s vital that you love what you do. Of course, someone with a background in beauty or wellness will have an additional advantage.
How much money can a person expect to make in the first year and in five years?
That depends on how big your business gets, certainly, but don’t expect to be profitable in the first year. It’s common for new entrepreneurs to give themselves a test year to see what happens, and if they’re not profitable after that, they often decide to close shop. The truth is that most businesses need at least two years get off the ground. Launching one is a risky and stress-inducing endeavor. But if you are ready, be conservative in your spending, plan thoroughly, be organized and adapt!
Related: Need One-on-One Help? Book a Session with an Entrepreneur Expert.
What kind of experience/training do you need?
No formal training or education is necessary. However, due to the commitments and research required for the job, it’s helpful to have some business management training, connections in the industry, and access to information resources in order to better understand the science-based aspects of the work.
What do you wish you’d known when you were starting out?
The best advice I could give for someone looking to get into this business would be to just start. Begin with the basics, and then go step by step, because things usually take more time than you imagine. If we think too much, it’s easy to get stuck, which can lead to being disappointed with the outcome. So simply start, then grow step by step.
Who are your customers?
Our products are unisex, but our customer base is largely female, aged 25 to 45 and who live in the United States and Argentina. We are constantly finding new customers through organic growth of our website and through Instagram, as well as via PR efforts.
Related: Get the No.1 Guide to Starting Your Own Business
Are there any resources you recommend that were extremely valuable in getting your business off the ground?
Hiring the right people is crucial, certainly. Getting the right employees on board ensures they grow with you, contributing to your overall success and reducing the need to hire again and again for each new leadership position.
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