Skincare Products

Startup Costs: $10,000 - $50,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? Yes
Online Operation? Yes

It's no shock that people want to look good and feel good, and more and more they are aware of the ingredients of products they are putting in their bodies and on their skin. If you have an interest in beauty and are committed to using clean ingredients and sustainable packaging, this category could be a gold mine. 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 can be the beautiful opportunity you've been waiting for.

How much money can a person expect to make in the first year?

That depends on how big your business gets, certainly, but don’t expect to be profitable in the first year, says Priscila Fadul, founder of Lendava. 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: Get the No.1 Guide to Starting Your Own Business

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. Says Fadul, "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 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.

Fadul advises keeping business startup costs to a minimum by starting with a basic line (cleanser, toner and moisturizer), and expanding 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 skincare analysis along with free samples from your line."

Who is this business a good fit for?

This industry is one of nonstop novelty, according to Fadul, so it’s important to stay up-to-date on scientific and other breakthroughs. Says Fadul, "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."

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.

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