5 Steps to Do Before Starting Your Personal Care Business
The future of the personal care business is promising, as the global skincare market is projected to grow from $100.13 billion in 2021 to $145.82 billion in 2028 at a CAGR of 5.52%. It’s time for you Smartpreneurs to seize this great opportunity and start your personal care business now. But, what do you have to prepare beforehand?
In this article, we will talk about 5 Steps to do before starting your very own personal care business. Feel free to discuss more with us here, or click the green button on the right side of your screen to chat directly with our team.
Launching your own personal care line seems like a very exciting journey, but can also be quite overwhelming, especially for those of you who have little knowledge and experience about entrepreneurship. Before you dive into the world of personal care marketing, here are some steps that you need to do:
1. Determine Your Business Direction
What is your mission, your reason for being in this industry? What kind of product do you want to make? Who is your target customer? Where will you sell your products? How much is the price? These are the things you need to sort out first.
Let’s say, you are inspired to make natural-based body lotion with SPF that absorbs so fast that it doesn’t feel sticky on the skin and you’re good to go right away. You want to sell it to outdoorsy people in tropical countries, through your website and one physical store. And then, you have to set the price of your product by considering your cost price and also your competitors.
2. Design a Cohesive Brand
After determining your business direction, you have to build your brand, make it stand out. You have to think of something that makes people remember your brand. How does it differ from the others? It could be its innovative ingredients, cutting-edge technology, creative packaging design, catchy tagline, or maybe your good business philosophy that people could relate to. The point is, your brand should speak to your potential customers in a way that both resonates and compels them to keep coming back.
3. Create a Long-Term Plan
Everything needs good planning, including your brand new personal care business. Before you make your long-term plan, think about your long-term goal for this business. What do you want to achieve? How do you see your business in 5 or 10 years?
It’s important for you to keep asking these questions once in a while to keep re-evaluating as your business grows in the future. As a newbie entrepreneur, you might find it overwhelming, so don’t forget to keep upgrading your business skills through seminars, business coaching, and lots of business knowledge that you can access easily on the internet nowadays.
4. Layout The Budget and Timeline in Advance
In line with your goals and plans, you have to analyze how much money you need to start your business and grow them in the future. If this business is a side job for you, maybe your personal savings is enough to fund your business. On the other hand, if you’re thinking of going on a bigger scale from the start, you need to think more about funding, you might want to get an investor or bank loan.
5. Choose a Trusted Contract Manufacturer
Having your own personal care manufacturing plant may sound ideal, but not when it comes to a startup business because you really need to think about your budget allocation and the risk you want to take. That’s why getting a contract manufacturing partner is the best option for you. Contract manufacturing partner will help to handle all of your product development processes, from choosing the best ingredients and formulations to mass production. All you need to do is focus on marketing your product.
Make sure to choose a contract manufacturing partner with flexible MOQ (Minimum Order Quantity) so you can also have the flexibility in managing your inventory and product portfolio. That way you can also check how well your product does in the market before you decide to scale up.
So, are you ready to start your personal care business? Feel free to contact us Indocare B2B, a contract manufacturing with flexible MOQ, high-quality ingredients and formulations, and manufacturing processes in accordance with Good Manufacturing Practice (GMP) and Halal requirements that will help to develop your product in a better and simplified way.