However, much to our chagrin in recent years celebrities have jumped on the "launch my own line gravy train". Watching this ever growing trend unfold can be frustrating to a creative looking to see their name behind a prestige makeup counter or gracing the shelf of their local Sephora store.
They have the money and clout, and in your eyes all you have is your passion so how do you even begin to compete?
Beauty Schooled! tapped good friend and cosmetic chemist and owner of Envie Lab Desiree Mattox for the five most important things to consider before launching your cosmetic line.
5 Tips for Launching a Cosmetics Line
1. Start small. It may be tempting to launch with a wide selection of products, but resist the urge. Start with 3 - 5 products that can be sold individually and in sets. The key is to use your debut product line to gauge the market before you grow the line. This way you can easily make necessary changes without having to start from square one.
2. Know your numbers. There is no way you can accurately and effectively run your business if you don't know your costs and profits. Before you start ask yourself: How much money do I want to make per product? How much does my product cost to make? What should my wholesale and retails prices be? How many units do I need to sell to be profitable? Answering these questions will help start you on the right track.
3. There is nothing new under the sun... except YOU! Of course you will need to find ways to differentiate your products, but don't get discouraged to find ideas similar to your own. No one can execute your ideas the way you can. Focusing on your branding and putting your personal stamp on everything you do will make all the difference.
4. Don't dilute your brand. Samples, giveaways and blog reviews are great, but don't over do it. If you put too much effort into giving your products away, you'll be hard pressed to find someone to actually buy them. Define your limit in a marketing plan and stick with it.
5. Educate yourself. Research, research, research! There is no shortcut to knowledge and expertise. Engulf yourself in the industry, read trade magazines, study marketing strategies, stay abreast of the latest raw materials and technology. Whatever you do, don't be afraid of the smart work. The smartest workers always come out on top.
You can learn more about Desiree and Envie Lab's services by visiting their website and following their twitter.
