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Beauty Industry

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If you’re a beauty guru, starting a boutique dedicated to your craft might be your life goal. From quality skincare to nail polish to ethical makeup products, there are a variety of products you can carry. As you consider your business options, look to these five key tips.

1. Have a Business Plan

A well-thought-out business plan is essential. According to INC. Magazine, there are over 400 million entrepreneurs globally, and many will not find success. A well-thought-out plan can mean the difference between success and failure. Skipping this step is not an option if you want to build a successful boutique.

Planning requires you to research the current market before you open your doors. Knowing what the competition offers and other factors about the market is important. A plan also helps you to plan how you will finance the business. It is an important step in the process of opening a beauty business.

2. Decide On Offered Services

What is your value proposition? A value proposition is the services you will offer and why those services differ from those offered by other businesses. Decide which services you will offer at your beauty boutique and what added value they will bring clients. This is how you will build your client base.

About 27% of Europeans suffer from skin allergies. A similar number holds in the United States, too, so you could still offer allergy-aware services to get the attention of people who suffer from skin allergies. In other words, find your niche service and/or product line.

Image source: Photo by Atikah Akhtar

3. Identify Your Brand

Brand identity is important in marketing and growing your business. Brand identity is a multi-layered activity. It includes things like your logo and signage as well as the colors that you choose for your boutique. Building your brand identity is part of creating a successful business.

Choose a memorable name, logo, and visual identity that resonates with your target audience and sets your boutique apart from competitors. Consistently apply your brand across all touchpoints, including signage, packaging, marketing materials, and online presence. Create a brand culture by implementing rules for employees and how they respond to your client base.

4. Curate Customer Care Plan Services

How will you handle customer complaints? You need to have clear guidelines outlining your refund policy and how customer complaints will be addressed. Every new business owner likes to think that their services are so good that customers will not complain. Unfortunately, they do, and you need a plan in place for how you will manage those complaints.

Providing the best customer care is essential for your business. That means working with people who are not happy with your services. Think about how you will handle an unsatisfied customer. Keep in mind that online reviews are often read by potential clients.

5. Stay Abreast of Trends

Join professional organizations in the beauty industry to stay on top of new trends, products, and services. If you own a beauty boutique, you must become an authority in the beauty field. Sharing information with clients will increase their trust in you and your services.

For example, according to the Skin Cancer Association, about 20% of the population will develop skin cancer by the age of 70. That can be valuable information to share, but you would not know it if you were not part of a professional organization in the skincare industry. Professional organization membership can lead to training opportunities and more. It is a good idea to become a member of an industry organization.

Starting your own beauty boutique business is exciting. However, you must pre-plan and work to ensure everything comes together beautifully. Good luck!

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There have been fears that the beauty industry was in some troubled waters after reports recently. Especially in the UK, where the new living wage could put a lot of small beauty companies out of business. However, experts believe that cosmetics is set for another boom. Let’s take a look at the rise and fall of this profitable market. Along with what causes such fluctuations.

beauty-industry

Picture credit – Flickr

Recent Decline

With the current economic crisis, some beauty companies have seen a decline in business. With people finding it difficult to get a mortgage or put food on the table, cosmetics have taken a backseat. Smaller beauty businesses have also found it difficult to stay afloat during the financial turmoil. Fewer people are visiting salons and choosing to do the work themselves. Using Youtube and Pinterest for tutorials. This has caused many small beauty businesses to go out of businesses. The last time the industry saw this much of a decline would have been back in World War 2. Many women were making their own cosmetics, due to there being very few available on the market.

Predicted Boom

Now that much of the western world is pulling itself out of the financial turmoil, it is thought the beauty industry will flourish again. Companies are getting smarter with the way they market their products and services to the masses. Beauty bloggers have recently come under fire for marketing products to their readers. Without full disclaimers. Yet, the beauty industry is still relying on this clever form of advertising to pull in new customers. Makeup products are flying off the shelves. Just because they’ve received a positive review from a well-known beauty vlogger. Combined with the fact that many people now have a bit more disposable income, it’s unsurprising if we do see a boom again.

Profits and Changes

It’s not just the marketing tactics that have changed. The cosmetics industry is now investing in smarter technology and more cost effective solutions. In order to bring down the cost of their products even more. Along with providing better quality for their customers. As an example, sanitary mixers are now being used in many cosmetics factories. These are cheaper than some of the other options while also being cleaner and less toxic. The higher quality standards are being passed onto customers, but the pricing changes may not be. This industry remains one of the most profitable on the planet. The markup of certain beauty products has been a talking point for quite some time. With many people questioning how companies can get away with charging so much. For products that cost them so little to make. However, with such a fluctuating industry, this tactic ensures bigger brands never go out of business.

Of course, much of this talk of booms and declines is really all just hearsay. Only the cosmetics companies themselves know how well they are performing. If they continue to use smart marketing techniques and cost effective manufacturing. They won’t see a decline for quite some time. Meaning many of your favorite brands are here to stay.

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