Starting a cosmetic store can be a highly rewarding experience. Not only do you have the opportunity to start working in an industry in which you can learn and grow, but you’ll be around an amazing cast of people as well. If this is something you’ve been thinking about doing, then there are a few things you should know before you get started. Check them out below:
Establish Your Brand
As the cosmetic industry is based on appearance, having a strong brand would be a good first step to take. Not only will this start to give you a better scope of the type of audience you’re trying to establish, but additionally what you can grow from there. And if this has been an aspect you’ve been lacking on or neglecting, then getting on the branding for your cosmetic store is a must.
To begin, start to ask yourself what about your cosmetic brand separates itself from the pack, as well as why that might be the case. For example, if you’re offering a specific edge such as organic cosmetics at an affordable price or top-tier product without all the frills. It’s important to showcase this in a variety of mediums; for example, according to LucidPress, color increases brand recognition by 80 percent, which means that whatever brand you come up with, you should showcase the aesthetic of your cosmetic offerings. Finally, if you’re going to hire a designer or any other skilled position, then having someone to help you with contracts is crucial. Lawyer Aaron Kelly can help tremendously in this realm, since he specializes in startup law.
Be Early On Social
Another important aspect of your cosmetic business is the presence you have on social media, as well as how that impacts your brand’s growth. If there’s one thing that’s true about social, it’s that it is largely an industry based on self-image and vanity, which is an ideal place for a cosmetic company to thrive. However, the challenge here isn’t necessarily just engagement, but engaging in the right way.
An excellent example of this is with a medium like Instagram; 38 percent of women in the US are on the platform according to HootSuite, which is a huge demographic. Be sure to explore how certain tools, like Instagram hashtags, can help you with your target audience research. The goal here is to get somewhat specific with your targeting, giving yourself the best position to develop an audience moving forward.
Find Solid Mentors
A big part of being a business owner is having those who you can look towards that can teach you the ropes. Although this might sound obvious, it’s something a lot of entrepreneurs forgo, which can hurt them quite a bit in the long run as they don’t take the time to learn from someone else. In fact, as noted by Entrepreneur, 80 percent of CEOs said they received some form of mentorship along in their career which goes to show that this is an important characteristic across the board; and if you currently don’t have a mentor, then seeking one out is clutch.
To begin, take a look around if there are any networking groups in your area, as well as if there are any previous mentors you can look towards to catch up with now. Another piece of note is not to be afraid to look into people outside of your immediate network for advice, even if they’re in a completely different circle. For example, Brian Magierski is a serial entrepreneur who has most recently become invested in crypto, which is one industry to watch. As the biggest mission for you is to find industries you can learn from, this is a crucial aspect to tackle moving forward.
Don’t Forget About SEO
Finally, as one of the most prominent practices in digital marketing, SEO is a must to tackle early on. In fact, as noted by Search Engine Journal, 93 percent of online experiences begin with search, which if you’re able to strike on that market for cosmetics, then you’ll be well into the profits. However, getting to that place can be a pretty hard effort.
As SEO is all about specificity, one of the first things you should go after is what separates your cosmetic store from the others. While that might sound obvious, it’s also something that needs to be addressed early to implement into your search terms. Furthermore, try to decide if you want to be localized (for your specific city) or for a niche market that stretches across multiple locations. As the overall metric you should strive for is consistency, use your best judgment as to why people would look up your store and what that means moving forward.
What are you most excited about in launching your first cosmetic store? Comment with your answers below!