If you want to know how to start and succeed with your own Lip Gloss business, this article is a must-read.
It reveals a lot about this business, what you need to start and how to succeed.
Start of Lip Gloss Business as a Big Business
The cosmetic industry is big business. It is estimated that at the global level, the industry is worth five hundred and eleven billion dollars.
Individually, it is estimated that the average woman in America spends up to $3,726 on beauty products yearly.
These particular beauty products could be eyeliners, eye shadow, concealer, lipstick, hair products, etc.
Cosmetics, as some would claim, are a superficial attempt of a person to make themselves more beautiful through artificial means.
They argue that an individual should be more concerned about their inward beauty and allow that beauty to shine outwardly.
However, it is important to remember that how one perceives themselves outwardly can add to the internal beauty of an individual.
Feeling confident, looking confident, and being your best outwardly can certainly go a long way into becoming beautiful inside through self-confidence.
History of Lipgloss
Interestingly, this beauty product was created in 1930 by cosmetics giant Max Factor.
The purpose of this beauty product was to make the lips of black and white film stars of this era stand out as it related to movie production.
The actual product was not lipstick but a transparent, covering for the lips that had a bit of a glossy shine to it. The name of the product was lip gloss.
One other historical modification that was made to lip gloss was the inclusion of a flavoring additive.
Lip gloss came in a variety of flavors. The name of the product was known as Lip Smackers. The flavors were lemon, strawberry, and green apple.
Lip Gloss Business Today
Today, lip gloss is available on today’s cosmetic market in a variety of forms.
It is manufactured and distributed in a small cylindrical shaped tube and application to the lips can be accomplished by a lip brush as part of the packaged item.
Also, the gloss is manufactured in a squeezable plastic tube.
All the individual needs to do is to squeeze a bit of the gloss onto their lips or fingertip and spread evenly over their lips to give that glossy effect.
In addition, there are various features that today’s manufactured lip gloss can reflect.
The lip gloss may be an extremely glossy covering for the lips and or can also take on a variety of finishes. Some of those finishes can be metallic in appearance, glittered, frosted or glassy.
The luster of lip gloss is as shiny as its financial future. It is estimated by the year 2027 that this particular segment of the cosmetic market will produce sales at a 4.3 billion dollar level.
In addition to the cosmetic appearance that lip gloss brings it is also a soothing balm to a person’s lips and helps to moisturize and prevent dryness and cracks.
11 Things You Need to Make Your Lip Gloss Business Shine
1. Lip Testing
Before unveiling various products to the general public, many companies gather together a smaller group of individuals who are willing to test or try out the product.
This will give the manufacturer an idea of how the product is received and whether it will strike a consumer chord with potential customers.
Why not do these initial tests of your lip gloss with a group of friends, family, and acquaintances?
Show them a prototype of your packaging, ease of application, and have them apply a few of your various lip gloss products.
Ask them for their candid feedback related to the lip gloss.
Questions could include the overall look of the lip gloss product, ease of application, how it feels on the lips, how it looks, taste, etc.
Their positive response will build your confidence and help you make any needed adjustments before completely immersing yourself in this business and before launching.
2. Which Model?
How the new business owner will interact with their customers can include three options.
One option is to have a local brick-and-mortar store or operate from home, or strictly conduct business online.
Each has its pros and cons ranging from the expense to possible restrictions, to visibility to which would be the most conducive to success.
The new business owner should weigh each of these options, list the associated pros and cons, seek advice from others, and then make the decision that would be most beneficial.
It may even be a combination of all of these venues.
It is important to give considerable thought as to what the name of the company will be.
The name should be somewhat catchy and leave no doubt to the individual reading the name of the company as to what their product line is.
Once a name has been identified, it needs to be determined whether it is available.
Registration of your business name can be made with your local government for a fee.
Upon registering your unique name, a set amount of time is given to set up your business model of operation which may be an LLC.
4. Business Plan
An important part of starting a business is to put on paper how you as the owner see the business operating.
The business plan, similar to a roadmap, includes an executive summary, marketing plan, financials, hiring of any employees, and several other topics that should be addressed.
For further information, the new business owner can use the resources available on the Small at Business Administration website or Sba.gov.
The business plan is an important strategy document not only for the business owner to refer to as their business progresses, but also may be a document that potential investors will review.
If investment money or loans are asked for, those particular financial institutions will want to know that the operation of the business has been thoroughly thought through.
5. Business Model
When starting a business, one of the key steps that need to be taken is to decide on which business model your company will be registered as.
There are many options. Some of those options could include being a sole proprietor or a limited liability company or LLC.
The business model chosen will tell the state in which you are operating and the Internal Revenue Service how your company is structured.
Each of these models has pros and cons associated with it.
Therefore, it is important to investigate what would be most beneficial to you and in the formation of your company.
6. License to Gloss
Once the company has filed with their state the articles of your organization, then various permits will need to be applied for and obtained.
The requirements for these permits and licenses may vary from state to state.
In all likelihood, the first license that most states require is a business license.
Other permits and licenses that may be required, depending upon your state of residence, include resale license, sales tax ID permit, and possibly others.
One important factor, of many, that will lead to your business success is the vendor or vendors that you choose to use to make your lip gloss.
One of the critical products that go into the making of your lip gloss will be lip gloss space.
Not only do you need to find a vendor that is reasonable and will work with you but who is also reliable.
Additionally, you’re going to need to find a vendor that will provide you the packaging materials.
These packaging materials include tubes, lip gloss bags, pouches, gloves, oils, pigments, etc.
If you are going to be offering various flavors or other features to your lip gloss such as glitter, stars or butterflies, etc. a vendor or supplier will also need to be identified.
You may be able to find a vendor that will be able to provide all of your needed materials for your lip gloss company.
However, it is important to allow the vendors to be competitive and offer you the best price possible so that you can maximize your profits.
Marketing is essential for the business success of any enterprise.
To market, a product requires getting in front of customers with your products and to convince them of what your product will do for them as an individual.
Marketing can also include testimonials and factors that may separate your lip gloss from other lip gloss companies.
Another way to practically market your lip gloss product is to continually be around other people who should be perceived as potential clients.
When meeting and greeting these individuals it is important to wear your product and be ready to present your “elevator speech” at any given moment.
Again marketing is about convincing the individual that they need your product and the difference that it will make in their lives.
In today’s age of being a litigious society, the business owner must be fully covered as it relates to insurance.
As with any product that comes in contact with the body, there is always a chance, despite any precautions taken, that the individual wearing your lip gloss may have a real or perceived allergic reaction.
Therefore, it is important that you work with your insurance agent to devise and implement a robust insurance plan that will protect you and your company.
Your labeling will list the ingredients that comprise the product and that if any reactions occur to stop using the product immediately.
There are many options available to an individual who is inaugurating their business.
One of the least expensive ways of starting a business is using the home as the headquarters.
This is a possibility, however, research should be conducted as to whether any laws prevent this from happening or if part of the homeowners association, it may not be allowed.
Another way to start a budding business is to work in concert with other beauty-enhancing companies.
For example, it may be a good idea to approach a local beauty salon and see if you can utilize a portion of their salon space to promote your product.
You could work out a deal of sorts with the owner to pay them a little bit of rent for the space that they provide or give them a percentage of sales.
Of course, it is critical today, to reach out through technology to promote your product. Therefore, it is important to develop an online presence.
This can be accomplished by claiming your domain name and then either build your website or use other resources to create an inviting website for customers who are searching for your product.
In regards to the website, it is important to use a narrative on your website that will capture keywords.
Some of those potential keywords to enhance a customer searching for your product could include lip gloss, hypoallergenic, natural ingredients, sparkling, etc.
Also See: How to Start a Shipping Business.
As you move full speed ahead into the realization of your lip gloss company becoming a reality, it means that you also need to step up your game.
By this, it is intended to mean that your equipment needs to be more sophisticated in regards to producing your various lip gloss products.
Therefore, you should invest in a blending, mixing, compounding machine, molding machine, packaging, labeling, and sealing machines.
If financial resources are limited to invest in this equipment, you may look at various websites or locally for machines that will create your product in the interim.
Starting a business is not for the faint of heart. It takes a lot of hard work, long hours, and discipline to see your vision and dream come true.
However, if aspiring to become an owner of a lip gloss enterprise, you are pursuing the offering of a product that not only enhances the beauty of the individual wearing the lip gloss but increases their inner beauty as well.
It is important to know that the successful realization of a lip gloss business has a shiny and glossy future.