This article is brought to you by the AVEENO® Skin Health Start Up Accelerator. Filled with helpful resources, this entrepreneurial hub is part of AVEENO’s commitment to creating a more diverse and inclusive industry to impact the health and beauty of all skin.
If you have been thinking about starting your own skin health brand, now is the time to take the leap. The global beauty industry is expected to reach a value of $863 billion by 2024, with skincare accounting for 45% of total cosmetic product sales. We know the first step is always the hardest when you are just starting out—but if you’re ready to get in on this billion dollar industry, read on to see how to build your brand now.
Identify opportunities. Knowing that American women spend a monthly average of $313 on their appearance, take a look and see if you can identify where the greatest demand or the greatest need is. For example, is there an increasing number of consumers looking for organic products? UV protection? Anti-aging?
And once you pinpoint your opportunity, identify your target consumer? What kind of ingredients are they looking for? Whether it’s Gen X, Millennials, teens or another group, think about their likes and dislikes. Is there a certain packaging that this generation naturally gravitates towards? And lastly, take a look at possible price points as well.
Get creative. Now that you know what type of product you want to create and who you want to market it to, the fun really starts. It’s time to name your company—you probably have been dreaming of this moment forever, so finally put it on paper and breathe life into your brand for the first time.
Decide on all the pretty little details, like your brand story, logo, package designs, etc. but make sure you always keep you target consumer in mind. Give some thought to a full line of products you could create, just be sure to identify a hero product that you want to premier with.
Find a manufacturer. This is it, the big moment—you’re ready to produce your first collection! Choose a manufacturer who has experience in the skincare industry to help you develop your product line so that it meets your standard of quality and will understand your requirements.
You can even outsource more than production if you choose a private label manufacturer. They can assist with formula design, regulatory approval, distribution and even the graphic design, printing and packaging.
Now that you’re ready, enter the AVEENO® SKIN HEALTH STARTUP ACCELERATOR pitch competition—the winner will receive $100,000 for their body care, facial care or haircare product or brand. Click here to learn more.