The Simple 10-Step Guide To Launching Your Own Cosmetics Line
Is it just us or does everybody have their own cosmetics line these days?! As you probably know, good looks are a good business. Don’t believe us? It’s not even four years since she launched Kylie Cosmetics, and yet Kylie Jenner was named the youngest self-made billionaire by Forbes. Forget Rihanna, Kardashian-Jenner just won’t let up, will it? Anyway, for those of you who aren’t lucky enough to be born Kris Jenner, but are striving to enter a market that will always be ready for selection, follow these 10 steps to the success of the cosmetics line!
Step 1: Understand Who You Are Doing It For
If you don’t bother to research before launching your own cosmetics line, you might as well not start. Take the time to explore the market, your target audience, and your competition, which will help you figure out what will set you apart and achieve your goals!
Take a pen or pencil and a piece of paper and you will find that the answers come to you as soon as you have put them on paper.
Step 2: Find Out Your Business Structure
Find out what kind of business structure you are choosing. For example, starting a partnership or a limited liability company? Choose your options and choose one that suits your tax needs. If you have difficulty figuring this out, make a list of your advantages and disadvantages. During this time, you can contact a financial advisor or a civil attorney for further help.
Step 3: Registration And Trademark
Register your company. Do a trademark search to make sure your name has not already been taken to avoid legal trouble! Think of all the times people in the comment sections of Instagram accuse KKW or Kylie of copying other cosmetics lines; think now of how awful it would be if they could be sued. Kylie would not be a self-made billionaire if comments were tantamount to court action; nor would you if you did not do your due diligence!
Step 4: Lock Domain And Social Handles
Get your fun, memorable, and catchy cosmetics line site domain protected and your social media handles locked. You can find someone to help you with website stuff, but when you pinch yourself there are custom website creators like WordPress, Wix, and Squarespace that are pretty intuitive.
Step 5: Receive Funding
Secure your pocket. Find investors who support you in what you’re trying to do. You can be friends, family, or even your bank. Crowdfunding sites like Kickstarter can also be a great start-up.
Step 6: Insurance and Accounting
Reach this financial advisor in Step 2 and have a conversation about the insurance that your business needs and/or benefits from. It can be easy to feel overwhelmed here, but even here, a little research will go a long way. Once you have taken out your insurance, get a tax advisor to do all your accounting and taxes. Trust that this will cause a lot of stress on the road from the start.
Step 7: Setting Up A Bank Account
Depending on your type of business structure, you need a bank account for tax reasons. Even if you don’t need one, having a bank account is a smart move. You know what they say regarding mixing pleasure and business.
Step 8: Suppliers
When you sell a product, look for a supplier by simply googling “Cosmetics line supplier.”
Step 9: Market Strategy
Use your social media platforms to connect with your audience, and you may be surprised at how far a well-curated Instagram feed will take you!
Step 10: Buying Or Renting An Office
Before signing leases, get help from your tax advisor and contact lawyers to get a better idea of what space is best for you and your business.
Phew! That was awesome, but you got it, right?