HOW TO START YOUR OWN LIP BALM BUSINESS
The world is run by influencers and there is no lack of it. They are present in all streams but beauty influencers have taken the world by storm. The demand to look beautiful and glamorous is more than ever and with the rise in people’s income and celebrity culture, people are willing to spend more on these luxuries which have become a common necessity to go about life. As a result, the cosmetic business is at an all-time high and it is predicted that it is here to stay forever. There are many products that come under the wider genre of cosmetics and one of the latest trends in this lip balm! The demand which was earlier limited to a certain gender is breaking boundaries and becoming gender neutral which is such a boost to the industry and is helping to break the rudimentary stereotypes.
The plump lip is one the most popular fashion trends nowadays and people are making sure they give their lips enough care that you look soft and luscious and it is easier to put lipstick or glosses on them. It is now not just a luxury but a part of people’s mandatory skincare routine which they follow rigorously. With this kind of popularity of the lip balm business industry, it’s an avenue that is attracting a lot of investors be it small or big. People are buying from local lip balms businesses that manufacture their own products, more than ever. The understanding of few natural and chemical ingredients to make those amazingly smelling lip balms are now available in many designs and packaging. They are no more boring as the tinted lip balms have replaced lipsticks as they give a more natural look with great results and no harm at all. The demand for organic and local products is also increasing in the market as they are available at cheaper prices, high performance, easy availability and they are ready for customizations.
If you are interested in starting your own lip balm business, let’s understand the basic necessities you’ll be needing to do so:
Do your research
A lip balm business although looks like an easy venture to open. You have to do a lot of research about how the market functions and what is the demand and supply chain in this business. If you are manufacturing your products you must have the knowledge of the ingredients you are putting in your lip balms. You need to have a great shopkeeper’s skills and a compassionate personality. You must know how to attract customers to your shop.
Decide the size of business
The business has a lot of scopes to grow but keeping in mind that you are starting a lip balm business at home and arranging resources for it can be a task in itself, it is better to start small and develop as your customer base develops. You also have to take care of the quantity that you produce and if you are able to sell enough of it. None of your product should be wasted as lip balm is a cosmetic and they come with an expiration date
Decide on product
There are different types of lip balm already available on the market, you have to first decide what are the qualities your lip balm has and how is it different from other existing companies’ products. You have to learn about the science of making the product and even the business and marketing part of it. The business will expand and the list can always increase but decide first what is your introductory range and how influential it is and will it get enough attention.
License and Permit
To start any business in India, you need to have legal permission sorted beforehand to avoid any hassles with government officials. You’ll need to get yourself registered as a business person, get FDA approvals, and get all the documentation handy. Get your product tested and make sure it does not cause any allergens that may induce reactions to the users. If it has an ingredient that typically causes the reaction, state all the ingredients in the packaging with the disclaimer.
If you are making your new brand, make sure you get a patent by your brand name so no one can copy your products.
Even if you are making your products or just selling products from different brands, you’ll need storage space. Since you are looking to start a lip balm business, depending upon the space you need for manufacturing and packaging look for a place that is big enough to accommodate all of your raw material and equipment and has enough space for all of the workers to work in the lab.
Setting up any business at home requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your lip balm business and set delivery boundaries according to yourself. Arrange your products in different categories and use various models and tools which are available online to make your website catchier and more attractive.
Social Media presence and Marketing
Be ready to do a lot of marketing. Social Media is used by almost everyone around the globe. It is almost certain that at least one person in a household must be using any social media platform. Putting up pages on Facebook and Instagram and asking youth in youth in the locality to share it amongst friends, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your store. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you already have an offline store and most customers who have done business with you will keep your number saved, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one-to-one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important.
This is amongst the first things to do. You are setting up a lip balm business at home. It will require a principal investment. Get yourself sponsors who are willing to support a local business and have your back
Create a brand name and logo
Although this sounds very common before opening a lip balm business, understand that a brand name is very important in this industry. Decide for yourself a brand name that people, when hear, can relate with the lip balm industry and there is no confusion in their mind about what the product could be. Make sure once you decide the name and logo of the brand, get a patent.
Help from Influencers
Take help from the local influencers of the city by sending them free products and ask for them to promote them for you online. People listen to the influencers they follow and this can help you build a popular base quickly.
It is exciting to see a lot of Indian beauty entrepreneurs working with full force and empowering themselves by setting up a small business. Most lip balm businesses started in the backyard so don’t let your morale down when you see those big brands competing. Keep the quality of your product high and enjoy the process of growing and learning. All the best!