The beauty industry is worth $511 billion worldwide. This is a massive increase from its $483 billion estimated worth in 2020. Customers are more willing to pay higher prices for better products and the convenience of buying online.
There’s never been a better time to get into the beauty industry. So if you want to start a beauty business, you could be building a goldmine! It doesn’t matter that you don’t have any experience yet as long as you want to be your own boss and are passionate about beauty.
But it’s a big industry. You need to work hard and have a strategy. Lucky for you, this step-by-step guide will get you on the right path to achieving your goals.
Step 1: Choose a Business Idea or Profession
Makeup artistry and owning a skincare brand are both beauty industry professions. But they couldn’t be more different. You need very different skill sets and the path to success in both roles is incomparable.
That’s why you need to choose which part of the beauty industry you want to tap into so that you have a specific goal to aim toward. Here are some suggestions for inspiration:
- Beauty blogger, YouTuber, or influencer
- Skincare or makeup brand owner
- Image consultant or stylist
- Skincare specialist/dermatologist
- Hairdresser/barber
- Nail technician
- Beauty Therapist
- Aromatherapist
- Beauty salon owner/manager
- Tattoo artist and/or remover
- Makeup artist
- Wig and false hair specialist
- Beauty subscription services
- Beauty journalism
- Beauty marketing and PR
- Beauty retail consultant
Some of these professions give you the option of being your own boss or being an employee. For example, you could be a hairdresser who works for a salon or you could be a remote hairdresser who works for themselves.
Many also allow you to combine two passions. If you love writing and beauty then you’d likely love to write about beauty too. This step-by-step guide will help you start a beauty blog.
Step 2: Narrow Down Your Niche
There are few successful people who work in the beauty industry that are Jack-of-all-trades. Everyone’s hair, skin, and style are unique so the industry reflects this. It’s far better to pick a niche and be the best in one specific area than be average at a handful of things.
Here are some niche suggestions for inspiration:
- Elaborate hairstyles
- Colored and highlighted hair
- Afro hair and black hairstyles
- Haircare and maintenance
- Acne-prone and oily skincare
- 60+ hair and skincare
- Eyelashes and/or eyebrows
- Nailcare and design
- Punk and underground style and beauty
- Natural and eco-friendly beauty
- Life of a salon owner
Your niche could focus on a specific body part (e.g. hair). Or it could have an alternative point of view (e.g. general eco-friendly beauty).
Step 3: Research Inspiration and Competitors
Chances are that you are not the first person to create a YouTube channel about nail design. Before you start your beauty business, it’s a good idea to research what’s already out there. This will help you see if there is a demand for your business, gain ideas, and learn who your competitors are.
Here are some examples of people who are already successful in the beauty industry:
- Shannon McLinden – natural skincare brand owner
- James Charles – beauty YouTuber
- Fleur de Force – beauty blogger
- Mario Dedivanovic – celebrity makeup artist
- Jonathan Van Ness – beauty brand owner and TV personality
- Coco Ballucci – alternative beauty influencer
- Keke J. Hair – black hair influencer
Do your research and make a list of 10-20 potential competitors who are in your niche and on the same platforms. What do they do well and what don’t they do well? Is there a way that you can stand out and be different from what’s already available?
Step 4: Gain Connections and Education
There is no substitute for hard work and putting the hours in. If you want to be the best at what you do, you need the appropriate training, education, and community.
Research your options. You likely don’t need qualifications to become a beauty blogger or influencer.
But if you want to work in skincare or makeup artistry then you may need to go to college or night school. Consider getting an MBA if you want to be a beauty entrepreneur and can afford the fees.
Your combination of natural talent and skill will get you up to the finish line but knowing the right people will get you over it. Start conversations with other beauty professionals online and go to networking events.
Your new friends might be unable to take an opportunity but suggest you for the gig instead. It could be your big break!
Step 5: Create a Business or Content Plan
It’s time to put the entrepreneurial wheels in motion. To measure your success, you need to create a business plan. Here are some of the key details you should include in your plan:
- Short summary of the company
- Market analysis
- Competitor analysis
- Management and company structure
- Funding details
- Financial projections
- Marketing strategy
- List of services and products
Consider hiring a business coach or mentor for the first quarter of your business to guide you. Make short-term (three to four months) and long-term (three to five years) goals. Re-evaluate them and check on your progress at the end of each quarter to readjust your projections.
Step 6: Put Yourself Out There!
You can practice and plan forever. But at some point, you need to just get started.
Film a YouTube video, upload it, and see how it does. Learn from your mistakes to make the next one better.
Start making your own natural lip balm in your kitchen and send it for FDA approval. Print the labels yourself and start selling your products at markets.
Practice your makeup artistry on your friends and upload photos to a portfolio website. Send them to film production companies, designers, and salons.
You miss 100% of the shots you don’t take.
That’s How to Enter the Beauty Industry in Six Simple Steps
The beauty industry is one of the most lucrative and existing industries you could join. By following this step-by-step guide, you will be giving yourself the best opportunity to succeed.
And when you’re in the beauty industry, you need to follow the latest beauty news and developments. Browse our lifestyle articles for essential insights and opinions!
