ESP helps aspiring female entrepreneurs find their niche

Beauty is most certainly a crowded market, and it can be tough for female entrepreneurs to find their niche. On the other hand, it is a sector rich with possibilities and which generates billions every year. Opportunities are there for the taking which will allow you to build a successful business in this demanding and ever-changing segment.

When you start your journey as an entrepreneur, it is essential that you have a clear set of goals and that you have a well-defined strategy. Jane Grainger of Essential Specialised Products shares ideas to consider when striving to become a successful beauty entrepreneur.

Research, prepare, repeat

Inspiration is the first stage of the journey, before creating something new. Beauty is not static; it is constantly changing, so you won’t be able to spend years in the development process.

Diligent preparation, long before your launch date, is key to success. Find out everything there is to know about the industry you are entering and what products you want to make, or services you will offer. Having this in depth understanding of the market and its history are beneficial to cement exactly what you want to achieve.

Listen to your potential customers. This will allow you to predict and gain a clear image of what they need, as they will potentially decide whether to buy your products or services. Never stop learning. It increases your knowledge and enables you to follow your path. Try to avoid a complex strategy. A customer always prefers to have a clear picture of the idea. In addition, you will encounter enough difficulties on your way, so a clear and concise strategy will be easier to implement.

Have a fool-proof business plan

A business plan is a description on paper of what your business should be in a few years’ time. Experts recommend underestimating sales and overestimating running costs to avoid negative surprises later on.

Also try to secure the services of an accountant as soon as possible to take care of all administrative financial tasks such as taxes and they can assist with compiling the best business plan.

Hire great people

Recruiting for a beauty business in its infancy can be challenging. Even if you find the perfect fit, convincing the candidate to leave a secure job to join a newly launched start-up will not be straightforward. In fact, entrepreneurs often describe the recruiting stage as the most difficult.

Surround yourself with enthusiastic, hardworking, dedicated and motivated people with the relevant expertise in the field. To sell your beauty business to the right collaborator or employee, highlight your company’s potential but do not downplay uncertainties.

Take the leap

Starting a business is always scary, whether it is your first or tenth. But there is always one defining moment (or several, in some cases) when the fear of not taking the leap outweighs the risk. I have lived a lot of my life, both in business and privately, by the powerful Zen saying: “Leap and the net will appear”. Be bold! Believe in yourself and the business you are creating.

Don’t let perfectionism stifle your dreams

Anyone who has watched an episode or two of Dragons Den knows the feeling: A (ostensibly) great idea strikes us. We commit it to paper and even share it with a few friends, but then second-guessing and an idealistic need for perfectionism starts to creep in. A paralysing desire to have everything exactly right before sharing it with the world can prevent you from ever moving forward.

So, the best advice is to just launch — you can perfect things as you go.

Embrace social media

Social media is a powerful tool to build relevant communities, instead of simply pushing products. Starting your business in this century offers many opportunities for connecting via digital marketing which were not available in the past.

Our need for connection, is what drives many of us. The cosmetics industry tries to capitalise on this very basic human desire, and the entrepreneur should concentrate on building true communities around their products or services.

Use your social media platforms and website to add value with content that enhances the learning experience. Make sure your page is not just visually pleasing, but also a comfortable space where people can receive information.

Remember, the biggest advertising tool is still the customer experience. Research indicates that many people point to customer experience as an important factor in their purchasing decisions, just behind price and product quality.

Keep ahead of trends

This is even more crucial when setting up a new beauty business as without any prior customer base, innovation should be the main appeal. A successful beauty venture needs to be ahead of the trend or set the trend.

For example, innovative beauty start-ups are currently focusing on developing organic cosmetics and sustainable beauty products. The clean beauty trend is most definitely on everyone’s radar.

Listen to your customer base

Once you are more established, customer feedback is key to building a long-lasting beauty brand and can really help with your decision-making process when formulating or developing a new business plan. Traditionally, businesses that listen to their customers and collaborate with them tend to succeed.

Give your customers the opportunity to contribute to the growth of your business. Amazing customer service will help you win and retain customers. Repeat business can help your business thrive. And you can only get repeat customers if they are satisfied with the services and products you offer. Think like a consumer first and create an experience worth remembering.

Remember the five Ps

If you plan to create a beauty product, remember the five Ps:

1. Product
2. Pricing
3. Packaging
4. Positioning
5. Promotion.

These parameters provide the keys to a successful launch and sustainable product life cycle.

Be patient! When you create something new, you are always inspired and excited and may expect immediate results, however it will take time. Some may achieve their goals faster, but everything has its logical consequence, so do not lose sight of this.

You know what is best for your business

Even after doing copious amounts of research, overcoming the inevitable self-doubt and harnessing the power of social media, entrepreneurship can still be challenging. It can be difficult to keep a clear head through the noise whilst ensuring you are staying the course. Whilst a mentor is always helpful for brainstorming and guidance, in the end, you are the “mistress” of your destiny. Listen to your gut or little voice for your pearls of wisdom.