Everybody wants to be on the top, right? That’s why currently many beauty entrepreneurs are looking towards the lash industry. Today eye makeup is no more limited to eye shadows or mascaras. False lashes, strip lashes, and pre-made ones are getting way too common. Women are including lash extensions in their beauty routine as frequently as they go for hair styling.
The lash-trend is brand new, and it will only amplify with time. The lash industry is all set to reach its growth potential in the coming years. So, buckle up and get ready to make excellent sales by launching your lash business. But before you take your first order, you need to know some crucial things. Here you go.
How to do market research?
Market research is the process wherein you study the market demands concerning your product. It tells you of your potential financial gains. You can have a good product idea, but if there is no market, it is practically bad still. So how to do thorough market research?
Lash business in itself is a tremendous potential venture. But let’s zoom in. Knowing exactly what people want to rest on their eyelids can be a little complicated. Here’s what you can do to find what customers want:
- Study your competitors. Have a look at their websites, reviews, etc.
- Take online surveys to know what people prefer the most.
- Keep an eye on the trends. Read blogs and magazines to know the direction of the latest styles.
- Tracking the prices of products can give you evident insights regarding customers’ interests. You can use many brilliant tools to track prices.
Which niche to choose?
Good market research will tell you the odds of product success. Still, out of the variety of lashes types in demand, which one to go with? Initially, you can’t expect buyers to trust you with extra-long and fancy lashes. It is crucial to have standard and quality choices in your inventory. Mink strip lashes ranging from 10-18 mm might sell well.
Choose something with which local people resonate. Your custom lash sets might sell like hotcakes. With their natural look like lash extensions, they are an excellent option to start with. Consider the age groups in your locality. Studying the local demographics is vital to have faster sales.
Pricing your lashes.
This one is important. Set the bar too high, and no one would be able to reach it. Set it too low, and no one will care to cross it. Know the retail prices of the type of lashes you want to sell.
Initially, don’t be tempted to make too much profit on a single pair. Keep the prices close to retail prices. Just focusing on quality and services, in the beginning, can give a good momentum to your sales. Later, you can adjust your packaging, shipping, and other charges.
The need for a business plan.
A business plan is a blueprint that gives direction to your finances, sales, promotions, and everything else. To make a business plan, compile your financial goals, fund requirements, marketing strategy, along with their periods.
Through your business plan, investors can evaluate where exactly your business will go. Additionally, while making a business plan, you can root out vague ideas. What doesn’t look effective on paper can hardly result in a successful business. An objective approach gives clarity and logic.
Funding your business.
Lash business won’t require a huge investment. Still not having enough saved up money? Go, fund your business. There are ways you can raise capital for your business. The only requirement is a solid business plan.
You can have a bank give you a business loan. Before settling for one, do consider the terms of more than two banks. If your goal is to have a large business, then you can consider having investors. You can even turn to your friends and family for funds. But knowing that their money is at risk, always start small.
How to sell online?
You have all the products ready, but how do you sell? Whether you operate physically or through a website, there’s nothing like reaching customers online. On your website, you can display your inventory along with attracting buyers through your blogs.
For making a website, you can take professional help. Or you can make it on your own using platforms like WordPress, Wix, and Squarespace. You’ll need a domain name, hosting service, plugins for payments, etc., for the same. These might cost you a little. But the process is not as complicated as it sounds. It is pretty easy to learn how to create your website using WordPress.
You can start selling your products on e-commerce sites like Amazon. But you’ll have to be careful about referral fees on each item you sell. For beauty products, it is 4.5.% of the total selling price. Along with these, connecting your website domain name to platforms like Shopify is also an option.
How to promote my lashes?
When it comes to marketing your products, there are a massive number of ways. Below is a list of marketing that might suit your small scale lash business:
- Influencer marketing: You can pay an influencer to promote your lash collection through their platforms. You can even send them PR boxes without having to pay them anything more. They contain curated samples of your products.
- Content marketing: You can learn how to make short review videos for YouTube, write blogs, or create Instagram stories. All these attract viewers to your business.
- Affiliate marketing: You can choose an advertiser to promote your products using affiliate links. If any purchase is made through those links, the advertiser gets some commission, and you get sales!
Upscaling the business
You started a lash business, right. But who says you need to stick to it? You can level up your game. Add adhesives, tweezers, mascara for fake lashes, maintenance items, and more to your business.
As a customer, selecting eyelashes that go along with your skin and style is a hit-and-trial method. But once they find the best fit in your products, they will more than appreciate buying more articles from you. There are practically zero risks in it.
It only needs a little effort to master the technicalities of the lash business. A little knowledge will keep your lash business growing at faster rates. After enough research and insights, you should plunge right into the testing ground. Once you start, you’ll learn more and more along the way. Initially, all you need to do is play smart with business choices. We believe you can do it.