Top tips for being a successful beauty entrepreneur

When you start your journey as an entrepreneur, it is essential that you have a clear set of goals and define your strategy. Here I outline some top tips to consider when striving to be a successful beauty entrepreneur…

Inspiration is the first stage of the journey, before creating something new. Beauty is not static; it is constantly changing, so please keep in mind that you will not be able to spend years in the creation process.  

The size of your project will be determined by your budget and funds. Even if you have the initial capital, you may find at some stage that you need a sponsor, whether it is a company or a bank. Create a detailed business plan for your brand, this is a vital step for your business venture and covers all topics from marketing to financial projections. This will be crucial, especially if you need financing and need to find an investor or sponsor for your brand. Try to define all the points in your business plan clearly, keep it concise and know your audience.

Acknowledgement – 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.

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.

One very important factor is the team who you will start your journey with to build your business. You want to surround yourself with enthusiastic, hardworking, dedicated and motivated people with the relevant expertise in your field.

Experience is an invaluable asset! Even with a great education, it is essential that you gain plenty of experience in your chosen field. 

Be yourself and stand out. Today the beauty and cosmetic industry is full of a variety of different products, which can be extremely challenging. Remember each brand has its own unique story and it is important to make your brand stand out.

Be bold! Believe in yourself and the products that you are involved in creating. 

If you plan to create a beauty product, do not forget about the five Ps: Product, Pricing, Packaging, Positioning, Promotion. These parameters will enable you to measure your business. 

One of the most important and difficult aspects is to create awareness of your brand with your target customers. Social media is a great way to catch your audience. 

The biggest advertising tool is still the customer experience. According to PwC, 73% of all people point to customer experience as an important factor in their purchasing decisions, just behind price and product quality.

Be patient! When you create something new, you are always inspired and excited and may expect immediate results, however this takes time. Someone may achieve their goal faster, but everything has its logical consequence, please do not forget this!

Marie Meskheli is Founder and Creator of an international cosmetics company Delfy Cosmetics, providing a premium range of professional-quality make-up, skincare, body care and nail care, operating in 15 countries.