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How do you come up with new products to sell?

When I get older, I want to start a makeup business. I always see celebrity's coming up with new makeup products in about a month and it makes me wonder that it is really easy to make new shades. Then the design for product, what also comes in mind when your designing your product? #business #career #cosmetics #makeup #products

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Cathi’s Answer

Hi Shana,
One of the great things about being a celebrity is there are a lot of people behind them making it look like they did all the work and very quickly and easily. Don't let them fool you. The celebrity is not actually creating the product. They are only licensing their name. Or if they have their own company, there are hundreds of people developing, marketing and selling those products for them. The celebrity usually has very little day to day input into making of the product. That work is done by people the public never sees or knows about. I used to work for personal care and cosmetics company. I've also made my own cosmetics.

There is a lot that goes into creating new cosmetics. New shades are often influenced by a variety of factors including current fashion trends, consumer preferences, time of year, current events, demographics, popular colors, etc.

Some typical things to consider when designing a cosmetic product: How easy it is to procure ingredients? Are those ingredients safe to put on human skin? Are they relatively inexpensive (expensive ingredients cut into your profit margin) What should you use for packaging? Do you have the ability to manufacture the product or will you have to pay another company to do it for you? Does the finished product meet all the state and federal laws that govern manufacture and use of cosmetics (ie, FDA)? If there a demand for the product you want to create (will people buy it?).

Cathi recommends the following next steps:

To learn more about current color trends visit the Pantone website www.pantone.com
Try making your own cosmetics. There are many youtube videos on how to do this inexpensively at home.
If you are interested in getting into the cosmetics business when you are older, try emailing someone currently in that business. Reach out to small companies to see if you can talk to someone in their marketing or R&D departments. Many professionals are flattered to be asked by a young person how to get into their profession.
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Judi’s Answer

Coming up with a new product idea that is unique in the market and can be produced, sold and distributed with minimal cost and maximum success is difficult but can be rewarding. For starters you need to have a safe place to go with your new ideas - people who you can trust and can mentor you and help you with decisions and connections. For what you want to sell, you may want to find people who have already started a cosmetic business to mentor you.

There are all kinds of helpful websites that provide you with the tactics of starting a business. Be careful to stick with trusted sources. For example you can look at the Small Business Administration website in your area for information around assistance to woman-owned businesses https://www.sba.gov/offices/district/nm/albuquerque. An SBA loan helped me get a leg up in my first small business.

Another place to find help is in a small business incubator or accelerator certified in your area. Here is a great website that connects you to this topic https://gonm.biz/business-development/start/small-business-incubators-accelerators.

Just remember, no matter what people tell you - starting and running your own business and marketing your new idea is hard work but very rewarding if things go well for you. Do your market research and make sure your products meet compliance and legal standards.

Good luck!
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elaine’s Answer

When you're designing a product (makeup, software, etc), what comes to mind first is understanding your audience. What kind of problem are you trying to solve and for who? How will your solution solve their problem?

Understanding the user first and then prototyping your solution to test and iterate would be ideal. Prototypes don't need to be final and perfect. If you can do this as cost effective as possible (with the materials used for example), the more resources you'll have to learn from that prototype and improve upon the product before producing it for the masses.
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Luciana’s Answer

First step is a plan, you can find one at Pinterest or Google. You need to follow the itens of a plan and never give up, if you be consistent, like every week or every day preparing on your business, it is easy to succeed! Good lucky!
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Madiha’s Answer

Look At Your Old Ideas. ...
Get Hyper and Do a Brainstorming Session. ...
Think of Add-Ons to Your Best Selling Products. ...
Check Out Your Industry in Real Life. ...
Follow Industry Influencers. ...
Follow Consumer Trends. ...
Browse Social Media. ...
Take a Look at Large Marketplaces and Some Smaller Ones Too.
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