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how can I create a business for cosmetics
I would like to create a business for cosmetics but I have no idea how to get started #business #entrepreneur
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Aloysius’s Answer
Heya Jasmerry, it's great that you're exploring options of going into business. The approach shared thus far in responses you've received are quite pragmatic. I'd like to build on them and share some more practical approaches that may come handy:
Additionally, make sure you have the grit, resolve to not give up the passion that makes you go into "Cosmetics business" Furthermore:
1) Consider whether your customers are going to be other businesses or individuals, groups of individuals (this would help you define if you're going to be a business-to-business or business-to-consumer entity)
2) Based on the above identification, look up the local regulation to register a legal entity in New York or the location you'd like to set-up (This would help you identify the licensing, tax, any govt aid for being a Small business etc.)
3) Consider if you're going to be a 'brick-and-mortar" physical location or an online only or a hybrid operations
4) Get empowered on money matters and business matters, could suggest the following two resources which have a ton of good topics
https://www.practicalmoneyskills.com/
https://www.practicalbusinessskills.com/
5) During your planning phase, ensure you understand fully end-to-end 24 hrs by envisioning a map which could help you recognize partners in the form of funding, vendors/suppliers to your business, payment terms, employees (full-time or part-time), monthly target for making the dollars you have in mind as profit.
6) Assess if you want to go solo or if you have a trustworthy person who shares the same passion and go into business as co-owners
Lastly, I'd recommend a good read of "Value Proposition Design" (How to create products and services, customers want)- Alex Osterwalder, Yves Pigneur, Greg Bernarda.
Additionally, make sure you have the grit, resolve to not give up the passion that makes you go into "Cosmetics business" Furthermore:
1) Consider whether your customers are going to be other businesses or individuals, groups of individuals (this would help you define if you're going to be a business-to-business or business-to-consumer entity)
2) Based on the above identification, look up the local regulation to register a legal entity in New York or the location you'd like to set-up (This would help you identify the licensing, tax, any govt aid for being a Small business etc.)
3) Consider if you're going to be a 'brick-and-mortar" physical location or an online only or a hybrid operations
4) Get empowered on money matters and business matters, could suggest the following two resources which have a ton of good topics
https://www.practicalmoneyskills.com/
https://www.practicalbusinessskills.com/
5) During your planning phase, ensure you understand fully end-to-end 24 hrs by envisioning a map which could help you recognize partners in the form of funding, vendors/suppliers to your business, payment terms, employees (full-time or part-time), monthly target for making the dollars you have in mind as profit.
6) Assess if you want to go solo or if you have a trustworthy person who shares the same passion and go into business as co-owners
Lastly, I'd recommend a good read of "Value Proposition Design" (How to create products and services, customers want)- Alex Osterwalder, Yves Pigneur, Greg Bernarda.
Thank you so much, Aloysius!
Jasmerry
Updated
Alex’s Answer
Hey Jasmerry,
I recommend ideate, design, plan, execute, and iterate. I captured some next steps below. What do you think?
Good luck and I am wishing the most fun and joy filled career for you!
Ideate: Dream about the makeup you love, the vibe you want your customers to experience, and identify what your goals are. This stage is focuses on creating the perfect mood board for your vision. Meet with other business owners, cosmetologists, and feel free to reach out to anyone to learn from their experiences and their mistakes! You can cold-email folks to see if they would be willing to spend 30min with you to walk you through their experiences. They might not respond, but that is okay!
Design: Now that you have your research, it is time to get creative. Design your product, how you want to the make-up to be packaged, how it should feel. Swing big here! Make it what you vision.
Plan: Now you can start brining in reality, costs, budgets, resources, and you have the power to increase or decrease specific areas based on your needs. Focus on how you will scale your business and remember you can always start small and evolve from there. Create a business plan and have other business owners poke holes and challenge this plan.
Execute: This is the time where you can build your vision.
Iterate : Always take feedback and measure critical metrics (Revenue, Profit, etc.) understand what you can do to optimize on these metrics.
I recommend ideate, design, plan, execute, and iterate. I captured some next steps below. What do you think?
Good luck and I am wishing the most fun and joy filled career for you!
Alex recommends the following next steps:
Thank you for taking the time to help.
Jasmerry