So You Want to Start Your Own Cosmetic Line…
The Simple 10-Step Guide to Starting Your Own Cosmetic Line
Is it just us or does everyone have their own cosmetic line these days?! As you probably know, looking good is good business. Don’t believe us? It’s not even been three years since she launched Kylie Cosmetics, yet Kylie Jenner was named the youngest self made billionaire by Forbes. Forget Rihanna, that Kardashian-Jenner reign just won’t let up, huh? Anyways, for those of you not fortunate enough to be born to Kris Jenner, but aspiring to break into a market that will always be ripe for the picking, follow these 10 steps to cosmetic line success!
Step 1: Know who you are doing it for
If you don’t bother to research before starting your own cosmetic line, you might as well not start. Take some time to research the market, your target audience, and your competition. This will help you figure out what will make you stand out and reach your goals!
Keep it simple. Grab a pen or pencil and piece of paper – you’ll find that the answers will come to you once you get it out on paper.
Step 2: Figure out your business structure
More research. Find out what type of business structure you’re going for. For example, are you establishing a partnership or a limited liability company (LLC)? Look up your options and pick one that suits your tax needs. If you’re having trouble figuring it out, make a list of your pros and cons. At this time, you can reach out to a financial advisor or a civil lawyer for further assistance.
Step 3: Register and trademark
Register your company. Do a trademark search to make sure your name hasn’t already been taken to avoid any legal woes! Think of all the times people spazz out in Instagram comment sections accusing KKW or Kylie of copying other cosmetic lines; now think of how dreadful it will be if they were liable to be sued. Kylie wouldn’t be a self made billionaire if comments equaled legal cases; and neither would you if you don’t do your due diligence!
Side note: your bff is not a lawyer unless he or she actually is a JD. In other words, seek legal counsel from the people qualified to do that. In this case, we suggest having an intellectual property lawyer help you with this step. For Americans, you can register your business at sba.org. Be sure to Google the appropriate government website in your state.
Step 4: Lock down domain and social handles
Get your fun, catchy, and memorable cosmetic line website domain secured and your social media handles locked down. You can find someone to help you with the website stuff but if you’re penny pinching there are custom website builders like Wix, WordPress, and Squarespace that are fairly intuitive.
Step 5: Get funding
Secure the bag. Find investors that support what you’re trying to do. They can range from friends, family, or even your bank. Crowdfunding sites like Kickstarter can be a great place to start, too.
Step 6: Insurance and Accounting
Reach out to that financial advisor from Step 2 and have a conversation about the types of insurances your business will need and/or benefit from. It can be easy to feel overwhelmed here but, again, a little research will go a long way. Once you have your insurance underway, get yourself a tax accountant to handle all your book-keeping and taxes. Trust, doing this from the start will take care of a lot of stress down the road.
Step 7: Get A Bank Account
Depending on your type of business structure, you’ll be required to have a bank account for tax reasons. Even if you don’t NEED one it’s a smart move to have one. You know what they say about mixing business and pleasure.
Step 8: Suppliers
If you’re selling a product, look for a supplier by simply googling “cosmetic line supplier.” Be smart, and look at working conditions and legalities regarding production mishaps.
Step 9: Market Strategy
Leverage your social media platforms to connect with your audience. You may or may not be surprised at how far a well curated Instagram feed will take you!
Step 10: Buy or Rent An Office
Not necessary, but preferable. Before you sign any leases, get help from your accountant and reach out to solicitors. This will give you a better idea of what space will be best for you and your business.
Whew! That was a lot but you got it, right? Alright, boss babes go get em.’