Recently I was asked for tips on how to start a bath and body business with limited income. Sometimes starting out on a limited income can be a blessing. Having limited income will force you to watch your spending, and to only spend on what is necessary.
Also, don't quit your day job. I recommend my clients to stay with their day job until their bath and beauty business is up and running before "jumping ship."
Also, don't quit your day job. I recommend my clients to stay with their day job until their bath and beauty business is up and running before "jumping ship."
Top Five Tips for Starting A Successful Bath & Beauty Business
1. Avoid funding your business with credit cards.
2. Write your business plan. It does take time and effort, but you need to know your target market, marketing plan of action, SWAT analysis, pricing, and five year plan.
3. Gather a focus group of people you consider your target market. Choose people who you respect (not necessarily friends or family) and who will give you their honest feedback, even if it is negative. Be open and willing to listen to them. Meet with them at milestones in your business to get feedback on potential packaging, products, etc. Compile a list of detailed questions to give them for feedback on products. This way you get your valuable questions answered with information you can use instead of simple feedback such as "I liked it."
4. What makes you/will make you different from your competition? This is very important. It is going to be your selling point and it is going to be why your customers are going to buy from you versus your competitor.
5. Become your customer. Take away all you know about your company and approach it as someone who has just been introduced to it. Would you be drawn to your image, you products, your website? Step back and take a look at your products and company like this on a regular basis.
This is just the tip of the iceberg for starting your own bath and beauty company. Check out my classes and private consulting for further assistance with launching your business or taking your current bath and body business to the next level.
1. Avoid funding your business with credit cards.
2. Write your business plan. It does take time and effort, but you need to know your target market, marketing plan of action, SWAT analysis, pricing, and five year plan.
3. Gather a focus group of people you consider your target market. Choose people who you respect (not necessarily friends or family) and who will give you their honest feedback, even if it is negative. Be open and willing to listen to them. Meet with them at milestones in your business to get feedback on potential packaging, products, etc. Compile a list of detailed questions to give them for feedback on products. This way you get your valuable questions answered with information you can use instead of simple feedback such as "I liked it."
4. What makes you/will make you different from your competition? This is very important. It is going to be your selling point and it is going to be why your customers are going to buy from you versus your competitor.
5. Become your customer. Take away all you know about your company and approach it as someone who has just been introduced to it. Would you be drawn to your image, you products, your website? Step back and take a look at your products and company like this on a regular basis.
This is just the tip of the iceberg for starting your own bath and beauty company. Check out my classes and private consulting for further assistance with launching your business or taking your current bath and body business to the next level.
3 comments:
Great post, Marla! I especially like the one about minimizing the use of credit cards. It's tempting to charge it up, but doing that without a plan to pay the money back in a short period of time to keep the interest from adding up can kill the potential of just about any business. Thanks for sharing all of these valuable tips.
great post..thanks for sharing tips and idea..i learn more from it.we will come back often.
Hi Marla! I'm a fellow Indie! Great tips and just what I needed to hear about credit cards. I just applied for one today but I think I might hold off on it. I need to have a little more faith that I can do it without! Thank you!
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