The Innovation Blog

What You Need to Know Before Launching Your New Beauty Business

Small Business Risk Management: What You Need to Know Before Launching Your New Beauty Brand New beauty brands seem to be popping up on store shelves and scattering throughout social media feeds every day. Entrepreneurs, celebrities, and influencers are launching beauty brands at a rapid rate. Although the barrier to entry for beauty brands is lower compared to other brands, launching a new company always comes with risks. The current inflationary environment and a looming economic recession seem to be cause for extra concern — especially when it comes to launching a brand. In fact, a survey of small businesses found that 60% are concerned about the financial health of their business because of inflation, and 89% of small business owners have already had to increase the price of their products or services since the pandemic began in 2020. These financial strains are top-of-mind for business owners and leaders. Strains such as these inform and drive business decisions. For entrepreneurs launching a brand, financial impacts are always being considered, whether it is the rising prices of ingredients, packaging costs, marketing budgets, etc. There are ways to mitigate cost just like there are ways to mitigate risks when launching a company. Founders …

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How to Leverage Your Platform for Your Business

Influencer Marketing: How to Leverage Your Platform for Your Business When people think of starting a beauty business, they often have misconceptions about what it takes to build a brand. With things like overall cost, marketing strategy, and supply chain demands, first-time business owners can have difficulty staying afloat. What people often overlook in cosmetic branding is the importance of building a strong digital platform. Business owners, entrepreneurs, and influencers should consider leveraging social media for their businesses, as this is a valuable tool to expand reach and establish credibility. Whether you are an influencer launching a beauty brand or an entrepreneur looking to create a community, building your platform requires strategy. The sentiment that “anyone can be an influencer” is a euphemism for the market saturation influencer beauty brands are experiencing. With so many influencers and new celebrity beauty brands entering the market, it can be hard to stand out. But knowing what makes you unique, what whitespace you fill, and who you are as a brand can help you break through the noise. Mix in market research, the cost of investment, and budgeting realistic timelines for product production, and you should be prepared to leverage your platform and …

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How Cosmetic Solutions Is Integrating Innovation

4 Ways Cosmetic Solutions Is Integrating Innovation Before beauty blending sponges, there were feathered powder puffs. Before mascara wands, there were toothbrush-like bristles. And before the Dyson Airwrap, there were hair curlers. The beauty industry — an estimated $500 billion industry today — has roots that date back to 4,000 B.C. Innovation is an essential strategy that allows companies to stand the test of time and remain relevant. Beauty trends come and go and staying on top of these trends is key to successful innovation, as they often reflect consumer sentiments. Innovation also requires creativity, experimentation, and a willingness to pivot often.  Innovations in the Beauty Industry Between custom beauty products, refillable packaging, and sustainable materials, there are endless ways beauty brands can innovate. Packaging is a great place to start. With the consumer shift toward environmental care, many companies have begun incorporating sustainable materials into their packaging. For example, Shellworks is developing biodegradable packaging and other companies such as Charlotte Tilbury have turned to refillable packaging. One term making the rounds in the beauty industry is accessible beauty, or when companies are adapting their designs to appeal to more users. Take Olay’s easy-to-open moisturizer lids as an example. Designed with innovation in mind, this product …

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How Cosmetic Solutions Adapts to Supply Chain Issues

Maintaining Agility in the Market: How Cosmetic Solutions Adapts to Supply Chain Issues As a consumer, you have probably faced the dreaded “out of stock” sign at your local cosmetic store and for some of you, this is a common occurrence. Supply chain issues are more often than not the culprit behind this problem, which can also cause businesses to push back or outright forgo product launches. This cascading effect can have impacts not only on business operations but brand reputation as well. Beauty brands are actually booming these days despite prolonged inflation and a looming economic recession. The beauty industry is an estimated half-trillion-dollar market. Though, it’s not without its challenges. Supply chain management in the beauty industry is tough. It requires agility. Beauty brands rely on various supply chains and the impacts can be devastating if not managed strategically. Supply-Chain Challenges Faced by the Beauty and Personal Care Industry The beauty industry is impacted by mismanaged supply chain and fulfillment issues in many ways. It is difficult to find that perfect balance and companies usually end up with too much or too little of the products they need — both unwanted outcomes. Supply chain and fulfillment issues, especially …

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Qualities to Look for in a private label manufacturer image

Qualities to Look for in the Ideal Cosmetic Products Manufacturer

One of the most important decisions beauty brand leaders can make is choosing their cosmetic products manufacturer. But when it comes to manufacturers, it’s important to remember that it’s not one-size-fits-all. For example, if your brand is relatively new but wants to undergo a product scale-up, you would need to keep that goal top of mind when looking for a manufacturer. On the other hand, if you’re an established brand that wants to expand distribution and product offerings, you’ll need to choose a manufacturer to support that — and that might mean someone totally different. To get the best results, brands have to find the right fit for their beauty manufacturing solutions, but you may run into a few industry-wide challenges that complicate the equation. For example, almost a third of premium cosmetic outlets closed as a result of the pandemic, and now industry distributors are now struggling to rebound with their products in 2022. Additionally, young consumers are trying to save money at every turn, and as a result, beauty brands are now competing with mass retailers, such as Walmart, Walgreens, Target, and CVS. These trends highlight the need for beauty brands to partner with manufacturers who can offer a steady partnership and help their …

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