Are you planning to start a business with cosmetics? Well, you have chosen a path that will bring much more excitement and fun to your life. The process of finding that perfect name for the business is undoubtedly exciting, and so is the procedure of creating an eye-catching logo. But to allow your excitement as well as the business to last long, you need to be aware of strategic strategies.
If you are looking for a quick intro about private labelling your cosmetics, congratulations, you have reached your destination. In simple terms, private label cosmetics allow you to put your brand name on a product made by someone else.
Now mind you, it is not plagiarizing. For instance, product A and product B have similar formulas. Then what makes them different? Different names, different branding, different prices, different workers, and separate areas in the company. Kylie’s Cosmetics and ColourPop is the most popular example in this case.
With this short introduction to private labelling your cosmetics, let’s move on to the pros and cons.
WHERE DOES IT BRING YOU AN EDGE? BASICALLY, PROS
1. EASY TO BEGIN
Private label cosmetics give you an easy start. It is the perfect option for businesses having smaller teams with relatively less expertise. Once you have stumbled upon the perfect supplier, you no longer have to worry about formulation and test results. You can use that time to put your name out there.
You no longer must look for formula and wait for months for the lab results. As the current formula has already been tested in the lab, you just need to play around with the different options provided by your supplier. Once you have found the perfect sample, move on to the manufacturing process as fast as you can
3. MORE SAVINGS
With private-label cosmetics, you are not just saving time. This option is highly cost-effective as well. As you don’t have to think about tricky formulae, the research and development costs get hugely lowered. You can now devote your time and energy to other aspects of the business, such as growing your brand.
Furthermore, private labeling your cosmetics allows you to bring the product into the market faster.
WHEN DOES IT PUT YOU ON SPOT? BASICALLY, CONS
1. LIMITED OPTIONS TO CUSTOMIZE
Everything isn’t perfect, and shouldn’t be as well. Having some room for improvement sounds good, right?
Private labeling of your cosmetics doesn’t let you have a lot of customization options. Fragrance, color, ingredients and flavor are just a few characteristics you can ask the manufacturer to change.
2. WILL YOU GET BUSTED?
Remember, private label cosmetics are not related to plagiarizing. You might be worried about people finding out your product shares the same formula with some other brand. Don’t worry, as it’s highly unlikely to happen.
3. YOU CAN ALWAYS TURN A RISK INTO AN OPPORTUNITY.
If you have limited resources in the beginning, go for private-label cosmetics. Help your brand grow and make a name for yourself in the market. After gaining the required fame, stability, and resources, you can always start your own chemistry and further differentiate yourself.