Briefly, the magnitude of the cosmetic industry will intimidate you. In fact, yearly, $49.2 billion is generated by cosmetic sales in the United States alone. So, one might wonder, is focusing on selling wholesale makeup a long shot because the industry is already saturated? Is finding wholesale makeup suppliers worth their salt hard?
No, if you have the proper knowledge before starting out. So, whether you’re a connoisseur of makeup or a newbie who loves to venture into the cosmetic field, these steps will come in handy for you.
To successfully craft a business plan, you should dive into the nitty-gritty of the makeup industry. Start by figuring out in-demand makeup products, market prices, their profitability, etc., and compare popular brands, and your competitors while you’re at it.
Catering to a specific audience will ensure that your products won’t go unnoticed. Google Analytics is a great way to get a bird’s-eye view of the demographics of your customers. This will help you understand the location of your customers, most sought-after products, failed products, and whatnot.
The broader your audience, the harder it will be to sell your products. With that in mind, choose your niche wisely. For instance, say you want to sell lipstick, then start by breaking its qualities down till you come up with a unique product.
- Is it a luxury or drugstore item?
- Is it matte, cream, or glossy?
- Does it have more colors?
- Is it long-lasting, theater, or waterproof?
- Is it organic, vegan, cruelty-free, or chemical-based?
4. FINALIZE THE DETAILS OF YOUR WHOLESALE MAKEUP BUSINESS
It’s counter-intuitive to think that naming your business is tough. But, since you’re new to the cosmetic selling realm if the name isn’t catchy, is too long, or includes jargon, your customers might shop elsewhere.
After naming your business, register it, get your business insured, and determine your budget.
Hands down, this step is the most crucial. The reason is, if you opt for the wrong wholesale makeup suppliers, all your plans could go south. When you’re Googling a supplier, make sure they have more positive reviews than negatives.
Also, before finalizing any agreements, resolve any loose ends. Rates, fulfillment processes, and minimum order quantity (MOQ) are key points you should discuss with the supplier.
Remember to test their samples as well, since the standard of the products will impact your business in the long run.
Makeup products have a quite low shelf life, so if they aren’t sold like hotcakes, they will probably be a lost cause. Therefore, carefully choosing a convenient location for setting up your inventory and organizing it properly will speed up your order fulfillment process.
As a novice, you’ll get an edge with an online store for selling your wholesale makeup rather than investing in a brick-and-mortar shop. The easiest way to set up an online store is to either rely on an established eCommerce marketplace or build an independent website. eWorldTrade, Amazon, Alibaba, and Cosmetix Club are among the best e-commerce websites to consider.
After all the basics of your business are taken care of, start branding, marketing, and advertising. Lead with your unique selling point (USP) and take your marketing onto social media like Facebook, Instagram, LinkedIn, etc.
Whether you have a knack for selling or not, your passion matters. If you want to trust your gut and start selling wholesale makeup, that’s the way to go.
Nevertheless, keep in mind to have a clear picture of the makeup industry and select a reliable supplier. Not all suppliers will be compatible. However, renowned wholesale makeup suppliers will make every effort to ensure that your products won’t be cookie-cutter.
Are you ready to get started?