Learning how to start a lip gloss line is not as difficult as most people think.
The thing with most business tutorials is that they tell you to keep in mind too many useless things. For example, most people will tell you to worry about taxes and so on.
I’m not saying taxes are not important. But you should think about them before you start making some money.
Believe me, nobody will come knocking on your door if you don’t make any money. Therefore, you need to take things one step at the time.
So, if you’re here to learn how to start a lip gloss line, you came to the right place! By the end of this guide, you will know exactly what steps you need to take in order to do so.
Is A Lip Gloss Business Profitable?
Before you decide to create your own lip gloss company, it’s important to know whether or not it’s even worth starting.
It makes no sense to start a business only to then realize it’s not even profitable. Luckily, there are a ton of successful lip gloss companies on the market.
Meaning that a lip gloss company can be profitable with the right marketing skills (more on that later).
Every business is different, however there are some principles that all successful entrepreneurs follow when starting a new endeavor.
So, what are those principles you ask? Well, you basically need to always keep an eye on the money. How much you invest vs how much you take out.(1)
How Much Money Do You Need To Start This Type Of Business?
When starting a lip gloss business, you will have a couple of expenses to keep in mind. The biggest of which are the stock inventory and the marketing budget.
The cost of producing your products solely depends on the quality of materials you are willing to invest in. Obviously, if you want to build a luxury brand with high quality products, you will need to buy expensive materials.(2)
On the other hand, if your target market is composed of people with lower levels of income, you can invest less in your products.
Usually, when we talk about producing a certain product, we take into account the minimum amount of money you can invest in order to produce 1 unit.
Therefore, you will need to contact multiple manufacturers to see what prices they have. In general, the more products you order, the less money you will spend on 1 unit.
It all depends on the quality you want your products to be. I would assume you don’t want to have the most expensive lip gloss on the market, but also not the cheapest.
Therefore, I would recommend having around $7.000-$8.000 for your product inventory. Obviously, the lower quality the products are, the less money you will invest.
However, from my experience, it’s never good to have the cheapest product on the market because you are left in a fight to the bottom.
What Do I Need To Start A Lip Gloss Business?
As mentioned before, when starting a lip gloss business you don’t need to worry about taxes or other legal bullsh*t.
Once you start making money, you can book a consulting session with a lawyer or an accountant and they will tell you everything you need about the legal aspects of running a business.
Until then, you will need to focus on making as much money as possible. In this situation, you need to worry about having enough products and getting enough people to see your products through marketing tactics.(3)
The first thing you need to do is to find a couple of lip gloss manufacturers and negotiate with them. How do you do this? Well, you google it.
Make a list with the first 5-10 manufacturers that come up in the search results and call them to enquire about the pricing aspects. Once you decide which one suits you best, you can ask for a sample to be sent to your house.
This whole step shouldn’t take more than a couple of days, as these manufacturers tend to be very responsive.
How Do I Promote My Business?
There are a ton of ways to promote a lip gloss business. We are so fortunate to live in the age of technology, therefore you should solely focus on online marketing.
Obviously, you will need to have a marketing budget. But for the sake of this article, we will start by looking at the free methods.(4)
If you want to promote your business with free traffic, you will need to start a couple of months before you launch your first batch of products.
You can either start a blog or a YouTube channel. Most people don’t feel comfortable on camera, therefore you should start a website and produce content around the lip gloss niche.
Starting a website is much easier and cheaper than people think. You just need to get a good web hosting service and that’s it. For example, Bluehost costs around $3-$4 per month and you also get a free domain name.
Once you have everything set up, start writing articles around lip gloss products and the fashion niche in general. In the mean time, you will need to collect email leads on your website.
Building an audience is crucial at this point, as it will allow you to become profitable early on. Email marketing is the best way to connect with your audience and send them offers once you launch your products.
I suggest you use Getresponse in order to collect your leads, as it’s the one I use for most of my businesses. Keep in mind you need to start all of this process at least 4-5 months before you launch your first batch of products, as free traffic takes a long time to build up.
A couple of days before your launch, you should email your list with your offer. Don’t forget to ask for feedback, as this is very important at this stage.
Once you get some feedback from your audience, contact the manufacturer and solve all the problems that your customers might have had with the product.
- Email marketing is one of the best ways to promote your business because it’s very cheap and reliable.
How To Scale Your Lip Gloss Business
Now that you’ve gone through the initial phase (the hardest part) and you’ve made some money, continue to order more products from the manufacturer.
At some point, you will need to get into paid traffic in order to scale your business faster. In order to do this, you will need to build a sales funnel so you automate everything.
Paid traffic is great, as you will need to work less and less on driving traffic, so that you can focus more on other aspects of your business. Having a sales funnel will be almost mandatory at this stage, so you should keep that in mind.
That’s why I highly suggest taking the OFA challenge, as it will teach you everything you need to know about running a successful business with sales funnels.
After that, it’s just rinse and repeat. As mentioned before, focus on the activities that actually help you make money and not on the useless stuff.