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What do you think it takes to start a wellness/beauty business in 2022?

Tons of cash? A team of successful influencers? Committing to 20-hour days?

Actually, no.

What it really takes to start a wellness/beauty business in 2022 is:

A clear vision and plan.
A willingness to learn and make mistakes.
Insight coupled with consistent action.

With the beauty industry expected to grow at a 3.12% CAGR and the wellness market estimated to reach 6 trillion dollars by 2025, entrepreneurs are getting serious about these markets.

Not to mention brands like Kylie Cosmetics and Fenty Beauty, which are generating billions of dollars in net worth for Kylie Jenner and Rihanna thanks to wellness and beauty products.

If you’re serious about starting your own wellness/beauty business in 2022, you don’t want to miss this article.

In today’s article, we’re walking you through how to launch your own wellness/beauty business in seven easy steps.

Ready?

Let’s take a look.

7 Steps to start a wellness or beauty business in 2022

Outline your business idea
Conduct market research
Choose a business entity and establish your business
Write a business plan
Develop your products and services
Hire the right people
Make your first sales

Here’s how to start a wellness or beauty business in 2022:

1. Outline your business idea

Every great business starts with a great idea. So, grab a Google Doc or note-taking tool and brain dump all of your best ideas on the page.

To help you flesh out ideas, consider your top priorities and business goals.

For instance, why do you want to start a beauty or wellness business? What do you hope to accomplish by starting one, and how do you envision getting there?

Dig deep here. Do you want to create passive income so you can retire by age 50 and move to Greece with your family? Is there a giant problem you’ve been itching to solve in the industry? Jot down all of your biggest dreams and goals in this step.

After finalizing your idea, consider your mission and end goal — and work your way back from there. In other words, set short-term goals to help you reach your long-term goal.

2. Conduct market research

In step two, conduct market research to inform your business plan.

Here’s how:

Identify your target market

Who needs your business most and why? Identify your target market and create buyer personas to understand your ideal customer in a profound way.

Identify what sets you apart from the competition

Analyze your top competitors and discover what sets you apart. Then, create a value statement highlighting what makes your business special and how you best serve your ideal customer.

Take this one step further by pre-writing CTAs and hooks you can embed in your marketing copy.

Identify gaps in the market

What’s missing in the market, and how can you fill that gap? In this section, identify ways you can solve problems better than anyone else.

Need a hint? The wellness and beauty markets are currently in need of products that are clean and free of chemicals, both in the products themselves and in packaging materials.

Due to a recent awareness about the toxic chemicals found in perfumes, skincare, makeup, and other products, consumers are getting serious about the need for clean products on the market.

3. Choose a business entity and establish your business

In step three, empower yourself by researching various types of business entities, such as corporations, LLCs, and sole proprietorships. Then, meet with a registered agent to discuss the best structure and establish your new business.

Different business structures vary in tax structure, liability, and ownership. For example, an LLC owner cannot be held personally liable for losses or debts, whereas with a sole proprietorship the proprietor would maintain that liability. A registered agent may advise you that the LLC structure offers many advantages for new business owners and help you get the process started.

Not only is establishing your business required by law, but it can also help protect your assets.

4. Write a business plan

Have you ever wanted a business manual you could follow to help you launch your business? Then you’re in luck because you’re about to create one.

Here’s how to write your business plan:

Choose a business framework

What framework will guide your business? A dropshipping business model? Wholesale? Direct to consumer? Customer-facing?

Get the nitty-gritty details in order

Create a budget and outline your financials, upfront costs, and monthly costs
Finalize your business costs and determine if you need funding
Conduct marketing research and finalize your marketing plan
Create a pricing structure
Document your target market and paste your buyer personas
Document your long-term and short-term goals
Establish metrics to help you reach your goals
Breakdown your chosen business framework
Identify possible pitfalls/challenges and solutions for each
Paste your competitor analysis

Create a brand guide

Identify language you’d like to use/avoid in your copy
List your copywriting and content writing how-tos
Establish your brand colors, logo, aesthetics, website, and brand elements

Create a tools and partners guide

What software tools and equipment will you need to launch and run your business? Are you looking for a Work OS, like Stack's Spatial Browser, to manage daily operations? Are you on the hunt for the best website builder on the market?

And what about specific services and partners you’ll need?

Are reliable courier services a major priority for you? What other kinds of services and partners will you need to ensure client satisfaction?

Create an operations guide

Outline your projected daily, weekly, monthly, quarterly, and annual operations
Create a workflow for each process you listed

5. Develop your products and services

Since beauty and wellness businesses are over-saturated, it’s important to develop products and services that are unique, cater to an unserved market, and solve a specific problem.:

Here’s what Justin Grossbard from Compare Forex Brokers has to say about solving problems for consumers:

"I’m driven to find and solve business problems. This is what has driven me to start all my businesses. I see a problem and look for ways this can help others."

In other words, developing products and services that provide solutions to your target market’s problems is pivotal to making it in the beauty and wellness markets.

So, if your target market has been begging for an eye cream that gets rid of fine lines, then give them the best anti-aging eye cream they can get their hands on. If they can’t find a foundation that matches their skin tone, make it a priority to be the first foundation line with every shade under the sun.

It’s also important to choose products and services you’d enjoy selling — so you have a business you’re excited to build. If it’s not a match for your customers and you, it might not be worth investing your time in.

6. Hire the right people

In this step, make a list of the job roles your business will need to thrive.

For instance, you might need:

Virtual assistants
A quality analysis team
A shipping team
A customer service team
A marketing and sales team

To make hiring and training easier for you, consider outsourcing HR management to a PEO company. This way, you won’t need to hire a dedicated HR team since you’ll have HR professionals managing training, hiring, benefits packages, payments, and career development.

Here are some other benefits of hiring a PEO company:

7. Make your first sales

In the final step, refer to your business plan to finalize your marketing and sales plan.We recommend creating a go-to market/launch plan and an ongoing marketing plan in line with your research and buyer personas.

One of the simplest launch plans you can implement is using a landing page software to create a page to use as a single-page funnel. To help you make the most of your launch, consider hosting focus groups, testing your launch approaches, and honing in on your audience’s buying habits before going live.

Your ongoing marketing plan will be more robust and might include a combination of content marketing, email marketing, social media marketing, and paid ads.

As you continue your marketing efforts, be sure to also create a marketing analytics plan. This will give you a clear process to help you continually assess your marketing strategy, identify trends and patterns, and make data-driven marketing decisions going forward.

And lastly, don’t forget to collect zero party data ethically and legally. Zero party data is information prospects share with you, such as their personal data, contact information, or payment details. With different regulations in place depending on the country, it’s important to respect the laws for each one to avoid legal trouble.