The UK's beauty business is booming. According to Statista, the UK consumes the third-largest amount of cosmetics in Europe, and its skincare market is worth nearly £1.8 billion.
This is good and bad news for start-ups entering the market. On the upside, UK consumers have a healthy appetite for buying beauty products. The downside? Competition is fierce and it can be hard for brands to stand out.
If you dream of launching your own beauty business, our new free guide, How to start a beauty brand, will help you get going. Below, we share some key tips and details of Enterprise Nation advisers who are on hand to support.
Define your niche
The best beauty businesses focus on delivering a particular product to a specific group of customers. Meeting the needs of a well-defined audience helps give clarity to what you're offering people.
Learn how to use your personal experience to pinpoint your target audience and find your niche within a niche.
Conduct market research
There's no shortage of demand in the beauty industry. While consumers may forgo other luxuries, they continue to indulge in cosmetics for an emotional boost – even when times are hard.
As such, it's important that you remain relevant or stake out a corner of the industry for your company. That's where comes in. It helps you stay abreast of new trends, consumer spending and brand perception.