Starting a business from scratch can be daunting. But, deciding to have your own cosmetic business in Australia can be more so. Why? Because you need to adhere to all regulations, whether making your own or getting wholesale cosmetics.
This blog will take you through the perfect planning phase, which can help you with building a successful cosmetic business.
Apart from adhering to Government regulations, a crucial plan of action is a must. However, this list might not be exhaustive, but it is undoubtedly a useful one.
Here is a handy guide that will help you achieve success in your cosmetic selling journey.
Step 1: Define the End Goal, Explain Your Brand and Analyse the Market
Before you can decide on your products, it would be best to understand the market. The revenue accumulated by this industry in 2021 is already $4.3 billion. Hence, it alludes to huge demand.
That is why you need to understand the market first. Once you do that, you can define your brand that will help you determine the end goal.
So, ask yourself:
- What are the brand values? What does it stand for?
- Whom should I reach? Who are my target audiences?
- What products or cosmetics should I sell?
Step 2: Choose a Manufacturing or Sourcing Strategy for Your Business
The next thing you will need is the product itself. Ideally, you can go for wholesale cosmetics and find brands that the GMP accredits.
On the other hand, you can create an inventory by using data from your business projections. You can utilise in-house manufacturing processes for your brand. It means that your cosmetics will either be made in small batches or hand-made.
It would be ideal to have a systematic R&D approach that includes sourcing ingredients from authentic sources. Only then can you produce, pack, fill and label the products.
Step 3: Start Building Your Product by Adding a Little Creativity
Nothing screams success more than standing out in the industry. Once you have done some critical strategy planning, it is time for you to be creative.
Focusing on the product will give birth to new ideas, and you can brainstorm unique ways to put your thoughts into motion.
In this stage, you can refer to the existing brands for inspiration. For example, if you want to buy wholesale cosmetics, make sure to get them from “cruelty-free” manufacturers.
Step 4: Understanding Cosmetic Regulations in Australia
Once you have gotten a plan of action and your product ready, you should delve into the world of regulations.
Even though Australia has a lenient regulatory body for cosmetics, here are some of the aspects you need to adhere to:
- You will not require a licence, but you need GMP accreditation.
- You may not submit products to the Government, but you have to comply with the TGO guidelines.
- There may not be any checklist for the elements, but it would be best to check whether the ingredient is considered hazardous or not.
- You should always follow the industry best-practices guideline and label your products authentically.
The Bottom Line
Starting a cosmetic business is a well-articulated process that requires a lot of analysis and brainstorming.
Initially, you need to understand the market and build your brand voice. Then, you can either create a product or get wholesale cosmetics. After that, you have to understand the Government regulations before starting.
Now, you are ready to become an entrepreneur on your own!
