The quest for beauty has long played a major role in people’s everyday lives, and this isn’t expected to change anytime soon.
In fact, the Australian beauty and personal care products market was valued at USD$3.73 billion in 2020, and is projected to register a CAGR of 3.87% during the forecast period (2021-2026).
Interestingly though, the market has dramatically changed over the last few years. There have been massive shifts in consumer behaviour, with a strong demand for authenticity, experience and transparency. The digital revolution has also transformed the way brands communicate and engage with customers, as well as how they distribute their products.
So while the beauty industry is booming, standing out as a brand requires thorough dedication and research.
To navigate these tricky waters, we’ve put together a few top tips from some of the beauty world’s leading entrepreneurs. From their best business advice, past regrets, greatest challenges and non-negotiables, these tips will have you growing your brand in no time at all.
Fiona Theodoropoulos - Mitten founder and director
What's the best business advice you've ever been given?
If you have a dream and vision, then you should do anything in your power to make it come to life. Success does not come without sacrifices though. To success you must first fail and fail big so that you can improve, learn and persist with your passion because eventually you will catch a break.
Is there anything you won’t compromise on when it comes to your business?
I will not comprise on our brand values of being cruelty-free, natural and sustainable. In a world as today, where climate change is inevitable, I believe it has become even more important to produce products that are kind to our planet, humans and animals. We take pride that our brand is cruelty-free so that our customers can be reassured no animals were harmed and enjoy our products guilt-free.
Quality and authenticity is also important to us. We use ancient rituals as a means to connect through skincare rituals. Ultimately customer satisfaction is at the front-line of our business. We put the customer first and then develop products that cater for a niche and customer needs. Everything we do revolves around our values and with the customer in mind.
What’s the biggest challenge you’ve faced so far, and how did you overcome it?
The biggest business challenge we have faced has been in production and logistics. Because our deep exfoliation mitts are crafted in Turkey, quality testing is sometimes a challenge. We use a patented weave which means, sometimes we run into production issues, which can sometimes cause delays. We provide a brand promise so it’s important that all our range of products are consistent and deliver the results we promise.
We have all samples delivered through DHL express where we test thoroughly. During this stage production stops until we are satisfied with the end results. With larger volumes, we are present during production to ensure there are no quality issues.
In earlier days we had ordered our first range, and 50% of the order was woven incorrectly. We have a very stringent quality testing process, so we noticed the error instantly. We communicated the error to our partner manufacturer who replaced them.
Craig Schweighoffer - BOOST LAB founder and managing director
What inspires you to do what you do?
I love building things that solve problems and with BOOST LAB it is about bringing to our customers high-performance skincare products at everyday pricing. Skincare does not need to be expensive to be great and delivering this and coming up with new solutions and ways of doing things is what inspires me most.
What do you believe is the most important part of building a brand?
We take the human-centred approach where it starts with our customer and providing them with a product or service that makes their life easier or more enjoyable in some way. That is not negotiable. Then it is all about being consistent with everything you do.
Terri Vinson - Synergie Skin founder and cosmetic chemist
What are some of the challenges you faced early on in the business?
In the beginning, I wanted to do it all and was wearing all of the hats. I was the marketing manager, the formulator, the accountant, and the sales consultant and there were parts of it I loved and parts I hated. So, finding that drive to keep going was trying at times.
Relinquishing control was a steep learning curve for me but you cannot grow unless you are prepared to delegate. Once I built some momentum and had a team around me I started to develop that confidence. I was able to delegate and focus on what I really loved to do, which is formulating skincare and that’s when the business really started to expand.
Has anything caught you off guard that you wish you knew more about?
The importance of sleep! I introduced the habit of going to bed before 10pm and wish I had done it sooner. I used to think I was sleeping my life away If I went to bed before midnight, but the research I did on sleep reframed my thinking.
I discovered the importance of deep sleep for the body and brain restoration and the thought of losing brain function terrifies me. I even monitor my sleep with a Fitbit now and use downloaded white noise to help increase deep sleep.
Jemma Salisbury - PB SKN founder
What would you say to fellow entrepreneurs wanting to pave their way in the industry?
Just go for it. There's never going to be a perfect time to start, and it's not possible to know everything before you do. Building a business and a brand is a journey and you learn so much through trial and error, your mistakes and your achievements.
My advice is to make sure you are clear on your brand's values and that they align with your personal values, because that is what will shine through and will guide you in all of your decisions.
Would you go back and change any of your business decisions over the years?
I've made some business decisions that have failed and business decisions that have worked. However, I don't regret the ones that have failed because they've all been lessons that have allowed me to make better future decisions. I'm always open to trying new options and ideas, and if they work - fantastic, and if they don't - take note and carry on.
Dr Naomi McCullum - Dr Naomi Skin founder
What do you look for when recruiting staff?
We look for candidates who are aligned with the brand values. My biggest hiring mistakes have been with misalignments, i.e. choosing the wrong people in the first place and/or not exiting them soon enough once we diagnosed the misalignment with our values.
Our team has become increasingly strict on this over the last couple of years and it has really paid off in creating a better culture with team players who have brand-aligned values and are all working towards the same goals. The positive impact of this focus on values is worth the effort and investment involved.
What do you love most about working in the beauty industry?
I love changing people's lives and helping patients and customers achieve the lives of their dreams through their beauty and mindset. I love helping them with the aesthetic details so they can have more peace and contentment with their appearance. When you do this, I believe patients are able to have greater focus on living the lives they want and achieving their goals.
How do you ensure that your business is continuously improving?
I'm always studying how to improve the next stage or to overcome the challenges. The one great tip I had from a mentor is to focus on the largest thing limiting the growth of the business at the time. Then when that is fixed, move on to the next thing and so on.
I'm also a risk taker and love to implement new ideas and projects. Change excites me, I like to keep it moving. Being creative is a muscle and the more you use it the stronger it gets. It's unlimited.
Vidhi Dhalla - Naturally My Skin founder
What's been the best part of your business journey so far?
Our Multi Glow Serum being featured in Breathe and Nourish magazine in the first six months of launch. It is totally the best feeling seeing the product in publications.
Is there anything you wish you knew more about when you first started your journey?
Better planning on what really is important. I have definitely learned a lot since starting and would have a different plan and approach if I were to start again.
Image credits: Supplied
