Are you a seasoned lash artist wanting to grow your business?
Do you operate your lash salon from home and want to establish your brand?
Are you contemplating starting your own business from the ground up?
As a lash artist or as someone considering breaking into the lash world, the timing couldn't have been more perfect. According to a survey, the lash extensions industry is expected to grow 5.2% between 2019- 2025, while the estimated online equivalent growth is 7.1% until 2025. Also, it is predicted that between 2019-2024, the industry will reach $1.5 billion in product sales. Brilliant, hey?
We suggest it is time to put all your thoughts of starting/growing your business into action at full throttle. Have you considered a wholesale business? Does it sound daunting? We’ve brought together our top eight tips on how to start and grow a successful business, so all you need to do is follow the guidelines and jump on the road to a successful business. Let's get started!
1. Goals For the Business
Just like the author, Earl Nightingale, once quoted, "People with goals succeed because they know where they're going." Having a clear view of what you want to achieve from your business is integral. Setting goals helps you stay focused. Start by asking yourself these questions:
- What part of the lash industry do you intend to conquer?
- What is your capital investment?
- What are your short and long-term goals?
- How do you want to operate? From home or a wholesale shop?
- Do you want to work autonomously or in partnership?
- What are the legal aspects of setting up a wholesale business?
- Who are your customers?
- How do you track your spending and measure your profit?
If you outline and answer the questions above, you will, by now, have a better picture of how you can take the first step to translate your idea into a plan.
2. Market Analysis
A market survey of your potential business is an essential aspect of the strategy to venture into any business. Suppose your audience is in the beauty industry. In that case, you can start with visiting salons, having casual chats with salon owners and customers to get a feel for the industry, and attending expos and conferences will help you identify potential gaps and challenges and weigh up your competition. You can then build your strategy from what you've learned. This is an excellent opportunity to network and build relationships with industry-related influencers to get an inside view and help steer you in the right direction.
3. How to Source the Product?
While this phase may be one of the trickiest, becoming a wholesaler or Reseller Partner with Prolong Lash can help eliminate the stress of finding a product that would not only propel your business but also save you time, effort, and cost of manufacturing product to establish your brand in the market. Prolong Lash cleanser concentrates, ready-to-use foam pumps and oil-free face and lash products are the crème de la crème of lash extension aftercare , loved by lash artists and reseller partners in over 80 countries and growing. Our partnership program welcomes all lash artists and individuals, whether you are experienced in the lash industry or otherwise, and invites you to join us as partners and benefit from the ever-growing and profitable business opportunity to help build your brand.
The only requirement you need to tick on your checklist is to have a business website and sign our partnership agreement. As a Prolong Lash Partner, you will enjoy exclusive access to a unique login to shop our wholesale site, access to high-resolution product photography, individual one on one support, and so much more. You don't need to feel that you're alone on your business growth journey with our ongoing support whenever you need it.
4. Legal registration
You will require a wholesale business license to operate as a credible entrepreneur. In the USA, Small Business Administration regulations require every small business to have a state license or permit. It is advisable to check the requirements on the US Small Business Administration website. You may be required to adhere to several federal, regional, and zonal laws in the United States. If you want to register your business as a beauty supply store, you may need up to 5 licenses and permits, for example:
- Retail Seller Permit
- Business Operations License
- Doing Business As (DBA) License
- Federal Employer Identification Number
- Certificate of Occupancy
Take the time to make sure you understand your state and local laws before you get too far ahead of yourself.
Remember, to become a Reseller Partner with Prolong Lash, you do not need a license from Prolong Lash to sell our products.
5. Storage and Delivery
If you run a wholesale business, it is only natural that you will be buying in bulk which means you will need space to stock up. If there is room in your house you can devote to stocking your inventory, you will be saving money on hiring a space in the short term. However, if you are short onr space, the next best option would be to hire a storage unit or a space where you can store, pick, pack and send your parcels from.
Maintain an inventory list of your stock to stay organized and run your business efficiently. With Prolong Lash, you can order anywhere between 4 units to 1000+ units of the 3.4 oz Cleanser Concentrate bottles, 3.4 oz Cleanser Foaming Pumps, or 1.02 oz oil-free eye serums or 100mls Client Packs and stock them up. Prolong Lash has warehouses in Australia and the United States, so we can get your orders to you promptly wherever you are.
To set a price on a product, you will need to consider a few factors. By purchasing Prolong Lash products, you are already cutting out the manufacturing phase, which can be the most challenging phase to get off the ground and manage. You won’t need to consider the cost of raw materials, production facilities, sourcing ingredients, and packaging, amongst other product-manufacturing-specific factors. To make a comfortable profit on your products, you will need to crunch some numbers. The beauty industry boasts annualized profit margins on cosmetics between 30% to 80% depending on your sales model.
Remember the formula for setting your retail price is:
Selling price = Buy price + Markup
But, if you can be imaginative, and entrepreneurial and look for ways to differentiate your aftercare range or "lash bath" offering from your competitors, you will be ahead of the game.
As a Prolong Lash Partner and re-selling Prolong Lash branded products, you will have eliminated the laborious process of working out the math. Depending on the quantity you order, you can buy Prolong Lash products for discounts of up to 65%, so it takes no imagination to see that is a significant profit margin right there!
It's also essential to conduct competitor price analysis on Prolong Lash branded Reseller products to ensure your price is set to cut through the competition smoothly.
By now, you would have determined to whom you will distribute your products. You could be selling to (training academies, distributors) or retailers (salon owners, lash artists) or, lash clients in your salon; irrespective of your client database, you will have to ensure that any transaction you execute is a breeze for you and your customers. Whether it is the method of payment or deliveries, your customer should feel at ease doing business with you. While arranging the logistics, ensure that the risks and costs are minimized and your supplier source is efficient and reliable. Prolong Lash is a known and trusted brand in the lash world; you can sell Prolong Lash products either branded as Prolong Lash or create your own label using our cleanser concentrate product. Being an established brand Prolong Lash gives you an easy, reliable, and trustworthy supplier partnership to help you build a successful business.
8. Market your products
"Running a business without marketing will kill it," says Paul Cookson. Don't underestimate the power of social media. Having a robust digital footprint and marketing strategy is essential to make noise about your business. Set up social media pages and create assets to post on your page that are reflective of you and your brand. Don't neglect the power of high-quality product images, social proof in the form of customer reviews, and an easy-to-navigate website because these are all critical components to building your business and your brand.
Traditional advertising isn't dead so maybe consider placing ads in newspapers and industry-relevant magazines. You could produce press releases to give your products more awareness and it is a great way to reach out to new potential customers.
As a Registered Prolong Lash Partner, you will be granted access to a catalog of professional, high-quality product images of all our products for you to use across your social networks, website, or exhibition and conference forums. You’ll also gain access to sales and support tools or reach out for one-on-one business building mentorship from our CEO and our Founder – so what are you waiting for?
To sign up to become a Prolong Lash partner, simply fill in our expression of interest form to be sent a welcome pack with everything to know about partnering with us.
Don't underestimate the POWER of the Prolong Lash Brand reach. Having Prolong Lash as a business partner gives you phenomenal brand credibility, so consider the benefits of selling Prolong Lash branded products to the masses as a way of building your business.
The eyelash extensions industry is growing every day. As an entrepreneur, this could be your best chance at taking your career, business, and brand on an upward trajectory. Prolong Lash exists to empower their lash industry colleagues and encourage women toward economic independence. We are here to help. Contact us today, and our customer support team will be happy to answer all your queries and take you on your successful lash business journey!