Oct 29, 2018
Knowing how to price your skincare products is one of the most important factors in getting a viable beauty business off the ground. You're passionate about natural skincare formulation, but are you guilty of shirking the numbers? It's all too easy to get our heads in the pot enjoying making skincare but forget the nuts and bolts of running and growing a business, such as profit, retail and wholesale margins.
Spreadsheets not just formulae sheets should be your number one priority once you've decided to make a serious business out of your skincare products.
To help talk you through the numbers and how to factor enough wiggle room into your margins, we welcome a familiar face in the skincare business world, Melinda Coss. A several times entrepreneur and pioneer in the natural beauty industry, and experienced skincare business mentor, Melinda walks us through the most important things to think about in pricing skincare products. She takes us from working out the unit cost of products to the percentages retailers and distributors might expect and which you have to factor in.
We don't speak accounting jargon but we do recommend hitting replay so you can take down notes as Melinda packs in a lot of advice for new skincare entrepreneurs. This episode is a goldmine if you're currently doing back of the envelope or worse, finger in the wind accounting in working out how to price your skincare products.
So get your notebook open, and dust off your ability to do percentages. However, don't worry as you're in good company; Melinda has run and sold several successful businesses and says that with some help, savvy and willingness to learn, the number crunching can become second nature.
Melinda doesn't talk in abstract terms. She runs through some ballpark percentages that you should be aiming for when working out how to price skincare products and gives examples of other key facts and figures you need to know to run a business.
Find out more about Melinda Coss's Ultimate Skincare Business Masterclass, a six-month programme which starts in January 2019. It covers not only the financial aspects of your skincare business, but also takes you through an intensive training programme to get your business dream from paper to reality. Use the Formula Botanica affiliate link entering the code Hello Success to claim £500 off the Skincare Group Masterclass if you book before the 6th of November, subject to availability of places.
Thank you for joining us for this episode of the Formula Botanica: Green Beauty Conversations podcast. If you enjoyed this episode, please share, subscribe and review on iTunes or Stitcher so that more people can enjoy the show. Don’t forget to follow and connect with us on Facebook, Twitter and Instagram.