We look at two of the fastest-growing beauty trends and what to consider if you want to launch a business to ride the wave
The organic beauty industry is booming, and the demand for organic nails and lash extensions, specifically, is growing rapidly. The market is primarily driven by women prioritising self-care and the customisation services offered by salons.
A valuation of $6.4 billion is anticipated for the nails and lash extensions market in 2031, according to market research carried out by TMR. As of 2023, the market for nails and lash extension treatment is expected to close at $4.3 billion.
This makes it a great time to launch a drop-ship business in this niche to serve commercial and/or consumer clients.
Increased consumers’ investment in beauty treatments that enhance their appearance and self-confidence are driving the market for nail and lash extensions
What is a drop-ship business?
A drop-ship business is a type of e-commerce business where the merchant (you) does not keep any inventory. Instead, when a customer places an order, the merchant contacts a supplier who then ships the product directly to the customer. This eliminates the need for the merchant to have a warehouse or to handle shipping, which can save a lot of time and money for the solo self-employed and solopreneurs.
Here are the steps on how to launch and fund an organic nails and lash extension drop-ship business:
- Do your research. Before you launch any business, it’s important you understand the market. This includes understanding the demand for organic nails and lash extensions, as well as the competition. You can use tools like Google Trends and SEMrush to research demand, and you can use websites like Shopify and Etsy to research the competition. Here is some research to get you started: by service type, the nail extension services segment enjoys high demand, accumulating high revenue. Based on the service platform, the spa and beauty centre segment accounts for the highest market share. Based on age group, the 20-40 years segment is expected to generate high revenue over the next 12 months.
- Choose a supplier. Once you’ve done your research, you need to choose a supplier for your products. There are many suppliers of organic nails and lash extensions, so it’s important to compare prices and terms before you choose one. You can find suppliers online or through trade shows.
- Set up your store. Once you’ve chosen a supplier, you need to set up your store. This includes choosing a platform, such as Shopify or WooCommerce, and designing your website. You’ll also need to set up payment processing and shipping.
- Market your store. Once your store is up and running, you need to start marketing it. This includes creating a social media presence, running ads, and submitting your website to search engines.
- Provide excellent customer service. Customer service is essential for any business, but it’s especially important for drop-ship businesses. This is because customers are not interacting with you directly, so they need to feel confident that they’re going to get a good product and a good experience.
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How to fund your business
There are a few different ways to fund your drop-ship business. One option is to use your own money. This is a good option if you have the savings to do it. Ask suppliers for smaller minimum orders for startups so you can test the waters. Another option is to get a loan from a bank or credit union or a crowdfunding site. This can be a good option if you don’t have the savings to fund the business yourself, but it’s important to make sure that you can afford to pay everyone back or in the case of a loan be bringing in enough money elsewhere (i.e. day job) to cover monthly payments.
You can also look for investors to fund your business. This can be a good option if you have a strong business plan and a clear vision for the future, such as a niche product or service.
No matter how you choose to fund your business, it’s important to be prepared for the challenges that come with running a business. This includes things like:
- managing inventory
- dealing with customer service issues
- handling invoices and accounts
- staying up-to-date on the latest trends
Here are some additional tips to consider:
- Start small. Don’t try to do too much too soon. Start with a small inventory and a limited number of products. This will help you to manage your costs and to avoid making mistakes.
- Build a strong brand. Your brand is what will set you apart from the competition. Make sure that your brand is consistent across all of your marketing channels. Create a logo that represents your ideals or niche. Set up a blog or video blog to inspire customers about the latest trends in nail and lash extensions.
- Provide excellent customer service. As mentioned earlier, customer service is essential for any business, but it’s especially important for drop-ship businesses. This is because customers are not interacting with you directly, so they need to feel confident that they’re going to get a good product and a good experience.
- Stay up-to-date on the latest trends. The beauty industry is constantly evolving, so it’s important to stay up-to-date on the latest trends. This will help you to offer products that are in demand and to stay ahead of the competition.
If you’re willing to put in the hard work, the business could be a profitable and rewarding venture.