- The global beauty and personal care services market size was valued at USD 592.39 billion in 2019 and is estimated to grow at a CAGR of 6.6%.
- The U.S. beauty industry is worth over $50 billion, with the professional hair care segment leading the way.
- Entrepreneurs interested in venturing into the cosmetic service industry should consider target market research, obtaining necessary certifications, finding reliable suppliers and medical staff, and researching their target market before moving forward.
- Quality products, customer service excellence, and qualified professionals are essential for success in this sector.
The cosmetic service industry has become one of the most lucrative and profitable in recent years. According to a report by Grand View Research, the global beauty and personal care services market size was valued at USD 592.39 billion in 2019 and is estimated to grow at a CAGR of 6.6% from 2020 to 2027. This growth is driven by increasing demand for aesthetic treatments, rising disposable income, focus on physical appearance and enhanced self-image, improved product offerings, and a growing number of beauty salons, spas, and hair clinics.
According to market research firm Euromonitor International, the U.S. beauty industry is worth $50 billion. The professional hair care segment accounted for the largest share, with an estimated total value of $17 billion in 2019, followed by skin care ($9 billion) and nail products ($7 billion). The U.S. market for men’s grooming products was increasing, with an expected market value of over $4 billion by 2020. These figures indicate that the cosmetic service industry has enormous potential for profitability and growth opportunities for entrepreneurs interested in this sector.
However, you might also look into cosmetic procedures, which can attract a larger audience. You must find ways to set yourself apart from the competition to stand out and succeed in your venture. Here are a few steps to consider for the process:
Target Market Research
Target market research is essential for any business to identify the most profitable cosmetic procedures. It involves researching and understanding the needs, habits, and preferences of a specific group likely to be your customers. By having detailed information about the demographic characteristics of your target market, you can make informed decisions about which products and services will be most appealing to this customer base.
For example, if you target young women in their 20s and 30s interested in anti-aging treatments, you would need to research the types of treatments they prefer and the pricing models they like. This kind of data can help guide your choice of which services to offer and how best to market them. It can also help you determine which promotional strategies will most effectively reach this segment.
In addition, by doing target market research, you can uncover potential opportunities or areas where there is an unmet need that you can fill with your services or products – giving you a competitive advantage over other businesses in the field. Understanding how competitors operate also provides invaluable insight into what works (or doesn’t) regarding marketing strategies and pricing models.
Get the Necessary Certifications
You’ll need to ensure that your business complies with local and state laws and regulations related to cosmetic services. Depending on the location of your business, you might have to obtain permits or licenses or register with the state as a professional. Ensure you also get the necessary certifications for performing specific procedures you plan to offer – such as injections, chemical peels, laser treatments, etc. Your customers will be looking for qualified and certified professionals in these areas.
You must also look into FDA approvals for the equipment and supplies you intend to use. PDO threading can be beneficial for lifting and tightening certain areas of the face, but it requires FDA-cleared threads in cannula before it can be performed. Otherwise, you may end up with poor results and liability issues.
Find the Right Suppliers
Once you’ve done your target market research, certifications, and FDA approvals, it’s time to find reliable suppliers for the products and services you plan to offer. Quality is essential since customers expect top-notch customer service and quality results. Here are a few you might need:
Pharmaceuticals and medical supplies
Cosmetic procedures often require pharmaceuticals, medical supplies, and equipment. Find reliable suppliers who offer quality products at a reasonable price. Do your due diligence and ensure the supplier is reputable and has a good track record.
You’ll need to stock high-quality beauty products to provide customers with the best results possible. Look for reputable brands tested and proven to produce desired results. Please make sure they are FDA approved before stocking them in your business.
Depending on your services, you might also require qualified medical personnel such as aestheticians or nurses. Ensure they have licenses and qualifications required by law and consider conducting background checks. Your medical staff will be responsible for delivering customer service excellence, so it pays to hire and train the best professionals.
Of course, you’ll need the right equipment and supplies to get started. This includes laser machines, ultrasound devices, injectables, and other medical devices necessary for cosmetic procedures. Look for reliable suppliers who offer quality products at a reasonable price.
The cosmetic service industry is rapidly growing, with plenty of room to succeed. If you’re interested in venturing into this sector, consider doing your due diligence and research, finding suitable suppliers and medical staff, getting the necessary certifications, and researching your target market. With these steps in mind, you can set yourself up for success!