Nowadays, wearing cosmetic products and accessories such as eyelashes is considered an everyday item or trendy, making the lash business hot right now. So, if you wonder how profitable a lash business can be, continue to read this article.
Worldwide data stated that North America alone is expecting to havea 36.78 percent market share due to the production of hand-made eyelashes with an anticipated rapid growth by 2023 (1). Furthermore, the eyelash business is not showing any slowing down, and if anything, it is the contrary. According to Giovanni (2020), last 2017 in the US (United States) Market, false eyelashes had approximately $206.4 million in sales. In 2018, it increased by more than $60 million with $269.7 million in sales. Grand View Research, Inc. reported that by 2025, the global eyelash market would reach a whopping 1.6 billion US dollars.
You can use this to your advantage to determine and ensure that you profit from your dream lash business by striking while the iron is hot.
So, if you are wondering how profitable the lash business is nowadays, the data mentioned above will give you an idea. The demand, especially since many makeup gurus and influencers are gaining attention right now, for the said accessory, is increasing even more over time.
Moreover, aside from the pivotal matters you need to consider when jumpstarting in this line of business, other factors can ensure that you make your lash business profitable as much as possible.
You can determine how you can guarantee that you can profit with your eyelash business by getting familiar with the following:
- Market Potential and Main Market Popularity
- Product Cost and Charges
- Sales Location
- Strategy and Marketing
- Monitoring Your Progress
- Other Factors
We will try to break those down and expound them with details.
Market Potential and Main Market Popularity
Just like any other business, lash business is a risk one must be willing to take. And what eases the mind the most is when you know that you are not risking a futile battle.
One way to do that is to learn about the market potential and main market popularity of the product you are selling, in this case, eyelashes.
According to Technavio (2020) in Analysis of COVID-19-False Eyelashes Market 2019-2023: Awareness About Eye Makeup to Boost Growth, the false eyelashes market still shows a growth of 363.84 million US dollars during 2019-2023, progressing at a CAGR of 5% during the forecast period. It shows that despite the challenging situation that the pandemic has brought us, the lash business keeps thriving.
Aside from that, due to eye-makeup trends and fashion being hot right now, salons invest in accessories that they can offer to their customers, including eyelashes. Independent eyelash professionals and studios are constantly growing steadily, which means the demand for eyelashes will increase expectedly (1).
Product Cost and Charges
When putting out the prices of your eyelashes, there are various factors that you should consider first. These factors will decide how much your product will cost and what charges there will be.
First, you have to determine the total amount that you spent on materials to make a pair of eyelashes. Eyelashes’ materials can be synthetic, natural silk fibers, or real mink fur; of course, these all have different prices and charges in terms of cost and labor (Sarah, 2017). It also varies according to the thickness and length of the product. Other than that, the types of machinery rented or used are also on the list of expenses determining your product’s final retail price.
Quality and quantity are also other intangible deciding factors. Remember the basic economic rule of demand and supply. If the order on eyelashes is high, you can also raise your value.
Always go back to your business plan or map and update your budget allocation, if necessary, as this helps you track your progress and goals. So, it is vital to jot down all the moves you will be taking from now on.
Sales Location
Nowadays, people seem to find it more convenient to shop online than to visit actual establishments. Most especially now that the pandemic has affected our luxury of free roaming and shopping galore.
Due to this reason, websites and online platforms come in handy in running your lash business.
According to Carney (2021), a custom-made website can cost around $5000, but you can always do DIY (Do It Yourself) with sites like Wix and Squarespace for only $12 to $13 per month. It can still change depending on different factors such as certificates, content, and more (You can check the list hereHow Much Does Building a Website Typically Cost?) (9).
Another option that would probably cost you nothing but time and self-promotion is by using your different social media accounts. You can post your products and endorse them on your Instagram, Facebook, Twitter, etc.
Strategy and Marketing
As they say, business is a gamble, so you need to make sure that you have your game plan to attain victory, which means business profit. Careful planning of the different strategies in handling and marketing your products can impact many factors in the flourishing of your eyelash company.
A targeted technique will most probably help you lure the most interested customers in the market.
One sector of customers we are looking at is teenagers and millennials who live and are accustomed to the digital world. This particular strategy can be executed by having an influencer do a product review by sending them your items since fandoms or fan clubs are used as a fanfare for businesses nowadays, especially among this age group.
Another strategy you can use is to monitor your audience and the latest trends they are into these days. You can check out LashiaAustralie (2021) for the Eyelash Trends for 2021 and keep yourself updated on the market demand so you can ride the tide along.
Discounts, package deals, sales, and idol or artist endorsements are also timeless techniques of selling. As mentioned above, fanfare gaming in the market is intense, especially if the endorser has strong and established fans who always go all out to support their favorites’ endorsements.
Lastly, always make sure that you have a balanced and well-allocated marketing budget that generates certain income. According to Alton (2015), there are 7 ways that you can save on your marketing budget. These are:
- Eliminate waste that costs you funds monthly but does not generate any sales.
- Avoid making marketing mistakes as much as you can by hiring the right people for your marketing team.
- Utilize the content that brings sales for you instead of making one. Instead, you can revise and improve the existing ones to make them even better.
- Consider the size of your ad size. Size doesn’t automatically mean effective selling.
- Make the most out of available resources that charge you a 0% fee.
- Center your attention to the conversion.
- You can consider outsourcing and hiring outside your company’s workforce. Such as blog writers or social media managers to endorse and advertise your products on different social media platforms.
Marketing strategy is not a static force, it is somewhat fluid and should go according to the flow of the market’s demand, so make sure that you can keep up with these changes and constantly evolve.
Monitoring Your Progress
Keeping tabs on your expenses and recording your profits will help you see your progress so far, including the gain and loss of your eyelash business.
You must be aware that business plans are not set in stone to be untouchable and unchangeable. Your monitoring can help you see the things working in your favor and what are not (5). It will give you an insight into what needs revising and changing in your strategies and business handling.
Other Factors
There are a lot of things you can do to make your eyelash profitable that we did not fully tackle above, such as:
- Structure or flow of your business
- Learning about your competitors to create unique selling techniques
- Hiring the right people
- Building connections and partnerships
Although vital in any business, these factors don’t automatically mean that it work the same way for everyone. One size doesn’t fit all, so expect some tweaking here and there to make it best suited for you and your business. Just because it works for John doesn’t mean it will work for Jane too.
Conclusion
How you can profit from your lash business relies on your drive and persistence to make it an income-generating one, but it doesn’t simply end with your goal-driven aspirations. You should consider some factors and do some research to make it a successful one, just like some of the things discussed above.
