Cosmetic product development is a real maze, plenty of directions to take, every decision you take at the beginning has a domino effect on final results including costs. That is why before you enter the maze of cosmetics development you need to spend some time to prepare for it, even before you even ask yourself how much it is going to cost. Here are a few tips for you:
1- Research the cosmetic market
It is such a competitive market these days, it is important you find a niche in the cosmetic market for your idea or cosmetic brand
2- Clarify what is your USP
What is special and unique about your product that has not been done before and how would it stand out?
3- Work out your route to market
Knowing how your beauty product will reach the final user is a key decision because it will affect the cosmetic formulation development, the pricing and the packaging
4- Get your pricing right
How much is your market prepared to pay for your fantastic cosmetic product? this has to be cross referenced with the route to market because even if you have the retail price right, the route to market might require profit margins that squash you down to the point of zero profit or loss.
5-Beware of Rules and Regulations
When it comes to cosmetic product development, there is quite a bit of red tape and you have to make sure you are legally compliant with the relevant regulations such as the European Cosmetics Directive, product labelling and so on. This will add to the development costs.
6- Beware of costs including unexpected ones
There are so many elements contributing to costs, from cosmetic ingredients, product development, packaging, manufacturing, legal compliance, marketing etc. So many variants that is very difficult to work out a budget at the beginning without doing a proper research.
7- Beware of time
If you did your initial research well and worked on your brief and messages, the decision making process will be an easy ride when you start the actual cosmetic product development. Depending on how quick and clear you are , on the type and number of products you want to take to market, the whole process can easily take a minimum of 9 months and your dedicated attention.
As you can see it is a real maze. Being passionate and having a great idea is great but not enough these days. Therefore think well before you enter the maze..
As a cosmetic formulator and brand owner I can help with
-costing and budget,
-branding and messages