The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

How many products should I start with for a new cosmetic business?

robshell

PARKED
Jul 12, 2019
2
0
1
Hello there,

Not too sure if this is the right forum for this question but here goes.

I am in the middle of starting a new cosmetic business. My original plan has been to start with 3 main products - moisturizer, cleanser and exfoliator. I have found my manufacturer, decided on the formulas and found my packaging solution but I'm saddened to see it's becoming incredibly costly, and I'm not evenly entirely through with the process.

My question is whether I should start with one main product instead of three?

When I weigh these options in my head, here is how I see it:

Pros:
1. A lot less costly to work with one product product than three
2. Easier to market one product than three

Cons:
1. Lack of choice for consumers will mean they might not come back if they don't like the sole product on offer
2. Lack of cross product promotion (my plan was to provide a free sample of a different product when a consumer purchases a single product in order to re-engage)

Any help or input on this would be greatly appreciated.

Thank you

PS: First post! yay!

Rob
 

Become a Fastlane INSIDER to view the forum ad free.

Red

Nigerian Lottery Prince
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Feb 23, 2010
1,033
3,506
894
Phoenix
Start with one. Make it amazing. Then your following will demand more & you'll be able to deliver additional products to an adoring customer base.

What makes your product stand out from the rest of the market?
 
OP
OP

robshell

PARKED
Jul 12, 2019
2
0
1
Start with one. Make it amazing. Then your following will demand more & you'll be able to deliver additional products to an adoring customer base.
But doesn't one product limit the options for consumers? I'm trying to find more cases where businesses have started with one and scaled. Looking at my primary competitors, they all have at least 3 products but have been operating for at least 2 years.

What makes your product stand out from the rest of the market?
Quality & Eco Sustainable (better method of extraction of ingredients than what you see today and state of the art eco-packaging)

In terms of marketing, I am not concerned. I'm more so thinking from an initial startup investment point of view. Obviously, the lower the better but I want to make sure I'm not limiting myself. I'm starting to think perhaps I should go with 2 instead of 3, and save the third for when I've established my brand.

Thoughts?

Rob
 

biophase

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 25, 2007
6,381
28,527
5,083
Scottsdale, AZ
I’d go with 3 but sounds like your budget is low. Are you selling on your own website or amazon, or both? What’s your marketing plan like?
 

JasonR

Maverick
EPIC CONTRIBUTOR
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
May 29, 2012
2,019
10,297
2,556
Traveling
What's unique about your products?

Skin care is one of the most saturated and competitive categories out there. Are you sure you can compete?
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom