5 Tips On What It Takes To Be A Beauty Entrepreneur During A Pandemic

The COVID-19 pandemic might not seem like the best idea to start my entrepreneurial journey. But let me tell you how I successfully did it!

Despite the difficult circumstances around the COVID-19 pandemic, the one industry that has stayed resilient more than ever is the global beauty industry. Yes, the sales have been feeble on account of the incessant lockdowns and a number of shops have also been closed down. However, the sector has encountered this crisis with great optimism and confidence.

One simple fact remains, regardless of where humans are, they pay attention to their skin and body. Thus, providing a muted yet colossal thrust to the beauty industry, advancing trends such as face masks, serums, mists and metallic makeup tones. This is a truth that’s evidently visible with their rising stock numbers. Beautifying rituals aren’t going to decelerate in consequence of an epidemic.

Why I chose to become a beauty entrepreneur

Entrepreneurship is not just about gender parity and leadership skills alone. In fact, it’s about the zeal, the outlook with which one pursues the dreams to achieve the impossible. You have to juggle between sustenance, perseverance, ideology and a balance of evolution.

Founding a beauty business was not an overnight impulse decision. The global beauty industry is a massive, snowballing billion-dollar business that is being estimated to be worth 438.38 billion by 2026.

As a businesswoman, it was only right that I wanted to test the waters in the playing field. As an E-commerce business owner and a person who believes in inclusivity and diversity, I am firsthand observing the beauty industry. I have seen how it has been at the very fore of innovation, breakthrough technologies and visionary products. This year will be no different.

The long-term outlook from an entrepreneurial perspective

The math is very simple. There was a time when the beauty industry was ruled by a handful of big names. Today, the entire definition of beauty stands dramatically altered.

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From hyper-personalised to green products and beauty solutions from AI cosmetics to make-up that caters to women of colour. Right from ease of access on global marketplaces to virtual trials, beauty products are getting progressively relatable with concepts that are appealing and engaging. Beauty is becoming inclusive and accessible.

Let’s not even get started with the still snowballing Korean skincare and beauty industry after having become a world leader. From 2010 to 2014, masses of foreign companies splurged a whopping $215 million to acquire beauty and skincare firms in Korea, according to a report by KPMG.

What followed since has converted Korea into the world’s 4th largest exporter of beauty products. Their deal volumes grew to a gigantic $5 billion. And the global K-beauty products market size which was valued at $9.3 billion in 2018 is projected to reach $21.8 billion by 2026.

Here are some of my lessons!

The poignant truth remains. Despite the saying, ‘Beauty lies in the eye of the beholder’ and with women standing against xenophobic values, the innate trend to look unblemished is one of the biggest drivers of this industry. In spite of being highly saturated, here is an industry that is evolving with each passing day. It is one of the best investment bets for market players and for entrepreneurs and marketers to infiltrate.

Here are some of my personal takeaways

• Pandemic or not, brands are, and will always be under tremendous pressure to renovate and advance their product pipelines. Businesses will have to keep pace and innovate.
• Once the COVID 19 dust settles, global marketplaces, social media platforms that facilitate shopping, websites and online niche beauty stores will remain important. Online engagement and expenditure will escalate. Give more priority to digital channels to capture and convert consumers.
• When it comes to operations, one can execute artificial intelligence to analyse, determine and tailor products as concerns around safety and hygiene keeps mounting primarily upsetting in-person product testing and sessions.
• A global pandemic has taught us one thing – the world can change overnight, bringing about considerable swings in demand. Manufacturers will act as thought leaders to drive diversification in product innovation and thereby reduce production risks. Through data sharing, brands and retailers will also collaborate.
• Certain trends that were already showing strength such as the rise of the global middle class and advanced use of E-commerce will pick up the pace. This will keep the industry alluring for a long time to come.

With one last piece of advice, an adage that defines the life I lead, the woman I am, I will end this article – Every adversity comes with an opportunity.

No matter what kind of entrepreneurial adventure you want to embark upon, don’t get dragged into battling the rampant gender biases and stereotypes. Discover your forte, construct a rock-solid support system and let your work do the talking. Like I always say, “You are worth so much more than the ways you’ve been treated!”

Picture credits: Dr Somdutta Singh on Twitter

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