Help A Reader!

11 Oct

Hi Kaitlyn!

I remember those days when I used to wreck my brains over the figures for every little thing, from packaging to formulation to labour costs to shipping and packing, to fulfillment costs, even to the sandwich I was going to have for lunch! It’s still a big headache today, only now I have the luxury of a customized software that we use as well as several more hands to help me with the nitty-gritty bits of the business.

To be honest, there is no other way of getting an accurate evaluation of your business plan or the funds you’re going to be needing (and ultimately spending!) if you don’t request for current prices from your manufacturers. Each product that you come up with (if you’re contract manufacturing, which I’m supposing you are) is so customized to your exact requirements (from print size, colour, texture of the components, to formulations, to fill quantities, to the final quantities you order, to your packing methods, etc…) that there just isn’t any way of “guessing”, unless you’ve had that exact product manufactured before.

A few things that may be able to help though is perhaps getting a buffer fund together i.e. an emergency fund, something you can fall back when and if you have underestimated or come across an unexpected cost. In this economy, I think it’s also great to keep your current job (i.e. in makeup artistry) going at full-force while you are planning your next steps so there’s always a sense of security and most importantly relevant trading history.

I hope this has helped, but I’m opening up the question to the public in any case.

Rgds, Susan.

 

Name: Kaitlyn
Email: kaitlyn@kaitlynrae.ca
Website / Blog: http://www.kaitlynrae.ca
Your Questions: Hi there!

I’m so happy to have come across your blog. I’ve been wanting to start a makeup line for years and have been working as a makeup artist in film/tv and fashion. I’ve been very ill and have just started to recover and realized that I really need to get things going with this dream of mine, because… life is just too short!
I have all of my products planned and have been doing a ton of research again. I have been updating all the notes I had on my business plan but now that it comes down to getting actual figures to apply for grants and loans, I really have no idea what figures to come up with. When you did your first business plan, how accurate were your figures for start-up costs? I’m trying to figure out the costs of a smaller start-up once everything has been formulated (I’ve teamed up with a cosmetic chemist). I’m trying to find out what our start-up costs will be if our goal is to really try and do it right (our brand will rely on a target market with money and therefore their attention to quality and luxury-type items will be key)

Is there any way you can think of to do this without requesting real quotes from companies? I’ve researched lots of companies, but I don’t yet have the details they require to give me a quote. I want to make sure that the numbers on my business plan will reflect the amount of money I’ll need but these figures are so daunting!

The information you supply on your blog is so valuable and it’s helped me so much! Thank you for sharing with all of us who are passionate about getting into this business 🙂

Looking forward to hearing from you!

Kaitlyn Rae

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2 Responses to “Help A Reader!”

  1. stephanie stephens June 21, 2013 at 3:05 am #

    I am interested in creating my own makeup line. I don’t know where to start. Any suggestions or directions would help me thanks a lot!!!

  2. Lane Smith October 22, 2013 at 4:47 pm #

    Hi! I stumbled across your blog, and although I’m certainly not in the make-up business, but my work brings me into contact with lots of entrepreneurs…just wanted to reach out and say good luck with your budding business! The big companies once started small…

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