Australia is one of the most beautiful and spectacular countries in the world. Its fair and pleasant weather makes locals and tourists love exploring picturesque destinations like the Great Barrier Reef and the Blue Mountains National Park. But aside from the jaw-dropping places, the country is also home to some of the most beautiful people who value their beauty and skincare routine. As a result, it makes the industry of wholesale makeup in Australia one of the most lucrative to date.
Since plenty of Australians are into makeup, starting a makeup business can be a good idea. These products are highly saleable and always in demand. But starting your makeup business can be challenging, especially in the highly competitive industry. So here are the basics that you must know about selling makeups to jumpstart your new business.
#1: Plan Your Makeup Business
A feasible business plan is necessary to ensure the success of any business, including a makeup line. In addition, the plan can allow you to map out all the specifics of your future endeavours and learn some areas that you are not familiar with.
Some of the factors that you must consider for your business include:
- What are the starting and ongoing costs?
- Who is your ideal market?
- How much is your target price range?
- Where will you find suppliers selling cosmetic products or wholesale makeup in Australia?
By answering these questions, you will be able to come up with a clear plan that can guide you in your upcoming makeup business.
#2: Create a Legal Entity
There are several types of business structures that you can choose from when launching a makeup business in Australia. And, some of your choices include:
- Sole Trader: You will be the only one responsible for all the business aspects if you choose this business structure. It means you will have all the responsibilities for the operation of the business.
- Partnership: This type of business structure involves two or more people distributing the business’s tasks among themselves. It also requires you to share the income and losses among yourselves.
- Co-Operative: It refers to the member-owned structure involving at least five members. Each member contributes to the costs and runs the business equally.
- Company: You may set up your makeup company and make a legal business entity separate from you. It means that you will not be liable for all the debts that the company may incur.
- Trust: This business structure delegates a trustee to run the business for you. The trustee is also assigned to oversee the operations and take care of the income and losses.
Other types of business structures in Australia that you can choose from when starting a makeup business include joint ventures and indigenous corporations.
#3: Comply With Government Regulations
Several government agencies are responsible for regulating the makeup industry in Australia. One of which is the Therapeutic Goods Administration (TGA), the agency that will look into all the therapeutic products in the country. It will assess the ingredients of your makeup products to see if it complies with the Poisons Standard.
You must also check with the Australian Competition and Consumer Commission (ACCC) to determine if your products adhere to the fair-trading and consumer-protection laws.
Launching a makeup business in Australia requires thorough planning and research. And, once you understand all the practices in this industry, it will be easy for you to reach the success you aim for when you join the makeup sector.
