How to men’s grooming business targeting men’s health, grooming, and the lifestyle of modern gentleman?
As the men's grooming industry becoming more popular, the market is now full of options and opportunities for men to feel and look better. Opportunities attached to this sector includes like the urge to look better compared to others, career growth, etc...
Many brands today are launching men’s grooming products. Not long ago, Hindustan Unilever (HUL), US-based retailer Amazon’s Indian subsidiary have co-developed a line of hair and men grooming products. In December last year, Emami also picked up a 30% equity stake in Helios Lifestyle, selling men’s grooming products under The Man Company. As you can see, jumping into the men’s grooming space is the new trend now. Brands are in this way providing better options for men. Thanks to the boom in the male grooming industry that men have bigger options now. Companies like L’Oréal, HUL, Nivea and many more have shown greater interest in investments in men’s grooming products.
Much like other industry, men’s grooming sector also has its own unique challenges. Although creating a men's grooming brand is much easier compared to some years ago, people are still trying to understand more about this field, such as the difference between grooming and manscaping. Society is slowly open to the idea of a man getting his eyebrow or manicure pedicure done. And this can spell problem for some businesses to jump right into this sector.
Similar to most trends that are heavily driven by social medias out there, which can be a trendsetter amongst younger customers. With things changing and happening quickly in today's world, this can create a challenge for business owners and staffs to stay up to date with what's happening within this forever changing industries. Not to mention about how technology can also play a major role in this men's grooming industry. (That's why you should subscript to MenAfter)
South Korea, where spending on men’s grooming is higher than normal, per capita spend only stands at US$29.00 among male consumers, but men’s grooming only accounting for 15% of total value sales.
China, despite being the source of over half of future absolute growth for the category, continues to see limited spending, with the average Chinese male spending just US$1.40 on grooming products.
Despite of these challenges, with more awareness, the men's grooming industry will see a better rise in the coming future. Overcoming these aforementioned challenges will be the key for many new businesses to reach success.
There are more than 28 million small businesses in the United States, making up a whopping 99.7 percent of all U.S. businesses, according to the Small Business Administration. But not every small business is positioned for success. In fact, only about two-thirds of businesses with employees survive at least two years, and about half survive five years. In order to succeed, you need to have a solid foundation at the beginning of your business. Here are 10 basic steps that are required to starting a men's grooming business:
Do Your Research
Make a Business Plan
Plan Your Finances
Choose a Business Structure - Depending on the size of your business, picking the correct business structure will help avoid unnecessary confusions in future
Pick and Register Your Business Name - A good name is key to your business/branding
Get Licenses and Permits - Depending on what your business is about (optional)
Pick Your Right Parters Carefully - This includes both internal colleagues/partners and suppliers
Set Up Your Business Store - Whether it is an online business or a physical shop that customers will visit, this needs to be well defined
Get Your Team Ready - Set clear roles and responsibility within your team
Promote Your New Business - Good luck!