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Do your research
Before diving headfirst into the market, it's crucial to conduct thorough research. Take the time to comprehend the market landscape and identify potential barriers to entry. Analyze your competitors and evaluate their offerings. Keep an eye on trends, distinguishing between successful approaches and those that have fallen short. Once you have a comprehensive understanding, strategize how you intend to enter the market, accounting for financial considerations and contemplating an exit strategy. While this initial step may be time-consuming, thorough planning prior to making any decisions can ultimately save both money and time in the long term.
Find your niche in the market
Expanding on the initial point, conducting market research entails identifying gaps in the market. With over 18,000 businesses in the beauty and wellness industry, pinpointing your niche can be challenging. This niche could manifest as a personalized skincare approach or the introduction of a new product that the market lacks. It doesn't necessarily have to be entirely novel, but it should be something you excel at and can further develop. Beauty and wellness trailblazers like The TCM Chef and Chantelle Ng achieved success by precisely this method!
Identify your target market
Prior to establishing your brand, it's important to meticulously assess your target audience. Employing segmentation techniques can deepen your comprehension of your target market, allowing you to tailor your products to their specific preferences and needs. When customers view a product as customized to their requirements, they are more likely to respond favorably to it. For foreigners starting a business in Singapore as a foreigner, understanding the local market and its preferences is crucial for success.
Choosing the right products
Collaborating with reputable brands can significantly enhance the credibility and trustworthiness of your own brand. For instance, numerous salons rely on renowned skincare products like Dermalogica or Guinot in their aesthetic treatments, boosting confidence among customers. If you're establishing your own cosmetics line, pay close attention to the ingredients you incorporate. Prioritizing high-quality ingredients and products serves as a mark of assurance, ensuring that only the finest materials are utilized for customers' skincare needs.
Test your service or product
Before launching, it's crucial to conduct thorough testing of your product or service to ensure it meets the necessary standards. Obtain the required certifications from relevant authorities, such as the Health Sciences Authority (HSA), and ensure compliance with all regulations. Nobody wants to experience adverse reactions or receive subpar treatments. Word-of-mouth remains one of the most potent and cost-effective forms of advertisement for your brand. Developing a negative reputation can be particularly detrimental to both new and established brands.
Set up a website
Maintaining a user-friendly website that features comprehensive listings of your services and products, along with transparent pricing, can facilitate consumer decision-making. A scarcity of information often discourages potential customers, leading to a loss of interest. Conversely, by providing readily accessible details, you enhance the credibility of your brand.
Get your product out there
Now that all the groundwork has been laid, it's time to cultivate a following! Having a fantastic product is meaningless if nobody knows about it. With individuals increasingly spending time on their smartphones and devices, leveraging platforms like Vaniday can significantly expand the reach of your products and services, facilitating connections with potential clients.
Follow the rules
Whether it's a professional salon or a home-based studio, it's essential to comply with regulations. According to the Housing Development Board (HDB), home-based businesses are permissible as long as they don't cause disruptions. However, it's crucial to note that advertising services, whether in physical or digital forms, is not permitted. Additionally, massage parlors must obtain a police license before commencing operations. It's imperative to carefully review the regulations and obtain any necessary permits or licenses well in advance.
