Every few months it seems that I am talking with someone who asks me something like this:
I want to start a home party plan company with jewelry / make up / skin-care, but my friends say, “There are so many of these kinds of companies already, you won’t make any money.”
With so many young women entering the marketplace daily, this shouldn’t be a problem.
Did you know that according to Hoovers in the United States in stores over $10 billion is spent annually on cosmetic products?
According to Forbes, Americans spent a total of $27.5 billion on jewelry in 2009. This works out to be 2.4% of annual discretionary spending.
Those are some pretty impressive numbers, a part of which could be yours.
Ask yourself, “Why are you starting your company?” Answering this question will help you to focus on your passion and why you thought to do this in the first place. Perhaps you have a special jewelry design that is unlike any other.
What do women spend their money on during a recession? Lipstick, because it is a quick fix and less expensive than a dress. Jewelry because it sparkles (and again it’s usually less expensive than a new dress).
How do you stand apart? Find your niche. Seek out new markets. Bring different products to the marketplace. Remember that saturation brings innovation.
Let me know what you think by commenting below.