Hi r/Entrepreneur!
I've loved reading this thread. I am a closet-entrepreneur (closentrepreneur? ha), work in marketing at a top brand have always wanted to strike out on my own. However I'm also wary of the "start-up" hype, and have always wanted to build a sustainable business with a good P&L.
As my username implies, I love skincare and beauty. I've always spent good money on skincare (and if you know skincare, you know this is in the hundreds per product) and like to do my research as well as try out new and varied products on my own. However, with high-end products this can take a toll on the wallet -- buying hundreds of dollars of worth of serums, moisturizers, etc is just not reasonable for me -- or most people.
To solve for this, I've gotten into the habit of collecting samples (from Sephora, Nordstrom/Bloomies beauty counters) and amassing quite a collection. Of course, this takes time and much effort b/c most places are stingy with samples and give out 1~2 (max 3 at Sephora) at a time. It's actually really fun to incorporate samples into my routine, whenever I want to switch things up or even go traveling (I don't want to lug 100+ mLs worth of skincare products around and have bad experience with products spilling, etc).
Having developed an affinity for samples, I wonder why we consume skincare the way we do. For brands, skincare samples should be a means of attracting and acquiring potential new customers -- instead, today, they are given out to those who already purchase their products. For consumers, samples should be a non-committal, fun, and easy way to try out new products and broaden their potential skincare repertoire. Instead, samples are difficult to come by and are still very niche.
My idea is to develop a marketplace for skincare exploration and discovery through samples. I'm still thinking through the business model, but I want to provide a platform for brands to provide samples of their new/best products to consumers; and for consumers to try out products on the market
Why do I think this would work? 1) Skincare has one of the highest margins in any industry; 50~70% is the norm. However, brands spend a TON on marketing and acquisition. If I were to prove through a MVP that, for example, 3 out of the 10 people who tried out your sample through this platform ended up going out to purchase a full-size product...that's a 30% acquisition channel which is pretty impressive for minimal $ spent. 2) With high end skincare, $ per mL can be pretty daunting (i.e. $4~6/mL, with 30mL being avg size). I plan on bulk ordering samples, selling at bulk to consumer for a steep discount than what they would ordinarily pay for a full-size item. For example, 5mL of a product for $0.4 each so $2, instead of 5mL for $4 each in a retail product. It's a win for the consumer (amazing deal for a quality product) and brand (product discovery, opens up another acquisition channel).
Obviously, there are concerns like expiration dates for sample products and legitimacy, but those can all be worked through with attention to detail. My point is that the concept of sleeping at other peoples' homes while traveling didn't exist until Airbnb; perhaps the beauty industry is due for a shake-up in how consumers and brands think about samples. I believe they can play a much larger role and go "mainstream" with the right platform.
LMK your thoughts! Am I crazy :)
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