The beauty industry has been increasingly growing over the decades. A recent US Bureau of Labor Statistics report reveals that the country’s beauty industry provides over 670,000 jobs and is expected to reach a market value of $805.61 billion by 2023. That’s a clear indication that beauty services will continue to be in demand.
For the business-minded, that translates to endless opportunities to capitalize on. And although the competition gets tougher by the second, there are so many niches to choose from, from hair and skincare to makeup and retail.
Now that the service industry is slowly recovering from the impact of the COVID-19 pandemic, it’s the best time to explore and get inspired by these popular beauty industry business ideas. Read on to know which business ideas are worth jumping into in 2021.
Hair transplants or SMP
In the US, hair is everything. In fact, a Bookimed study shows that every 13th man has a hair transplant to combat male pattern baldness. And this is no surprise, as nearly 50 percent of men over 50 in the US are affected by this unfortunate condition. You can capitalize on this widespread problem by starting a hair transplant business with services like Follicular Unit Transplant (FUT) and or Follicular Unit Extraction (FUE).
But there’s also a growing interest in less invasive treatments like scalp micropigmentation (SMP), which seeks to create hairlike strands, just like when microblading eyebrows. It’s quite easy to get comprehensive scalp micropigmentation training these days, so you can qualify to offer this service in your future clinic.
Freelance hair and/or makeup artist
Anyone will need to pay for professional hairstyling and makeup several times in their life, which means that this gig will always be profitable. Plus, you don’t need to put up a salon or work at one to get your slice of this money-making machine. If you’ve got great scissor and brush skills, you can become a freelance hair and/or makeup artist (HMUA). You can start building your portfolio by offering free services to friends and family.
Then you can set up a social media page or website showcasing your best work. From there, you can move on to events like weddings, competitions, graduations, and prom nights. Take advantage of platforms like TikTok and Instagram, where you have more chances of building your exposure and following.
Online skincare seller
The self-care movement and elaborate beauty regimens have sent waves upon waves of consumer demand. So anyone looking to build wealth can hop on this bandwagon. If you have proven sales know-how, you can start a boutique online store that sells curated skincare products, from cleansers and toners to serums and moisturizers.
From here, you can expand into skincare tools like jade or rose quartz rollers, facial masks, and other skincare essentials. You can apply to be an authorized seller of a popular brand or curate your own product list from multiple brands, depending on your strategy. You can even start a subscription box, which has become quite popular these days.
Start a beauty blog
If you’re a beauty enthusiast with a penchant for writing and blogging, you can start a beauty blog. Here, you can share your beauty secrets and skincare routines or make detailed reviews of the latest and most tested products out there. You can even accompany your blog with a YouTube channel to increase your following. Once you’ve built a solid fanbase, sponsorship and ad profits will start pouring in, and you’ll become a beauty guru that brands will want to partner with. While blogging and vlogging can take time to show significant results, the returns will be worth it, especially if you pour your heart and soul into it.
Start a nail salon or be a freelance nail technician
The nail care industry has exploded, creating a slew of services from the traditional mani-pedi to luxury nail art. And people are putting a premium on fabulous nails, especially fashionable women, influencers, and celebrities. If you’re a nail expert with an artistic inclination, you can start your own nail care business.
You can either put up a salon and hire staff to accommodate more clients, or you can be a roving nail technician hopping from one neighborhood to another. Whatever you decide, you’ll surely find success, especially if you can whip up unique designs that are Instagram-worthy.
These are just some of the most popular beauty business ideas you can try in 2021. The industry remains to be a gold mine as the self-care movement roars on. So if you’re already a professional esthetician or are looking for a business model you can venture into, try one of these sought-after services.