
Q: I’m hoping to leave my office job at a well known cosmetics brand and launch my own startup within the industry, but I’m not sure yet on the direction to take. What kind of business models are out there that I can take inspiration from?
Starting out, understanding the problem you are solving for your customers is undoubtedly the biggest challenge you’ll encounter. Given the intensely competitive dynamics of the beauty industry, there must be a demand for the product you are selling, and it should be a solution to a real problem.
But, making sure that your product fits the needs of the market is just one part of creating a successful business.
The other key component is understanding how you’re going to generate revenue. This is where creating a sound business model comes into play.