Copy of 3 Questions Every Beauty Founder Should Answer Before They Build

When I think about building a business that's going to revolutionize your industry and build a foundation for the generation to come, you have to understand what market research actually is.

Market research is becoming a curious detective. Think about it—put on your Sherlock Holmes outfit. The hat, the cape, even the smoky thing (I don't smoke, but you get the picture). We're going to look at market research from the perspective of raw curiosity.

The first instinctive question you're going to ask when you think about your business or product is: well, is this business going to make money? In order to answer that question, you have to figure out what is happening now in this industry, and deeper—what is happening in the specific segment that your idea exists in.

Most companies spend about six months on market research. We're not doing that. What we need is enough data to make intentional decisions—choosing the right product, understanding your audience. Because ultimately, this is where you build your confidence. This is where you feel sure that even when things get rocky, you've already answered the hard questions.

Here's how I started.

The first thing I did was search: what are the core products in the beauty industry?

At first glance, I thought beauty meant skincare. But my research showed me something different. Beauty has several components underneath: skincare, color cosmetics, fragrance, and hair care. So now that I know skincare is one component out of four top categories, I'm diving deeper.

The skincare industry is booming. It's currently valued at $129 billion globally. It's projected to reach $229 billion by 2030. The region dominating is Asia-Pacific with over 51 percent of the global market share. The other 40-plus percent is on our side.

What this tells me: K-beauty is already taking over. And K-beauty in America stood out not just because it's effective, but because it's kind to the skin.

Next, I looked at my competitors.

Top performers: L'Oréal, Estée Lauder, Unilever, Johnson & Johnson, and so forth.

But here's what's interesting. These companies have the highest toxin products on shelves right now—and consumers are shifting away from them.

Cha ching! Opportunity!

Then came the most honest moment of this journey.

I'm a woman of color, so I automatically thought I'd solve a problem I have. But my research showed me something bigger. There's a problem that exists across all ethnicities.

I came in thinking my angle was Black ownership, Black representation in beauty. And that matters. But the research revealed something deeper: there's a massive gap in skincare formulated for Black skin.

Sixty percent of women of color don't know how to care for their skin. Sixty percent of dermatologists under-diagnose patients with darker skin tones. Ninety percent of dermatology textbooks fail to reflect skin diversity.

So yes, the underserved and desirable space is this: products need to be formulated for Black skin. That's definitely helping me find my space.

Here's what I learned from doing this research.

Do not come in with assumptions. Every product exists in a market because it meets a consumer need. The more you understand the frustration or emotional neglect in an industry, the more information you have to make an informed decision.

I didn't focus on income. I focused on need. Because the reality is, once a product works and brings forth a desired result, and is packaged well, people will make the investment. What we're trying to find out in market research is: is there a place for us to sit? Is there actual longevity as we go forward?

These are simple questions. Take your time. Think about what matters to you most while you're building your business. Where are you most curious? Do not assume anything. Go to the internet and ask.

Next week, we're skipping ahead. Most people build the business vision first, then figure out who they're selling to. We're doing it backwards—and honestly, it's the most exciting part. We're building your buyer avatar. Here's why: when you put a real person in your creative room before anything else, marketing stops being a guess. It becomes a conversation with someone you already know.