Thanks in part to the rise of social media, the beauty sector is now a multi-billion dollar industry.
Globally, it’s worth over $532 billion, with the US commanding nearly a sixth of that figure. Many experts have described the industry as recession-proof, which means it’s poised to persevere better than others when hard times hit.
What that says is that beauty is always in demand, so starting a business in the industry could be a very rewarding idea for black entrepreneurs.
The pay is good
In this day and age, working a 9-5 job is not the only way you can find stability. There are many people who become freelancers and still manage to find professional success and financial security.
And one of those profitable freelancing gigs just happens to be in the business of making people more beautiful—as a professional makeup artist!
Depending on experience and qualifications, makeup artists can earn a very good salary. According to the Bureau of Labor Statistics, the top 10 percent earn more than $145,420 annually.
These high-paying makeup jobs are mostly found in cosmopolitan cities, like New York and Los Angeles, due to the high number of events and entertainment productions in these areas.
But even if you’re not living amongst the stars, you can still make a decent salary by finding your niche in your own market. Maybe you can offer hair and makeup services for photo-shoots, weddings, and graduations.
Opening up a nail salon can be another stable business idea, as the average income of a nail salon owner ranges from $40,000 to $75,000.
Similar to running a makeup business, your success highly depends on your positioning in the market as well as your physical location. Since most of the clients of nail salons are women, it’s best to find a location where a lot of women might congregate.
For example, school and business districts or malls would be an ideal space for your nail salon.
The economy is picking up
The year 2020 has been a nightmare even for so-called recession-proof industries like beauty. Black beauty supply stores, for instance, have had to adapt to the changing circumstances brought on by the pandemic.
Most retailers had no choice but to transition their operations online to survive.
Now that we can finally put 2020 behind us, things are looking a lot more hopeful in terms of the economy.
That’s partly because of the promising COVID-19 vaccines waiting for mass distribution.
Some experts even predict that the US is set up for a strong economic recovery, and consumers are itching to pick up their old habits.
An easing of lockdowns, the resuming of events, and going back to the workplace will likely mean an increased demand for the beauty industry.
Society is changing slowly
The previous year was marked with civil unrest. However, there are some good things that came out of it, including retailers overhauling their shelves with Black-owned beauty brands.
Though change has been slow to happen, it is happening step-by-step and we’re finally seeing more inclusivity in the cosmetic products we use on a daily basis.
What’s more, big beauty brands like Glossier are pledging to prop up Black-owned beauty businesses.
With Black entrepreneurs finally getting financial support and recognition, they could shake up the exclusive beauty and societal standards that exist. The timing to start one’s very own Black-owned beauty business could not be more perfect or exciting.