The economic challenges in Nigeria have driven many citizens to seek additional streams of income. While it isn’t easy, the pursuit of financial stability has become a necessity. Amidst these economic struggles, Nigerians no wan gree for anybody, and as such entrepreneurship has become the order of the day.
This money must be made!
If you are passionate about beauty, body care and skincare, you may be ready to start your brand in the cosmetics industry. However, you are faced with the dilemma of choosing a formula type for your brand. While it may seem easy to pick one randomly, this choice is crucial to creating effective, high-quality, and unique beauty products that stand out in the market. Hence, you have to be intentional about your choice.
As a newbie, these terminologies might sound strange to your hearings. Don’t worry; we’ll break them down in simple terms.
Understanding Custom Formulas
A custom formula is essentially a ready-made formula that you can slightly modify to suit your brand’s needs. You purchase an existing formula for your product and customise it to fit your specific requirements. It is like ordering that egusi soup on Instagram and ensuring that assorted meat is part of the package to suit your taste buds.  You get it?
This approach allows new beauty brands to enter the market with ease. Not only does this option save time and give you freedom and financial stability as a formulator, but it is also stress-free, easing you from having to rack your brain to develop a formula as a startup.
It therefore becomes easier for individuals to create a beauty brand, leveraging on already tested and optimised formulas for safety and performance. The downside to this is that other brands can purchase the same formula as your brand and your products may not be unique when you opt for this choice. However, with the implementation of a strong branding strategy, your brand can stay afloat of competition.
A Discourse on Formula Development
For this option, you can leverage the technical know-how of cosmetic chemists to get your tailor-made formula. All you need to do is highlight the quality and effectiveness that you want your brand to represent, and the same will be replicated for you – easy peasy.
Although, this choice comes with a higher fee and the need to go through a time-consuming formula testing process; it offers you the advantage of reserving the ownership of the formula which is entirely unique to your brand according to your stated specifications.
Highlighting the Distinctions
Although you don’t own the formula, the Custom Formula option offers you a more affordable and pre-tested quick formula to start your beauty product brand with; while the Formula Development gives you ownership of the formula with a focus on helping you to create a unique and superior value for your brand. However, it is time consuming and more expensive.
Here’s a Quick Guide for Choosing
When deciding between a custom formula and formula development, consider the following factors to help you make the decision that best suits your situation:
- Cost: Do you have the budget for formula development, or is a more affordable custom formula better for you? Your answer to this question will guide you towards making a choice that best suits your needs and circumstances.
- Time Constraints: Are you in a hurry to launch, or can you afford to wait for testing and regulatory approvals? Many people don’t have the luxury of time to wait for testing time. If you are in a haste to get your brand up and running, you might want to go for the custom formula option. For the patient ones, they might not mind the formula development.
- Product Control: How much control do you want to have over the formulation and effectiveness of your products? Perhaps you took up training and know exactly the skin problem that you want your brand to solve, the formula development option might be most suitable for you. The option allows you to give your input towards the formulation of the formula from inception.
- Product Uniqueness: Do you want a unique formulation that sets your brand apart? If your answer to this is yes, then you are particular about having a unique product that is exclusive to you alone. Judging from the fact that you retain full ownership when you opt for the formula development option, this might be the one for you. However, if you are confident in being able to tweak an existing formula that is shared amongst many, you can stick with the custom formula.
Conclusively, while the formula preference of people varies based on their circumstances, there is no definite one that beats the other. The available options are very suitable for establishing a beauty product brand. However, your circumstances and desired outcome will guide you in deciding which is best for you.
All the best!
Frequently Asked Questions (FAQs)
- SHOULD I GET A CUSTOM FORMULA OR GO WITH FORMULA DEVELOPMENT?
Custom formulas give you unique, client-specific products, and are cost-effective. They are ideal if you are just starting your brand. Formula development is an innovative, ground-up approach that requires longer testing periods. It creates a unique selling proposition and offers a competitive advantage.
- HOW LONG DOES TESTING TAKE?
Custom formula tests generally take 3-8 months while Formula development tests take 6-16 months, covering stability and microbial to ensure the product’s safety and quality.
- WHAT BODY HANDLES TESTING AND APPROVAL IN NIGERIA?
NiNAS (Nigeria National Accreditation System) manages testing and approvals, ensuring products meet safety and quality standards before entering the Nigerian market. In a case where your products are marketed internationally, they have to be tested by a Conformity Assessment Body (CAB).