Before becoming a multimillion-dollar beauty mogul, Ann McFerran was building her career as an independent artist. But her whole life changed when she came up with the idea for magnetic eyelash extensions. She launched Glamnetic, solving common issues associated with eyelash glue.
Ann used her degree in psychobiology and her love of makeup to develop the first set of lashes. With her limited budget and savvy negotiating skills, she kept production costs low and brought in $50 million in revenue after one year. Glamnetic’s innovation continued to take off, with brands like Sanrio, Sephora, and Ulta Beauty reaching out for partnerships.
Ann’s invention has permanently changed the false lash game. A huge factor in her success was her ability to keep costs low and bootstrap to launch her brand.
How to bring your product to market on a small budget
When you first start a business, keep your operating costs as low as possible so you can reinvest profits back into the company. Following Ann’s advice, you’ll be able to launch your first product without breaking the bank.
1. Sample, sample, and sample again
There’s a lot that goes on in the time between coming up with a product idea and launching it to the world. To avoid wasting money on failed production runs, testing and sampling are key.
Ann used Google and YouTube to research the top 150 vendors that could make her magnetic lashes. “It took over a year and a half to develop, because it took me a while to understand what to look for to find the right one,” Ann says. She ordered more than 100 different samples and tested the magnetic eyelash strips herself before placing a full order.
2. Use spreadsheets to stay organized
During the development process, Ann kept detailed notes on a free Google Spreadsheet to track the vendors she was sampling. “I would make columns for each requirement, like magnet numbers, durability, and price per unit,” Ann says.
Having her requirements outlined made the selection process much easier when it came time to place the pull purchase order. “[After everything was said and done], I found two that could make the samples how I wanted them,” Ann says.
3. Do everything yourself
While it will be a slower process, Ann suggests learning every aspect of production that you can accomplish yourself. “If you want a professional photoshoot, prices can get really high, which is why I just learned how to do it by myself,” she says.
When it came time for ecommerce photos, Ann turned to Bumble BFF and offered women free headshots with hair and makeup included if they were willing to be part of her brand photoshoot. “I bought everything [for the shoot] on Amazon and then just did it myself,” Ann says. She learned best practices online using search tools like YouTube and Google.
Launching a new product can take a lot of time and money, but there are ways to minimize costs. Take your time during development and avoid expensive fees by slowing down the process and managing things one at a time, on your own.
