Purpose of Starting a Skincare Product Business - Accounting and Finance Assignment Help

Assignment Task:

Task:

Company Name - Immortality
Purpose of Starting a Skincare Product Business

I’ve ever worked in several cosmetics and skincare companies, especially I was into organic, plant-extracted skincare product that made me feel safe to use, thus I’ve been thinking of launching my own skincare business. Moreover, I have been using CBD oil lately and myself is a fan of this product for its function of soothing and relaxing, so I want to differentiate my skincare products using CBD and plant extracted ingredients to hit the niche market.

According to a report from Million Insights, the global CBD skincare market is expected to reach $1.7 billion by 2025; another report from Allied Market Research upped the projection saying that the global CBD skin care market size was valued at $633.6 million in 2018 and is anticipated to reach $3.48 billion by 2026. Beside the market potential, speaking of the product function, the CBD formula can be used for all types of skin, especially for sensitive skin. The people who have skin problems including acne, dryness, inflammation, and sensitivity will benefit from CBD and plants infused skincare product to heal and soothe their skin problems.

Sources of Income
Immortality is established with the aim of maximizing profits in the CBD skincare product industry starting from California as the brand concepts of relaxing, natural, plant extracted and hemp related ingredients are more acceptable in California and resonate to Californian lifestyle. We are going to start the sales online as well as some physical stores starting from California and expanding to other major cities.

Sales Forecast
The relaxing, natural, plant extracted concept and hemp related ingredients are more acceptable in California, so I am we have a good starting point that well positioned; after that, I am going to expand the product to every city where we have better online sales amounts at the first place so we are quite optimistic that we will meet our set target step by step to grow the business, brand awareness and our user base.

I have analysed the chances in the CBD skincare industry and have been able to project the initial sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to start-ups in California and some major cities across the USA afterwards.
First fiscal year: $100,000
Second fiscal year: $350,000
Third fiscal year: $800,000

Marketing Strategy
Target Audience
The target audiences are females aged between 20 to 45 who care about spending part of their living budget to pamper themselves. They love workout, doing yoga, meditation in their free time; they’d love to strike to balance of their career as well as their personal life. They want to brand themselves as successful females but meawhile take good care of their life quality in an classy way. While afterwork, they would like to use skincare product with CBD infused to help themselves relaxing and reaching the inner peace for the soul.

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