The demand for natural lip balms is growing and the market is ripe for entrepreneurs who can provide quality products that appeal to consumers’ needs. However, starting a business of your own comes with its own set of challenges and responsibilities, especially when you are a solopreneur without the benefit of upper management to provide you with a playbook for your role in the company.

Start by doing your homework. Researching the demand for your product will help you make informed decisions about how much to invest and the best marketing strategies. Conducting surveys and focus groups can help you collect feedback from your target audience to learn what their preferences are. This information will also allow you to develop branding elements and a product line that is unique and differentiated from the competition.

Once you have a clear picture of the market demand, you can begin looking for manufacturers to outsource your production. You can find private-label manufacturers through a variety of sources, including trade shows, online B2B platforms and manufacturer associations. Ensure that you select a manufacturer that is capable of providing high-quality, consistent product while meeting your budget and time constraints.

As your business grows, you will need to establish a proper accounting system to keep track of expenses, receipts and taxes owed. Using an accounting software like QuickBooks or Xero can help you do this easily and efficiently. You will also need to secure a business phone number and professional email address, so you can communicate with customers more effectively.