The beauty industry is big business. It is estimated that there are at least 40 beauty startups founded by women, making $455 billion in sales, according to Forbes. In terms of the global beauty market, it’s predicted to grow from $432.7 billion in 2016 to $750 billion by 2024, according to Inkwood Research.
It’s no secret that Latinas are among the women leading the charge in entrepreneurship, and creating viable and innovative beauty ventures. Take pioneering, beauty subscription box startup Birchbox, which was co-founded by Katia Beauchamp in 2010. Far from an easy feat, the part-Mexican chief executive revealed that the company achieved profitability last year.
Another beauty phenom created by a Latina: beautyblender. The Mexican-Portuguese-Irish makeup artist-turned-beauty mogul came up with the idea on the set of Girlfriends. When Rea Ann Silva noticed the tear-shaped sponges she cut by hand were disappearing (one of the many signs they were working), she knew she had a successful product on her hands.
“It’s really very surreal to know that most women pick up a beautyblender when they look in the mirror to do their makeup,” said the CEO and founder in an interview with Inc. “To know that I have had that profound an impact on an industry I truly love is amazing.”
With the rise of women entrepreneurs, we caught up with 4 Latina beauty bosses to get their top business advice:
Named after her abuela, Afro-Puerto Rican entrepreneur Regina Bultrón Bengoa launched handmade, cruelty-free, vegan-friendly nail polish brand Selenia Beauty. The vibrant, 10-free colors are an ode to “the unf*ckwithable tribe of sisters” Bultrón Bengoa has engaged throughout her journey.
Her entrepreneurial path, which began on May 12, has already yielded numerous lessons. “My biggest lesson so far is to trust and enjoy the process. To go for it and not wait for things to be perfect in order to launch your business or a new product,” shares the Brooklyn, New York-based business owner. “Things will never be perfect. There will always be space for improvement and that’s the whole point. Imagine if one day you have everything figured out and there was no more growing to do? How boring would that be?”