Can you tell us about your business? What are you doing exactly?
Color Repvblic is an Indonesian beauty business founded in 2014 by 10 female business students. We are currently completing our final year of bachelor’s studies at Prasetiya Mulya Business School.
We produce and distribute customized beauty care and decorative cosmetics. We aim to deliver the best of natural & healthy products to all women. It is within our core value, the ability to custom one’s favorite color into a perfectly made cosmetics, namely-tint-balms.
Our underlying aspiration is to help women achieve the kind of beauty that emphasizes their very own uniqueness; hence to become women’s beauty companion.
Instagram | @colorepvblic
Website/Blog | www.colorepvblic.com
How did you come up with your business idea?
It started when we had to prepare our business plan for an assignment at our campus. We believe that every woman is unique, for she is one of a kind. As young women we need power and pride of being unique and we always want to look beauty in our own style.
However we observe that in the current beauty industry, cosmetics corporations do not provide the exact color wanted by every woman; they don’t have every shade of lipsticks. Therefore, we created Color Repvblic, we wish to grant cosmetics for women with custom color blends tailored to what our customer want, in the very form they need by allowing customization into our production process.
How did you raise money to fund your business?
Our start-up business was funded by personal capital injection by the primary shareholders. Good financial performance allowed us to expand our business by solely retained earnings in the first year. Another capital injection was conducted in the second year in order to upscale our production capacity, also by the same primary shareholders.
How do you promote your products/services?
Color Repvblic markets the goods mainly through online channels, especially social medias such as Instagram, and website. Occasionally, we open booths on temporary pop up markets for Indonesian local brands in Jakarta.
We also have consignment partnerships with several online fashion & beauty retailers. Our promotions vary in forms; in special events of the year we collaborate with different brands to create a bundling package for a special price.
What do you see yourself and the business in a 3 years’ time?
Three years is a long period of time, and by the end of the period, we see ourselves as a maturing company which has gained trust from our target market. This improvement would be indicated by; the growth of sales year by year, the increase of our own operating and marketing scale, a significant upturn in financial performances.
Color Repvblic as it is now has many homework to be done, all leading to the betterment of our business. We believe that in several years to come, Color Repvblic will be one of the leading companies in Indonesian beauty industry.
What advice do you have for someone looking to start their own business?
Firstly, keep in mind that doing business is something that you do deliberately; not out of mandatory compulsions.
We suggest that one should start with something that she is passionate about, and then amplify your product/services in a the exact way that the market needs.
Secondly, planning is a crucial part in running a business: construct a SMART goal (Specific, Measurable, Attainable, Relevant, Timely) and base your timeline on that very goal.
Thirdly, funding is a more delicate issue; personal funding is preferable in many case; however, consulting an angel investor is also an option when a large capital is necessary.