Turnkey? Turkey? For some reason, turnkey might be one of the most frequently misspelled words I have seen in contract manufacturing. But what does it actually mean? The simplest way I can explain it is: You pay someone else to take care of almost everything for you. As we discussed in our article, How Does a Beauty Product Actually Get Made? A Practical Guide to the NPD Process, developing a beauty product involves a lot more than creating a formula. There is formulation, pa

We all have some instinct for what feels like a reasonable retail price. $50 for a basic lip balm? Probably too much. $5 for a premium eye cream? You might start asking some questions. There is an entire science, and probably a little bit of art, behind pricing. Cost-plus pricing, competitive pricing, value-based pricing, penetration pricing...the list goes on. But today, I don't want to talk about pricing. I want to talk about costing. Pricing is how much you decide to sell

Every time you enter a new industry, or even a new company, it feels like you have to learn a completely new language. And a big part of that language is acronyms. The beauty industry is certainly no exception. R&D, PD, COG, MOQ, PET, HRIPT, GMP, ERP, BOM...sometimes a project meeting sounds like someone is reading random letters from the alphabet. Of course, knowing more acronyms does not automatically make someone an expert. But understanding the terminology does make it mu