Megan Cox @ Genie Supply, The Beyond Beauty Podcast by Dillie

In this episode, Megan Cox, the founder of Genie Supply, discusses her path from creating a beauty brand to opening her own lab. She details the challenges of starting a lab, sourcing packaging from Alibaba, and bootstrapping the business. Megan's primary clients are entrepreneurs starting their own beauty lines, and she emphasizes the importance of a brand's backstory. The episode covers the importance of SEO and blogging for attracting clients, the trend towards clean and cruelty-free products, and the complexities of formulating and sustainability in the beauty industry. Megan also reflects on her future in the industry and the impact of the pandemic on her work style. The episode concludes with Megan sharing her company's website and social media handles.
About Megan:
Megan Cox is the dynamic founder of Genie Supply, based in Bedford, Indiana. An MIT alumna with a background in chemistry and business, Megan launched her own cosmetics brand "Wink" in 2013, after discovering a novel chemical solution to her own beauty problem of thinning lashes. Drawing from her global manufacturing experience, including hands-on problem-solving in China, she established Genie Supply, a beauty lab for entrepreneurs like herself, in 2018. Under her leadership, this beauty lab has since empowered over 400 nascent beauty brands through their development and launch, championing clean beauty and fostering entrepreneurial success along the way.
Timestamps:
The journey from MIT to starting a beauty brand (00:00:09)
Megan's journey from MIT to starting her own beauty brand and eventually opening Genie Supply.
Challenges of starting a beauty brand (00:00:52)
Megan's experience of starting her own beauty brand and the challenges she faced in the process.
Starting a lab and finding clients (00:02:47)
Megan's decision to start her lab, the challenges of finding clients, and the process of growing her business.
Bootstrapping the lab (00:03:17)
Megan's experience of bootstrapping her lab, starting with limited resources, and gradually scaling up.
Transitioning from selling the business to opening the lab (00:04:40)
Megan's transition from selling her beauty brand to opening her lab, and the challenges she faced during this phase.
Sourcing and transitioning to the US (00:06:37)
Megan's experience of sourcing in China and transitioning her lab to the US.
Marketing and finding clients for the lab (00:07:23)
Megan's approach to marketing her lab, including search engine optimization and digital marketing strategies.
Client base and financing (00:09:07)
The type of clients Megan's lab attracts and the financing options available for beauty brands.
Investor perspective on beauty brands (00:09:57)
The investor perspective on beauty brands and the challenges of securing investments in the beauty industry.
Trends in beauty products and consumer behavior (00:12:33)
Megan's insights into consumer behavior and the evolving trends in beauty products, including clean and natural ingredients.
Formulating a beauty product (00:13:49)
A role-play scenario where Megan explains the process of formulating a beauty product for a specific target market.
Formulating a Clean Beauty Product (00:14:24)
Megan discusses the process of formulating clean beauty products and the considerations involved.
Identifying Market Needs and Feasibility (00:15:10)
Megan explains the criteria for assessing a client's needs, market, and feasibility of product development.
Starting a Business with Clear Goals (00:16:02)
The importance of identifying a market gap and being passionate about the business journey is discussed.
Pricing and Manufacturing Considerations (00:17:17)
The factors involved in pricing a product and the considerations for manufacturing are detailed.
Sustainability in Packaging (00:19:10)
The challenges and considerations related to sustainable packaging options are discussed.
Consumer Demand and Packaging Waste (00:22:28)
The impact of consumer demand and packaging waste on the beauty industry is explored.
Challenges of Refillable Packaging (00:23:12)
The logistical and economic challenges of implementing refillable packaging are discussed.
Shelf Life and Additives (00:25:55)
The impact of shelf life requirements on product additives and consumer understanding is highlighted.
Future Plans and Pandemic Impact (00:26:47)
Megan reflects on her future plans and the impact of the pandemic on her business operations.
Remote Work and Introversion (00:28:01)
The benefits and challenges of remote work, particularly for introverted individuals, are discussed.
Helping Clients (00:28:58)
Megan discusses solving clients' problems and finding ways to accommodate their needs.
Formulation Questions (00:29:11)
Megan addresses questions about building and formulating beauty products.
Finding Genie Supply (00:29:34)
Information on where to find Genie Supply, including their website and social media handles.
.
.
.
#beyondbeauty #beautymarketing

[@dilliegroup]

Leave a comment below to share which Beauty Executive, Entrepreneur or Creative you'd like Dillie to interview next!