I think the internet probably has something to do with it as well. You don't have to go to a department store (which a lot of women are uncomfortable with) to buy "better" makeup anymore, you can get it online. And a lot of the drugstore makeup has improved greatly in quality.
Make sure you don't overlap with other consultants - try to find people who will be repeat customers and buy the same thing over & over - they are the backbone of a business like this. I agree with Moonstar, start small. Good luck