Starting any kind of business is no easy task, but it helps if you are truly passionate about the industry. If you’re a beautician who’s tired of working for someone else, maybe you should take your passion to the next level and start your own business.
Of course, if you have no experience with start-ups that can be easier said than done. Today, with that in mind, I want to discuss how to start your own beautician business in 2020. Hopefully, this will give some aspiring beautician entrepreneurs out there the push they need to take the leap into small business ownership.
Make A Business Plan
Making a quality business plan is step one to starting any business. Before you put any money into renting a studio, hiring employees, or buying equipment you need to do your research.
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Business plans include a market analysis, marketing plan, financial plan, and more. If you don’t have any experience with business plans I recommend checking out Salon Today’s article on “How to Write A Business Plan”. It includes all the basics you’ll need to get started planning your cosmetology start-up today.
Choose Your Business Structure
The Small Business Administration’s guide to choosing a business structure is the perfect place to look before you decide on how to register your business.
Most likely you’ll want to form an LLC(limited liability company) to protect your personal assets from being seized in case your business goes bankrupt. However, they are a number of different types of business structures that are available, all of which fit particular situations.
So make sure to do your research and decide on the right type of business structure is right for your business, not only today but going forward as well. The last thing you want is to be pigeonholed to a business structure that just doesn’t make sense anymore.
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Find Your Location
Finding your location will be one of the most difficult tasks on this list. Before you even begin searching through real estate, you’ll need to search demographics, foot traffic, accessibility, competition in the area, and so much more to make sure you’re business is in the right spot.
As they say, in Real estate it’s all ‘location, location, location’. On top of that, once you secure a location there will be a lot to do. Buying equipment, decorating, and don’t forget the safety equipment, automated external defibrillators and the like are now a federal requirement for all businesses.
Remember Your Finances
Finances are the number one concern of most businesses. When you first start your business you’ll be concerned with getting funding to open your operation, hire your staff, and buy equipment, but after that, the financial stress is really just beginning.
You’ll have to deal with payroll, expenses, sales tracking and so much more. That’s why I recommend getting QuickBooks for Small Business to help keep your sanity.
Marketing Is A Necessity
If you want to have a successful business, people need to know about it. There’s a misconception among some budding entrepreneurs that they can go without marketing in the early days. Unfortunately, this is the type of attitude that leads to over 50% of small businesses failing within five years of operation, according to the Bureau of Labor Statistics.
Fill A Void
Do your research and find what’s missing from beauty services in your area. Filling a void is a great way to get customers in the door.
Many times local beauticians won’t offer high-value specialty services like eyelash extensions or brand name facial treatments. These beauticians not only miss out on selling accompanying eyelash extension supplies and the like, but they are also missing out on new customers who are looking for particular treatments.
So remember to make yourself stand out by filling a void in the beauty services offered in your area.
At the end of the day, no matter what kind of start-up your building there will be trials and tribulations. What’s important is sticking with it through all the problems and staying consistent in your approach.