5 Tips for starting your own beauty business
As you’ll be in charge of all the business aspects of your beauty business – from the finances and marketing – right through to the daily treatments for clients, we’ve collated 5 top tips to help you when starting your beauty business venture.
Tip 1 – PLAN
You’ll need to set out a good idea of your first year’s business plan. This will help to get everything sorted for beforehand, so that you can enjoy what it truly means to be a beauty business owner, rather than juggling everything at once day by day.
Planning your first year gives you the chance to organise what you’ll need before working with clients, setting up a shop and starting to advertise.
Highlight areas such as your main goals for the business, along with ideas of location (if you’re choosing to rent a venue), budgets and long term objectives you want to achieve.
This business plan only needs to be a draft, but will be really important when setting up shop. It will take a few re-drafts to get perfect, and this will take experience and time. Eventually, you’ll be able to evaluate how business has been in accordance to your aims, and work to propose your new strategy for a long term business.
Tip 2 – BUY ESSENTIALS
Don’t excited and start buying every product you find that smells nice, has pretty colours and matches your colour scheme. Buy some essentials and keep initial costs down. Whilst you’ll need to be well equipped to offer a variety of treatments to your clients, buying tonnes of each product will only cause stock wastage and financial loses. Start small and offer a few treatments such as tans, nails and hair removal, and later work to build your portfolio of services.
Tip 3 – KNOW THE COMPETITION
If you’ve just finished your beauty training, or know a number of people starting their own businesses, scout out the competition.
Creating a SWOT analysis (strengths, weaknesses, opportunities, threats) will enable you to work with your strengths to give you a better idea of services to provide and:
Tip 4 – PRICE
Whilst you need to be competitive, you also need to be able to gain profits and cover the costs of products. If you can’t find prices that cover all of this, you’ll might need to reconsider the products you want to use when first starting up.
Tip 5 – OFFERS & PROMOTIONS
To grow a beauty business you’ll need returning custom. One off treatments are fine, but for creating a good reputation and earning money, long term customers are crucial. So it’s actually more important to attract customers at the beginning, than focus on earning money. Special offers will help get your name out there. People are likely to try or refer you to a friend for a 15% discount or a special promotion.
Whilst there’s plenty more to discuss, these are some key points to help you create a successful business structure. And with passion and motivation to help you along the way, there’s absolutely no reason your business venture should fail.