If you’re devoted to the idea of helping both men and women to feel amazing, increase their self-esteem and achieve all that they can in life, building a business in the beauty industry could be perfect for you. Whether your knowledge, skills and experience lie in hair, make-up, nails or any of the other related fields, you can take your passion and turn it into a lucrative brand. The industry is booming with more and more small and independent companies entering the game than ever before. Building a business from the ground up is not easy but if you put the time and effort into your planning and research, there’s no reason why you don’t have every chance of success.
This quick guide will take you through the key steps you’ll need to consider as you transform your love for beauty into your very own business.
Choose Your Sector
It’s likely that you’ll have at least a rough idea of what you want your business to be based around. You may me be a newly qualified hair stylist, make-up artist or manicurist, or you may have been selling products and now have the experience to become a product consultant.
What’s Your Niche?
When you have decided on the general area of the industry you want to work in, you need to focus your business on a particular niche. Take a look at the businesses which are successful in your area, and decide if you want to target the same market or carve out your own niche. What’s missing in your area? What are consumers looking for? What’s the average age and demographic where you’ll be trading? You can start by talking to friends and family but you should consider contacting a specialist company in beauty consumer research and beauty consumer focus groups.
Find a Location
Depending on the type of business you are building, you may or may not need a brick and mortar store. Many modern businesses trade exclusively online or combine both a physical store with an e-commerce website. Even if you do need a physical location to deliver your service, you could start with a single room in your home for hair, nails or make-up. Some choose to operate as a mobile business and take their equipment with them to the homes of their clients. If you do need premises, be sure to consider your location carefully to ensure your customers have easy access and you get a high level of natural footfall past the store to increase walk-in customers.
There are lots of regulations and laws in the beauty industry including a lot of health and safety insurances and licenses. You will need to file local, state and federal documents to get your LLC (Limited Liability Corporation), DBA, or corporate status. If you are going to employ staff you’ll also need an employee identification number (EIN). Some people prefer to hire a lawyer to help them through these processes, but small start-ups can often manage all that’s needed with a little research.
Write a Business Plan
Businesses need money to get off the ground and, unless you have some savings or an investor, you may want to apply for a business loan to kickstart the venture. To do this you will need a high-quality business plan which includes how you will spend the money, your projected turnover, and profits. You should hire an accountant to ensure you’re complying with all the necessary taxes and keep accurate records of all your income and expenditure. Online accounting services can be a great help in this area.
Now it’s time to put all your work into practice and start finding customers. Marketing a beauty business relies on clever branding, but you can create campaigns for any medium according to your budget and resources. Creating a website and social media presence will be essential, but you can also consider printed advertising such as flyers in the local area.