From beauty brands to new treatment techniques, it is important to keep up with the trends when you’re in the beauty and grooming business. But the greatest asset that’ll keep you going and dominant in the market is how passionate you are about the business, as well as your customers.
Research shows that 1 and out of 3 small businesses fold up in the first two years of operation. How do you avoid the loopholes and ensure you’re in the successful minority?
Is the beauty business for you?
That is the first question you should ask yourself before any talk of financial details and running logistics plans; and you must answer honestly. Do you love the industry? Are you passionate about making people more beautiful, glow and feel relaxed and grow self-esteem? It goes beyond simply being naturally smart or the fact that you’ve gone on a job training. Being a successful beauty business entrepreneur takes long hours of customer dedication, a strong appetite for anything beauty-related and multiple skills-set in the industry, from styling to treatment and therapy.
Draw up a good business plan
You shouldn’t start up with any major plan without a strategic, through and long-term blueprint that sets out different aspects and goals of the business and the steps to actualizing them towards the overall objective of the business. This should be comprehensive and regularly reviewed and should cover areas like marketing (traditional and digital), staffing, finance and budgeting, and administrative logistics. Your business plan should also include some kind of business cover as well. No matter how well you plan, you can’t control everything.
Writing a strategic business plan also includes deciding on your treatments and product offers, as well as fixing a reasonable and competitive pricing.
Choose a quirky and brand-able name
Let the name of your business strike a chord instantly with your target market and be the first element of endearment. Remember your business name will be there for a long time, so make it inventive, original and memorable. Don’t forget to be strategic at the same time so that if your business is listed in any public directory, it is one of the first names that pop up for viewing and review. Also, crosscheck with the local business name registration authority that you’re not violating an existing intellectual property.
Choose the perfect location
Make it a little too stressful for your target market to reach you and you could be missing out on business, no matter how wonderful your services, offers and treatments are. Choosing the ideal location for your beauty business is one of the key decisions you would make and you be deliberate and take time when you’re making this decision. Choose a location that guarantees a high traffic of and easily accessible by your target market, even if you have to spend a little more on rent.
Budget & Finance
What’s your budget outlay? Do you have the financial backbone to run the business through its gestation period? Or do you require a loan? What equipment do you already have and which ones do you need to buy? Would it be outright purchase, installment or any other payment option? You’ll need to also set up an account (and maybe hire an accountant) and a cashbook to track your daily income and expenditure and keep your business afloat and healthy.