Beauty is a multi-million dollar business, and it doesn’t seem to be losing popularity. The media presents glorified images of beauty that we all try to emulate to some degree, and the beauty business capitalizes on this desire to look and feel our best by offering products and services that promise to give us that youthful, vibrant look.
Beauty products are a great business to get into. Getting a slice of this multi-million dollar pie is now possible than ever, thanks to sites like Kickstarter and Crowdfunding. Communicating your passion for your products and what sets you apart from the competition will likely get you a loyal following even before you are completely off and running.
There is a great deal to think about when considering your beauty business. How will you sell? What is your marketing and business plan? How will you fund your initial start-up and stay afloat long enough to start making a real profit? These and other questions must be asked — and answered — to ensure that you start your beauty business the right way. Take these steps, and you’ll be off the ground in no time:
1. Pick an approach to your business
Do you have an idea for a product or service that improves existing offerings on the market? Are you gifted at sales, and you wish to promote products that already exist? Perhaps you’re a cosmetologist or beautician, and you wish to open a salon. The beauty biz is wide open — you can use your unique skill sets and training to do almost anything you wish! Pick an avenue and prepare for greatness.
2. Find your corner and your audience
If your target audience is young females, you’ll need to craft a business persona and find products that appeal to this demographic. If you wish to market products to men and women alike, you’ll, of course, modify your approach to make sure you are appealing to these individuals. Whatever your target audience is, do a little research and find out what this group is looking for, and be the one that fills that need. Sales offers will be yours for the closing.
3. Secure a location
Your chosen business will determine what kind of location is needed. Will you need a storefront, or will you excel online? Will you be content with paying for a chair, or do you want to be in charge of the whole salon? What is available in your town? Will you find more business in a suburban neighborhood, or will it be more profitable to secure an urban storefront on a busy corner downtown? Choosing a location for your business (or deciding if you will sell products and services online) will influence how successful you are as you begin your beauty journey.
4. Cover your legal assets
Find out what kind of licensing and insurance you need to run your business safely. Beauty insurance for professionals such as available at beautyinsuranceplus.com is the standard for people wishing to protect themselves, their assets, and their inventory. Beauty liability insurance protects you from any unfortunate incidents that may occur due to the use of your products, problems with services, and other customer complaints that may result in legal complications.
5. Get your financial house in order
Having a solid business plan will help you to obtain startup funds and investors that feel confident in your plan. A good business strategy will include projected income vs. projected expenditures, as well as a plan for staying in the black while you are expanding. If you don’t feel comfortable approaching banks and potential investors for your startup funding, consider starting a Kickstarter or Crowdfunding campaign to raise money for your business.
Record keeping is essential at this time; you’ll want to track all spending and all income to see how you efficiently expand and grow your business consistently. Keep in mind that there will be ebbs and flows in income; ride the wave, and stick to your overall plan, and you’ll come out on top.
6. Find or develop products and services
If you are sourcing products for your business, you’ll need to become adept at finding wholesale products that will work for you. Developing products is a bit trickier, but with the right partnerships, the sky’s the limit! Deciding which services to offer as you develop your business should be strategic; don’t offer too many upfronts.
Become comfortable and efficient with a few services, then expand as you become more experienced in handling customer demand. As always, keep in mind that your customers’ needs should come first; finding products to fit those needs is like money in the bank.
7. Work on your marketing strategy
The best beauty product and service in the world is nothing without the acquisition of sales. Obtaining a loyal customer base will be essential in keeping your business afloat; seek ways to market that exchange information of value with potential sales. Be acquainted with how SEO works for you in the online marketplace and work on your social media presence for almost effortless selling. The more you can develop quality relationships with your customers, the more they will return to you time and again for repeat sales and service.
Voila! Your business is up and running! Keep your “why” in the forefront of the mind, keep your nose to the grindstone, and develop relationships with your customers that make selling easy and fun. You’ll see beautiful success beyond measure!