Starting your own beauty business
Starting any business is an ambitious and potentially goal to set yourself. You’ll need business nous and some understanding of how business costs and revenue works. Have you ever considered starting your own beauty bysiness? We explore what you need in order to get started, below.
Possibly in traditional business mindsets, finances aren’t necessarily linked to ideas like beauty and glamour, but it’s an inescapable fact that the beauty world is a booming industry.
It’s also never been a better time to be a self-starter in business, which particularly applies to beauty. From influencers to start-up brands, there’s a reason there seems to be so much money flowing through the industry at the moment. With our hyper-visual world, where people are constantly consuming images and videos, there’s never been such a high desire to look good so often. The demand for beauty products this creates naturally needs to be met with a supply. Those clever enough to stay ahead of the curve have a great opportunity at this current moment to jump into this booming market.
Here we’re going to look at the top things to consider and steps to take to get your own beauty business up and running so you can make the most of this moment.
A few things will be indispensable in the current climate for your beauty business to have a chance at success. These are things like being savvy with your budget, being aware and vigilant of rules and regulations, knowing or learning how to foster a good business reputation, and getting to grips with core business skills.
There’s no doubt the industry is lucrative, but that’s also why it can be so competitive (there’s an estimated 30,000 beauty businesses in the UK according to IBIS world), and that’s why you’ll need to make sure you’re staying on top of these critical tenets. The UK beauty industry alone is worth £27 billion a year. You don’t get a slice of the cake without something to bring to the table!
If you’re looking to set up a salon, you may have confidence in your beauty skills that set you on this path. If your business skills aren’t up to speed with your beauty arsenal, then that’s fair enough, but finding yourself some business training will likely make all the difference. You don’t need to get a master’s degree in logistics, but a beginners course can make a world of difference. Many of these are available online and are designed for people taking their first step into the business world, so you don’t need to worry about being overwhelmed.
One fear people sometimes have about diving in with a salon of their own before having a good grip on business is the sunk costs required to have a brick and mortar store set up. One way to avoid these initial costs whilst still getting running is to start a mobile beauty business. This will allow you to crack on with what you do best, the beauty aspect, whilst also getting to grips with how to operate a business, having not lost all your cash in an investment you may not be primed to handle yet.
If you’ve already become confident as a businessperson or want to jump in the deep end with an entire store, then make sure you get entirely up to speed with all of the planning and premise regulations. This should include what licences are required for core treatments like manicures, saunas, sunbeds, massages and general beauty treatments. Health and safety is another bureaucratic concern that can be very important, both for customer’s well-being and for business owner’s to keep a close eye on to make sure that they’re staying above board.
At first thought, it may not seem like the sort of industry where such things come into play a lot, but with all the equipment that often comes into use, it can be a make or break part of a business. As much as you’d like to focus on beauty, make sure you or someone on your team is available to keep an eye on these matters, as keeping a business going is enough of a task without having a regulatory body breathing down your back.
The last point is to make sure you are making the most of the web. You probably already know that many business cycles through the internet, but there’s a difference between awareness and optimisation. Get a good idea of what separates being online from actually having an online presence. If you need to, get someone who can focus on the social media side of things whilst you direct your energy into the essential part, delivering an excellent beauty service.
And those are the most important things to get right if you’re looking to start a beauty business. In some cases, you might need to get some help unless you’re willing to take things slow whilst you learn. As long as you find the right balance in your team between beauty and business, there’s a very lucrative market awaiting your expertise.
You can read more on how to start up a beauty business here.
Other useful links from our knowledge centre:
How to Identify A Great Business Idea
Register Your Company Name
9 Ways to Grow a Small Business
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