starting your own business
location, location, location
One of themain advantages of working within the beauty industry is that it presents somuch versatility. Not only in the wide spectrumof treatments, services and training at your disposal, but the fact that you are not restricted by your working
location.Therefore, the next question you need to answer is where will your business be based?Will you be running things from home, renting commercial premises or goingmobile?This is also the time to decide your working hours as thismay ultimately affect where you set up shop. Are you happy to work the traditional salon opening times? Or did you want to fit clients around your other commitments, scheduling appointments on evenings and weekends?
Many small businesses operate fromthe owner’s home, and for first-time beauty magnates this is a convenient and financially attractive option. By transforming a roomin your house or working froma separate annex, you can start your operations in the surroundings of a familiar environment. However, there are factors that need to be considered. “If you are home-based you need to informyour mortgage provider and your home insurance company to ensure you are allowed to set up a business fromhome,” explainsMarie-Louise Coster ofAllAbout Mi Beauty&HolisticTraining School. “You also need to register with the local council and apply for a licence that your neighbours will be informed of, as they can object to you working fromhome.”
Practicalities too need to be contemplated. “Then you need to consider things such as an entrance – will you use your front door? Parking – will your roombe located upstairs? If so what about disabled access? Toilet facilities?Will there be hot and cold running water in your roomor will you be accessible to some nearby?What hours you will work and how that will affect your neighbours, family or the other people you live with?” addsMarie-Louise.
If you wish to keep your home and work life separate then you’ll need to rent or invest in salon
space.This will involve a considerable amount of investiture upfront, so ensuring you pick the right position is essential for your purse strings. “Take time to find the location tomake your business a success,” advises EmmaMackintosh, MarketingAssistant at Naturastudios. “Most people starting for the first time will not have any established clients and will therefore be relying purely on passing
trade.This is why it is absolutely essential
to get a location that has a lot of foot-trade and decent parking nearby.”
Hitting the road and becoming amobile therapist is another route you could opt to
take.Themain benefits being the freedom away fromthe salon environment and the opportunity to govern your working hours. However, this choice isn’t as straightforward as simply packing up your car and driving off into the sunset.You’ll need tomake sure you factor in travel overheads, the possibility of having to invest in equipment that is easy to transport and assemble, andmaking sure you have the appropriate insurance in place to cover yourself, your clients and your stock.
the name game
Picking the perfect name for your business is a fun process but it’s also a crucial one. It needs to be unique, snappy andmemorable. Research the names of existing beauty companies, noting the ones that you like and highlight those that, in your own opinion,may ormay not work. “Think about a suitable name that doesn’t limit you toomuch,” suggests Britta Krueger of BeautyTrix. “[For example] even if you are doing just nails at themoment don’t just go for ‘Nails by Sara’ as youmight want to addmore treatments in the future, and a name that suggestsmore treatments will help you down the line.”
“When choosing a name youmust check
with the Intellectual Property Office (IPO) that it is not already registered and has a registered trademark,” explainsMarie- Louise. “Remember you will have this company name for a long time somake it quirky andmemorable.”
get a plan
It’s been over 200 years since Benjamin Franklin, one of the Founding Fathers of the USA, stated that, ‘by failing to prepare, you are preparing to fail.’Yet, this timeless quote can still be applied tomany aspects of ourmodern lives, especially where corporatematters are concerned.
Now that you have your business concept inmind, it needs to blossomand begin to fully take shape in a professionalmanner. “In order to function initially and grow as a successful salon, writing up a business plan at the start is essential,” says Emma.
“It is pointless trying to set up a business without spending time on the planning,” agreesMarie-Louise. “I cannot stress enough how important this is, and not just the immediate setting up you also need to plan the first year, the first three years and
the first five years.Your business plan needs to be thorough and needs to be reviewed annually.”
A business plan is a document that will help you visualise and organise the direction of your company. It will define your goals and depict the strategies you aim to implement in order to achieve them. Within the content you’ll need to include such topics as planning, finances, marketing objectives and background information about the business amongst others. Creating a well-structured plan will become of yourmost pivotal tools, not only for yourself but for any outside parties who may need to view the document. “A business plan is essential if you need to borrowmoney, but is also great for you to remind you of your goals and see how much you have achieved,” saysMarie- Louise.
If writing your plan seems like daunting task and you’re unsure of where to begin, why not attend a course, workshop or seminar?These can not only help you formulate your strategy but also provide you with a better understanding of the overall practicalities of becoming a business owner.
For example,VTCT have launched a new suite of business enterprise qualifications which will deliver the knowledge and expertise you need to start your very own business and become your own
boss.The qualifications cover various aspects, includingmarketing and finance, and help
Opening your own business requires motivation and resilience.
GUILD NEWS 115
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