Business - Starting YourOwnBusiness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
what’s already available and allow you to spot any gaps in the sector. By offering something distinctive to consumers and approaching with a unique outlook, your business will be given a real opportunity to triumph.
Try to pinpoint your target audience in this preliminary period also. Will you be aiming to attract young clients, women, men, or more mature individuals? Deciding now can help when the time arises to purchase your business’ equipment and products, as there’s no point in offering services that may not be of interest to your intended demographic which could result in costly error.
Understandably, the process to becoming your own boss can be challenging, so why not also reach out to other business owners for support in the initial phases. After all they’ve experienced what starting your own business entails and will be able to give you a realistic account of the journey that lies ahead.
Location, location,
location One of the main advantages of working within the beauty industry is that it presents so much versatility. Not only in the wide spectrum of 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 going mobile? This is also the time to decide your working hours as this may 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 from the owner’s home, and for first-time beauty magnates this is a convenient and financially attractive option. By transforming a room in your house or working from a 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 inform your mortgage
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provider and your home insurance company to ensure you are allowed to set up a business from home,” explains Marie-Louise Coster of All About Mi Beauty & Holistic Training 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 from home.”
Practicalities too need to be contemplated. “Then you need to consider things such as an entrance – will you use your front door? Will your room be located upstairs? If so what about disabled access? Toilet facilities? Will there be hot and cold running water in your room or 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?” adds Marie-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 into consideration such issues as how much passing foot- trade your salon will attract and if there is ample parking for you clients.
Hitting the road and becoming a mobile therapist is another route you could opt to take. The main benefits being the freedom away from the 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 to make sure you factor in travel overheads, the possibility of having to invest in equipment that is easy to transport and assemble, and making 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 and memorable. Research the names of existing beauty companies, noting the ones that you like and highlight those that, in your own opinion, may or may not work.
“When choosing a name you must
check with the Patents Office that it is not already registered and has a
registered trademark,” explains Marie- Louise. “Remember you will have this company name for a long time so make it quirky and memorable.”
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 to many aspects of our modern lives, especially where corporate matters are concerned.
Now that you have your business concept in mind, it needs to blossom and begin to fully take shape in a professional manner. “It is pointless trying to set up a business without spending time on the planning,” says Marie-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.”
“The first step on the road to success is creating a solid business plan,” agrees Lydia Sarfati, Repêchage CEO and Founder. “Your plan is your map; it defines your destination and illustrates how you will get there. Begin by envisioning the type of Spa [or salon] you want to create. Imagine the receptionist greeting happy clients, the scent of freshly laundered plush towels and a busy team of professional aestheticians and massage therapists administering beautifying and relaxing treatments.
“The next step is to work backwards and start thinking about what needs to happen in order to make this vision a reality. Your plan will spell out, step by step in explicit detail, how you will organise, manage and promote your business.”
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 your most pivotal tools, not only for yourself
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