The US beauty industry is worth an estimated $532 billion, according to Business Insider. If you’re aiming to take a bite out of that, and you’ve got the skills on hand, starting a business may be a good financial decision to make. There are, however, smart steps you should take when you’re first starting out with a beauty business. So what are they?
Finalize Your Niche And Price Range
Before your business materializes, you need to finalize what your niche and your price range are. Your niche differentiates your business from competitors and gives you an opportunity to excel in a specific area, according to Charlene Walters. For example, if your beauty skills are aligned with being a hairdresser or a cosmetician, you can decide on starting a hair salon or a make-up studio. Once you’ve decided on that, you can further establish your niche by deciding what your price range will be. That will help to clarify who your target market is and focus your efforts to catch their attention.
Secure Proper Insurance
29% of startups fail because of financial issues, according to CB Insights. As such, you need to make sure you protect your business and your finances by securing the proper insurance. There are different types of business insurance, and if you’ve got employees, you need to get the right coverage. For example, if you’ve got a nail salon, you need worker’s comp for nail salons. Workers comp shields your finances if an employee gets ill or injured at work. It ensures that your employees are compensated without you needing to tap into your business funds.
Start Your Marketing Foundations
Not having marketing or having bad marketing is one of the top reasons for small business failure, according to Sean Bryant. If you don’t want your beauty business following that path, you need to start your marketing foundations, like establishing a social media presence and having a business website. Mind you, they don’t have to be super flashy — you can put them “under construction.” What’s important is that you secure the name handles on social media, get pages started, and to get the URL you want. You can always improve these later on to launch a larger marketing strategy.
Network And Find Mentors
There will always be certain questions that your handy search engine cannot answer for you. Instead, it will require someone with experience in the same or adjacent field. It helps to network with other business owners to get familiar with the industry or the local area. Networking may also help you find a mentor that can help answer your questions about nail tints, business processes, and other things.
Starting your own business can and will be challenging. Using your hands-on experience and your unique approach to the beauty industry will be a constant battle. Just keep reminding yourself that anything that is worth having will require consistent effort and sacrifice. Have faith in your beauty skills, and keep improving them so you and your business can beat all the startup odds and persist.