Getting into the beauty business is not easy simply because the industry is so huge and wide in scope and scale that deciding on a niche by itself is a daunting task. You can get into manufacturing of cosmetic products or marketing and distributorship of many brands. You can be an importer bringing in state of the art machines for beauty treatments or you can even start your own beauty clinic, salon and spa. Hence, the very basics of getting into this industry will depend on the niche that you have chosen to be in.
Here are a few guidelines for you that are common to whichever beauty business you may decide to get into.
Have a business plan
This is almost mandatory as a business plan will be the tracks on which you move forward. It will be entirely based on the niche that you have chosen. A good business plan will cover every side of your project. First the financial aspects – the plan will have projected revenue and expenditures, cash flow requirements, profit and loss analysis, and the need for borrowings if the requirement for start-up funds goes beyond what you have saved up.
It will also have provision for future investments and the source from where to get the required funds. For example, if you are opening a high end beauty salon and spa, laser tattoo machine price or the cost of laser permanent hair removal and skin rejuvenation machines will be factored into the business plan.
The document will also have sales and marketing plans and competitor analysis. So comprehensive is this business plan that you can even submit it before lenders and financial institutions to get credit limits or to bring partners on board.
However, if you feel that drawing up a business plan is beyond you hire an experienced business consultant to help you in this regard.
Comply with all statutory requirements
This is the unglamorous side of beauty business. You have to comply with a maze of statutory requirements such as permits and licenses and get all necessary approvals. This is especially important if you are in the manufacturing of cosmetic products where you have to meet many checks laid down by FDA. Even for starting a business salon and spa, you should only hire licensed stylists who are qualified in this field. Be very careful on this score as any non-compliance can lead to crippling fines and penalties later. Get professional help and opinion to ensure that you are always on the right side of the law.
Follow the latest trends
To stay competitive in the beauty industry, you have to follow the latest trends. It differs from sector to sector so an example here will help highlight this point. Suppose you are in the salon and spa business. Now this niche has seen massive developments with the introduction of high tech equipment offering cutting edge beauty treatments. A beauty clinic today goes far beyond hair styling, pedicures or manicures and facials. Processes offered by leading salons today include laser based permanent hair removal, skin rejuvenation treatments, tattoo removal and microdermabrasion.
You have to ensure that you install the best machines so that you can offer specialised services to your clients. If in Australia, your best bet would be to browse the website for the latest and high quality machines for beauty treatments.
These investments should be factored into your business plan when you start off in this line.
Stand out in a crowded market
This is crucial for your business as an optimum marketing strategy can quickly establish your business. Keep an eye on competitor activity while devising marketing campaigns. To understand client needs and what is expected from you, conduct a research on the subject. The easiest way to do so is through social media platforms which is ideal to spread the message of your new business as well as establish contacts.
These are some of the things that you should know before getting into the beauty business.