With the beauty industry set to be worth over £26 billion by the end of the year and no signs of growth slowing down, it is as good a space as any to start a business.
However, in such a booming market it can be hard to know where to start. Here are a few pointers:
Create a business plan
When opening any business, it can be very tempting to get stuck straight in, especially if you are all experienced within the industry. However, doing this can cause you lots of problems in the long run so it is always better to start with the groundwork first. This will include creating a business plan. The business plan should include the operations needed to open the business and how you are going to market yourself.
Market Research
As part of your business plan, you should conduct market research. This is important for several reasons; it will help to establish what treatments people are looking for, how much they are willing to pay, and how often they require the service. All these factors will feed into your pricing structure and may impact what niche you begin with.
Admin
As well as the business plan, other admin tasks need to be completed before you can start operating. Insurance, licenses, training, and GDPR all need to be taken into account in order to work safely and legally.
Decide on your niche
Whether you have been working in beauty for years or are just getting started, it is always good to start with one niche and then offer more services in the future. This allows you to perfect your skills and build a reputation for quality which will mean it is easier to build a client base for additional services later down the line. Be sure you have all the necessary training required before carrying out any services. Your market research will help you decide what to start with. What other beauty businesses are there currently in your area? If there are six hairdressers but only one nail salon, then it may be good to start with nails as there will be more potential clients and less competition.
Choose your base
Beauty businesses take many forms, and you will need to decide whether you want to be based at home, mobile, take up a chair in a salon, or open a salon of your own. Many in the industry often choose to begin by working freelance in an existing salon to gain experience and grow a client base before opening their own salon; this is a much lower risk.
Invest in equipment
To set up a successful business, you will need to invest in equipment. This will be dependent on your chosen niche, for example, if you are going into nails then invest in a quality acrylic nail kit. When buying for your business be sure to make conscious purchases, quality over quantity is always the best way to go.
Market your services
Beauty and social media are very closely linked, with many now using platforms such as Instagram as a means to find new beauty services. Use this to your advantage by marketing yourself on social media. Be active on your social accounts and make sure they are informative to attract future potential clients. Despite the success of social media marketing, word-of-mouth recommendations are also always going to hold weight in the beauty industry. Take advantage of this by asking for client reviews and consider offering discounts for friend referrals.
