Tips for a Hair and Beauty Entrepreneur
Just starting out as a business owner? You may have quit your day job and are pursuing your dream career, or perhaps you’re just gathering thoughts on what it would be like to own a hair and beauty business. This article will give you some food for thought and tips on how to be a successful entrepreneur.
Business Plan and Skills
First and foremost, you need to plan how you’re going to afford the start-up costs and how you will acquire the skills needed to run a hair and beauty business. Many aspiring salon owners invest in business training to enable them to effectively manage a team of staff. Draw up a business plan as this will help you to identify key costs. On Startups.co.uk you can download a free business plan template. If you need training in hair or beauty, check out our courses at The Norwich School of Hair & Beauty.
Finance and Loans
Perhaps you need a loan to open up your new business or salon? If so, how are you planning on paying it back? Do some thorough research on loans to find out what interest rates your payments will have.
What hair and beauty equipment do you already have? Is there more that you’ll need to buy? Compile a cashflow forecast to make sure everything is included.
Consider setting up a business bank account. Some offer free banking when you open one for the first 12-18 months. Business accounts can range from the very simple ‘money in and out’ to the more complex ones which help customers with invoices, payroll, accounting and tax returns.
Health and Safety
Running your own salon or business brings a fair amount of responsibility – especially if you’re hiring staff. You’ll need to abide by the Health and Safety at Work Act (1974) and run a risk assessment.
On top of that, you’ll have four business owner options to choose from: Sole Trader, Partnership, Limited Liability Partnership and Limited Company. Find out more about types of business on the GOV.UK website. You’re also legally obliged to insure yourself with Employers’ Liability insurance.
Marketing, PR and Brand Awareness
This is the fun part. Attracting clients is what will kickstart your business and bring in the money. You can choose to advertise in newspapers, local magazines and on social media. Perhaps investing in some professional help with this could be beneficial. You could also have your own website built to display pricing and a little bit about you and your salon. Effective marketing is vital in helping to create your brand awareness.
Above all else, our advice is enjoy yourself, take risks, visualise success and don’t give up. Being an entrepreneur isn’t a walk in the park so be prepared for minor setbacks and failures – especially at the beginning. Remember why you’re doing this – perhaps to be successful? Or maybe it’s to help others feel great about themselves? This Charlotte Tilbury quote reinforces the supremacy of being driven: “What really drives me is sharing the power of makeup with every woman.” @CTilburyMakeup.