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A lot is involved in starting and successfully running your own beauty business. Despite the challenges, it is an extremely rewarding business. Here are a few tips that might help you get started:
No business can be started without serious planning for the first year. Not only this, you need to chalk out a plan for the first 5 years in order to run a successful salon business. It is important that you come up with a thorough business plan, which ought to be reviewed annually. A business plan is a constant reminder of your goals. It's more like self motivation.
How far you can start or run a business with your financial resources? Do you have enough to start a business or do you need a loan? If you need a loan, can you afford to pay it back? What will you do in unforeseen circumstances? What is the premium and how much interest payments you need to make every month? Do you have any piece of equipment to get started or need to buy some? Make sure you can answer all of these questions – the details will help you manage you budget and keeping all the details handy will be useful when compiling a cash flow estimate.
TYPE OF BUSINESS
Are you going to work from home or prefer to go mobile? Will you rent commercial premises? There is so much to consider when you are planning to start a business. If you are considering renting a premises, you should take into account other local business and footfall to ensure your salon is strategically located. If you are planning to work from home, are you easily accessible? You need to apply for a work from home license so that there is no objection to your running a home-based business in your residential area. If you are going mobile, it is important to inform your car insurance provider. Also, you need to determine the distance you are comfortable to cover.
It is important to have necessary insurance in place – which is crucial for your protection as well as that of your clients. Get your hands on professional indemnity along with public and product liability insurance. Do not forget to regularly send copies of new qualifications that you might obtain to keep the papers up to date, making sure you are covered for all that you are offering.
When choosing a name, do not forget to check with the Intellectual Property Office to make sure the name isn't already registered. Choose a quirky and memorable business name. After all, you plan to run your business for a long time!
You need a business bank account. Register with the HMRC within the initial months of trading. Consider the mode of payment you prefer to take. Keep a cash memo book for daily income and expenses. Keep all receipts.
Since you are planning to open a beauty salon, what treatments you will offer? How do you plan to set up treatment prices? It's best to check out your competitors. Compare their price lists and services offered. Be competitive with prices. After all, you are just starting out! What will be your unique selling point that can help you stand apart from the competition?
Do you plan to use a professional body for your salon business? The Guild of Beauty Therapists is a great source of information, which will keep you updated with the latest news in the industry. They also conduct regular training through their websites and magazines.