Like many other industries, the health and beauty business can be cutthroat. It can be difficult to compete in an industry that’s so well-established; you’ll need to bring your A-game if you want to have a hope of being recognised. That’s why starting your own beauty business means you need to be smart, dedicated, and committed; you’ll need to understand your competition, implement best business practices, and constantly adapt to survive. You shouldn’t let that put you off, though; starting your own beauty business can be incredibly rewarding. Here’s how you can start your own health and beauty business.
Create your business plan
First and foremost, a successful business has to have an airtight business plan. Of course, no business can fully predict what might happen later down the line, but showing investors (and potential employees!) that you have a solid idea of how you’re going to progress is a surefire way to increase confidence in your business. Writing a business plan isn’t easy, so make sure to enlist help if you need it. Your plan should encapsulate your branding, the direction you want to take your business over time, and practical steps for how you’re going to achieve these aims.
Before you think about implementing any kind of business plan, you need to know how to acquire funding. For many businesses, this will simply mean applying for a standard business loan, but there are other ways you can fund your enterprise. You could look into angel investment, for example, or venture capital as a solid option. Alternatively, if you’re a homeowner, you may benefit from a second mortgage loan, which would see you borrowing against the value of your house. Often, second mortgage loans have high maximum amounts, so this could be an ideal way to secure business funding.
Find your niche
What particular spot in the health and beauty industry do you want to occupy? Are you more interested in creating new cosmetics? Would you rather branch out into the fashion industry? Does your skill lie in creating new types of healthy food for consumers to try? Wherever your strengths may lie, it’s important to find your niche and occupy it with aplomb. No business, no matter what industry it’s located in, will be able to be all things to all customers. Find an underserved set of customers who want something and provide it for them, and you’ll be set with a solid business model.
Research your competition
Knowing who you’re up against is half the battle when it comes to starting your own business. What other businesses operate in the same territory you do, and how do they cater to their customers? It’s important to know this moving forward, because you could learn some techniques for yourself. You could also gain a greater understanding of where gaps in the market could lie. If your competitors aren’t catering for a certain need within their customer base, then you could slip in and provide that service for them, thus justifying the existence of your business for both customers and investors.
Find the right premises
If your business depends on physical custom – that is, people walking in and availing themselves of your services, as might be the case for a bespoke cosmetics company or a hair salon, for example – then finding the right premises is key. You want to make sure you’re basing yourself somewhere that has high demand for your services, but not so high that there are already lots of businesses like yours in the area. It’s not going to be easy to acquire the right premises, so make sure to shop around a lot before you settle on somewhere.
Acquire the appropriate licenses
It should go without saying, but one thing you’ll definitely need to do for your beauty business is acquire the right licenses. Most businesses need certain kinds of licenses to operate, so you should research the appropriate certificates you’ll need to display on your premises. These will vary depending on what kind of business you’re running, as well as where your business is based; some requirements are national, while others may be on the local level. Talk to relevant authorities and make sure to navigate any difficulties you may have acquiring licenses.
Build a health and beauty network
No matter what kind of business you’re running, you’re bound to find like-minded individuals in the industry who are also having the same struggles you are in the business world. It’s a good idea to build up a network with these people so that everyone has a safety net to fall back on if things go wrong (which hopefully they won’t, but you can’t predict every eventuality). Make sure to have business cards made up so you can exchange them with other businesses in your area. This way, you can present a united front and help each other out when necessary. There’s no reason other businesses can’t be friends!
Build the best employee squad
When it comes time for your beauty business to hire employees, make sure you’re going through all the relevant checks and balances. Your staff make up the bulk of your operation; if you have a weak link, it’s going to reflect poorly on everyone else. That’s why you need to make sure you’re hiring well. Of course, you also need to ensure you’re offering your employees an attractive package; the best and brightest minds in the health and beauty industry won’t be attracted to you if you don’t give them a reason to come and work for you.