With much of the economy made up of small businesses, it’s not surprising that more than two thirds (68%) of people would like to become their own boss, according to one Shopify survey. While this certainly highlights the popularity of small businesses, starting one — especially in the beauty industry — is no small feat. Whatever your area of expertise, it’s necessary to keep in mind several considerations before officially getting started in order to better your chances of success.
Finding the right niche is vital
Whether you’re a makeup artist or a hair stylist, or you’re looking to sell beauty products, finding the right niche when looking into starting a business in the beauty industry is everything. This is because choosing a large niche is likely to severely reduce your chances of sales and success. Taking the time to choose a niche that has a high likelihood of being profitable is, therefore, vital. This can be attained by assessing certain factors like the level of demand and competition, in addition to your particular interests, talents and experience, as well as your mission as a business. For example, if your goal and passion is to start a business that focuses on catering to an environmentally conscious audience, choosing a niche that involves eco-friendly or vegan beauty products will be your most profitable option.
The importance of insurance
Another important consideration for anyone looking to start a business within the beauty industry is to get educated on the basics of running a business — with one important aspect being to learn about insurance. While considerations may vary depending on the type of beauty business you have, one essential type of insurance for a small business is worker’s compensation insurance, which will protect your business financially should an employee ever experience injury while on the job. Additionally, if your business will have a physical location like that of a storefront, another type of insurance worth considering is property insurance, which will protect your business when it comes to unpredictable things like theft.
Getting the word out
Getting the word out and getting your brand visible can seem nearly impossible when you’re just starting out, regardless of what your focus is. However, social media is a valuable resource that will allow you to share your products and build a digital portfolio of your work as a hair stylist or makeup artist, and gain bookings/sales in a simple, interactive way. With traditional forms of marketing having lost traction, social media like YouTube and Instagram have become extremely popular when it comes to sharing nearly anything and everything beauty related, making it a go-to choice when starting out as a business owner. Furthermore, because it doesn’t cost anything to sign up, social media becomes even more of a smart tool and resource when you’re new to the game. When done correctly, you’ll be able to connect with consumers/competitors, share your brand and mission as a beauty business, and cultivate success in the industry.
Starting a beauty business of any kind is certainly a daunting endeavor, and there are countless things to take into consideration. From choosing the right niche to preparing business basics, you can ensure that you’re well prepared and set up for success in the industry.