business plan Archives | Blogging Heros

Beauty is the biggest business of all. The media pressure on women to look good, it is of no wonder that companies like Ulta are gaining double-digit growth over years and years. If you are searching to get a piece of the beauty business pie then it is the time to start now.

If you are planning to start a small business, then go for it as starting up a business is a lot easier than you can ever imagine. There are crowdfunding sites like Kickstarter and DIY marketing sites like Vistaprint that help entrepreneurs to start any business from the scratch.

The free advertising facilities on social media sites like Pinterest and Twitter are of great help as well. If you are thinking about how to start a beauty business then you need to follow the steps given below.

Are you a licensed cosmetologist who is looking forward to opening their own salon or sales professional who is looking forward to becoming a product consultant?

The beauty industry is wide open for everyone and you can put about any skill if you want to start a business in it. All you need to do is interview salons and spas, friends and other people and try to fill the void with your business.

For example, if you visit a salon and see that there is no skincare facility available, then you can start as a product consultant and your distribution business can be a ticket towards success.

If you ever heard your friends complaining about travelling to another town or place to get their desired manicure then use this as an advantage and open a nail salon.

Try to find your niche

If you are thinking about how to start a beauty business? Then the first thing you need to do is find your niche. Finding your niche means you need to target your audience and also determine your product and the service profile of yours.

Then you need to craft your business persona. All these factors will guide your product and also the service profile. Once you have completed determining your audience, your product and the service profile you can easily craft your business persona.

Then lock down a location

Before you think of how to start a beauty business? Always think twice and wisely about what kind of location is suitable. Think of either going for brick and mortar or mobile and online.

Choosing a physical location for a business will be easy as you can do that just by setting up a single chair salon in your home. But if you want to go for a larger space then choose the location carefully.

Make sure when the customer finds you online, then they are also able to walk down the street and recognize your store easily.

Then you need to lawyer up

There are rules and regulations present in the beauty business. Try to keep yourself legal finding out what kind of license you need and insurance you need to operate the business.

You will need to have local, state and federal documentation to be filed in order to get DBA, LLC or the corporate status. If you wish to hire employees then you will need to have EIN. Besides that, you will need to hire a lawyer to complete these tasks.

Try to figure out the finances

If you have a solid business plan you will be able to get the startup funds that you need. The business plan that you create should have projected incomes as well as projected expenditures.

Also do not forget to include your salary in these calculations. If your finance is not forte then hiring an accountant can save you from a lot of headaches.

An accountant will not only help you file the taxes but will also help you to pay them. Also besides this, it is important to keep the records. There are many DIY bookkeeping options available today like QuickBooks and also TurboTax.

Try to source your products and services

In order to turn a profit and get reasonable pricing to the customers, you will need to purchase in wholesale. The relationship you create with your provider and service specialist will be essential for your business.

An online business will also need a fulfilment service partner who can help you to get the products to the clients in a timely manner.

Campaign for the customers

All your hard work will go in vain if you do not attract customers. A great marketing campaign will not only help your business to drive from door to door and to your website.

You need to understand that consistency is the key to any business. You need to have a recognized logo for your business that will help you to grow.

Marketing is not just t-shirts and signs but also about creating offers to attract more customers. You can deliver the offers through TV, print, radio, email, internet and more. Try to choose a cost-effective medium in order to target your audience.

Starting a business may seem tough at first but then all you need to do is take one step at a time. You will find success in your path. Let your passion and creativity bloom. Let these tips help you and guide you to open a beauty business of your own.

No matter what type of business you are operating, you will inevitably need financing at some point or another. Whether you opt for a traditional business loan from a financial institution, seek out investors or secure an alternative financing solution, additional funding allows you business more opportunity moving forward. With more capital at your disposal, you will be able to take advantage of new opportunities, improve your business processes, invest in essential tools like invoicing software/project management tools and hire a team that can deliver for your business.

When you are securing business financing, it’s important that you take the time to consider your options carefully. There can be potential downsides to financing and it’s all-too-easy to fall into these traps if you are not aware of them. Failing to plan in advance and make the right financing decisions can end up doing more harm than good in the long-run. However, with the right approach, you can avoid these common ‘do-nots’ of business financing and secure financing for your business without any issues.

Let’s take a look at a few common business financing pitfalls to look out for.

Don’t Wait Until It’s Too Late

It happens all too often that business owners wait until the very last minute before they seek financing. If you are in a position whereby you need access to financing quickly, you will have fewer options available and those options will typically not be very attractive. This is because most institutions that are willing to provide reasonable rates will often have an extensive approval process, which will often require a considerable amount of time before you actually receive your financing. Although it might seem counter-productive to apply for financing when you don’t need it, it will be much easier to secure more favourable financing if you approach a lender in a stronger financial position.

Failing To Consider Cash Flow

Depending on the terms of your financing, you may need to make payments on a more, or a less, regular basis. Having enough cash flow available to meet these payments is crucial in ensuring that you don’t incur penalties or late payment fees. Business owners who fail to consider their cash flow can quickly find themselves with more debt than they may have intended.

Not Accounting For Hidden Fees

As with any business document or contract you sign, you need to be sure that you read the fine print. Make sure that you have considered all of the hidden fees so that you can calculate how much cash you need to have available to make your payments on time. The last thing you want is to find out that your repayments are more than you expected when it comes time to pay back your loan.

Utilising Multiple Sources of Financing

While securing multiple sources of financing can work out well in some situations, typically, it is a good idea to avoid. For example, taking out more financing to cover payments on your existing loan is a sure-fire way to land your business in financial difficulty. Remember if you have an increasing number of repayments to manage each month, you will have less access to funds to use for running the day-to-day operations of your business.

Securing multiple sources of financing can also lead to you having to pay back more in the long run as interest accrues across different lenders. Simply applying to receive said financing from one provider will streamline your repayment process whilst also ensuring that you know exactly how much you will need to pay back.

Declining To Draft A Business Plan

In order to secure business financing, you will need to present the lender or investor with a detailed business plan. Your business plan serves as a roadmap for your business, outlining your business goals, your financial forecasts and identifies the opportunities for your company in the future. Without a comprehensive business plan, you will find it difficult to secure financing from reputable lenders and investors as you won’t be able to provide a clear roadmap to when your business can comfortably pay back said financing.

Securing financing for your business can allow you to plan for the future of your business with confidence. With more funding available, you can invest in the right team, tools and technologies to help move towards your business goals. Before you seek business funding, be sure to consider your options carefully and take the right approach to ensure you find the right funding solution to benefit your business going forward.

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