Things to Think About When Starting a New Beauty Business
Photo by Amy Shamblen
Originally Posted On: Things to Think About When Starting a New Beauty Business – Glow Steady
AD| Lockdown have you questioning everything? Making you want to try something new? Or maybe you’ve wanted to do something for yourself for a while and have some New Year go-getter motivation? The beauty industry presents many lucrative business ventures and is continually raking in huge revenue annually. For example, in the UK, this industry made £8.6 billion in 2019 alone. Unfortunately, the pandemic caused a 3% decline in 2020, but experts say the steady climb will resume in 2021. So, are you thinking about starting your own business? Here are some things to think about before starting a new beauty business.
Things to Think About When Starting A New Beauty Business
1. Do you need more qualifications?
A career in the beauty industry can be more rewarding when you have the requisite qualifications and certifications. In the UK, NVQ Levels 1 to 5 are the most sought after credentials before you can practice in the beauty sector. While an NVQ level 6 is equivalent to a Bachelor’s degree, levels 4 and 5 are equal to an HND. Besides the formal training you need to acquire, it is also useful to receive practical experience at a certified beauty establishment for at least twelve months.
Even though 150 hours of hands-on experience is allowed for specific levels, your safest option is to stick around longer to learn all the practical aspects of the beauty business. Whether you’re self-taught in an area such as makeup application or hair styling, your skills can be turned into a legitimate business when you have the appropriate educational backing. Some beauty therapy courses are designed to teach practical lessons on managing a beauty business and market research in the UK. These programmes use a mix of online and in-person classes.
Even if you’re already working in a salon or doing a few freelance clients, it might be worth looking into qualifications anyway. Some new customers won’t try new people unless they have some sort of formal qualification, even if you have good word of mouth recommendations.
2. Assess your finances and funding options
The bane of any business start-up is access to capital. This determines how you will commence operations, your location, workers, tools needed, etc. Now, where can you get the money to begin your beauty business? Unless you’re bootstrapping (starting with your own money) a viable option is to use homeowner loans from Evolution Money. Understandably, recent economic upheavals caused by the pandemic has changed the lending industry in the UK. The criteria for approvals are stricter than ever, but you can avoid the usual stress with Evolution Money.
This company focuses on your current situation rather than your credit history. Furthermore, how much you have is also what determines the kind of business account you will open to help file your taxes. Your business account is an excellent way to separate your personal spending from what your enterprise earns.
Depending on your circumstances, you may also be eligible for local government grants if you area has some sort of community investment scheme or support for new businesses.
3. Time for feedback
This is the safest way to gain access to your market while winning loyal clients and customers. It is a natural reaction for people to feel quite apprehensive about new products and services. However, many more will be willing to try products only if they are given free of charge during a pilot phase. Therefore, depending on your business niche, contact suppliers who will be ready to create samples of your beauty product.
Obviously, if you’re already working in a salon or have a successful makeup account on Instagram, getting clients will be a lot easier. But people don’t always like change, so offering free sessions for feedback in the early days could help you iron out any potential kinks.
Finally, starting any kind of business has never been easy. However, successful entrepreneurs attest to a commitment to stay motivated and dedicated to the cause. With a tremendous amount of patience, that dream you have will transform into a profit-making venture. And there are heaps of online services and information available now, so it’s never been easier to figure out what you need to start and get help when necessary.
Has lockdown made you want to try something new? Maybe even a side hustle?
Until next time,