According to research, the beauty business is a growing industry in the UK with the growing subsector of metrosexuality contributing to make the market more buoyant.
So, if you?re thinking of venturing into the business of making others look and feel beautiful, there?s certainly plenty of opportunity and money to make.
But as promising as it looks on the surface, setting up a thriving beauty business must not be taken lightly. It requires significant investments in time, skills and money; and you must equally be conscious of legal loopholes and other traps to avoid.
Here?s some expert guidance for the newbie startup investor in salon business.
1. Don?t just depend on your beauty expertise, make sure to have the right business skills too
In the first place, you were very likely driven by passion to make others beautiful and thought about monetizing your skills. That?s fantastic because that?s the number tool you?ll need in this business. But never make the mistake of thinking that?s all the intangible assets you?ll need.
You?ll need more than your beauty therapy skills to effectively manage employees and keep them motivated to put in their best into the work. You must have a good and practical knowledge of business management. Make sure to get some business training to help you effectively run your business and team of staff.
2. Avoid all legal traps
Aside your qualification as a beautician, you must also be conversant with all the legal requirements and guidelines by both the local authority and industry regulator, as well as beautician?s insurance.
Equally, make sure to get the needed licensees and insurance policies that cover for all the treatments such as massages, manicures, saunas, sun beds and beauty treatments.
3. Avoid unstructured spending
Be deliberate and ensure accountability for your spending to avoid hitting the rocks too early on. Basically, let your starting budget begin on a suitable location that?s too expensive and has a viable market; as well as treatments, which will be determined by varied factors such the complexities and costs of the actual treatment.
4. Don?t just leave the marketing and promotion to others
You need to study your market, analyse your demographics, do your SWOT analysis and create a solid marketing/branding plan. Make sure to include an active web presence with your own professional business website and social media handles across all relevant platforms where your online target audience congregates mostly.
5.Don?t hire the wrong squad
If you?re worried about a customer coming back for more service, you needn?t be if you have the right quality of staff in both the standards of service and the way they treat customers. Note also that the basic qualification required for a beauty therapist by law is either a level 2 or 3 NVQ exam equivalent for a government-recognised body, in addition to a specific certifications for special treatments.