If you are thinking of starting your own hair or beauty business, then check out our top tips below!
When thinking about starting your own business, it’s important to be clear on the steps you need to take to get your idea off the ground…
Do you have what it takes?
First things first, you need to ask yourself if you are the right person to start a business. Ask yourself the following questions and answer them honestly:
- Can you work long hours?
- Can you take criticism?
- Will you be able to cope with financial insecurity?
- If your business struggled in the early stages, would you continue?
- Write down the reasons why you are starting a business.
Is your business a must-have or a nice-have?
Is there are a demand for your business? Will people want it enough to buy it? Most people start businesses based on their skills or hobbies. What are yours and how will you turn it into a business? Your idea or business model does not have to be a new idea, but you do need to think about how you will do it differently, what additional features you may have or benefits.
You can define your unique selling point with the following three tests:
- Does your consumer want your product/service?
- Does your competitor do it better?
- Are your competitors doing just as well as you are?
Know your market
Carry out your market research as much as possible. You want to aim to understand your market and your target clients. Look at your competitors and their clients. Once you’ve got your product/service and the market you’re targeting, test, test and test again to ensure that you remain competitive.
Test it out
Before taking a plunge into the deep end of business, test out your idea alongside your current paying job. You can also use your spare time to test it out too. In modern terms, this is known as a side hustle.
Be honest about your weaknesses
Be honest with yourself and know your weaknesses. Know what you do well and what you don’t. Identifying your weaknesses will help you to see which areas you will need to find someone who can do a better job than you.
Find a mentor
Two heads are always better than one, so seek out the advice and support of someone you admire in business who can help you from the perspective of their own experience and wisdom. A good mentor will provide you with an objective eye on your business and help you set long-term objectives.
Plan, plan, plan
Your business plan should have longer-term objectives, estimates and forecasts. Your plan and financial forecasts will help keep your business on course. If you intend to use your business plan for outside use to raise funds with, keep it to between three and ten pages of text that draw out the important points, plus a series of financial figures. Keep it simple and concise!