Opening your own professional beauty supply store is the beginning of an exciting new adventure. You may need to set aside some time for serious organization and reflection, but it should be worth it in the end. Be sure to find a niche that interests you and create a well-thought-out budget to make your store a success!
Choose a niche and type of store for your professional beauty supply store. Choose what you know and love. Try to research other businesses in the area to find gaps in the market. You wouldn't want to open an organic skincare store if there was one nearby. This is also the time to decide what type of store you want to create. Research rents in your area before settling on any type of store.
Write a short business plan. If you want to write a business plan, it's usually best to keep it simple. In other words, even a basic business plan has quite a few steps. Don't be afraid to ask for help with this problem! Key items to include are:
Who are your manufacturers and suppliers? What are the prices of their main products
Overhead (inventory, payroll, advertising, legal fees, utilities, miscellaneous expenses)
A financial forecast of when your store will break even (very important if you are looking for a bank loan!).
A basic action plan to achieve the goal
Calculate your budget. Try to keep your costs as low as possible in the beginning, and be realistic about your numbers. Try to include incidentals; In the first few months, unexpected expenses always pop up! A few key areas to consider for your store include:
Supplier's product and shipping costs
Cost of advertising
Water, electricity and rent
Salary of employees
Any legal or licensing fees in your area
Research permits and fees. Every city has a different start-up process. Before starting a business, you need to do a thorough research on your city, county, and state. Precautions include:
Annual registration fee
Registration fee for any new location
Special item fees (some states require additional licenses to sell certain items, such as perishables)
Professional Licensing Fee
Choose the legal body. This will take some research on your part, but many small businesses start as sole proprietorships. This usually means less money and less paperwork. There are a few different options, but we must conduct sufficient research before choosing:
Sole proprietorship - reduced expenses and paperwork, but more personal risk
Partnerships - provide more resources for capital and decision-making, but delay the process
Limited Liability Company (LLC) - The most flexible business structure, but more comprehensive with paperwork and fees
Corporation /s - Corporation - less personal responsibility, but more government regulation
Choose a place near other beauty shops with high traffic. Whether it's a mall, shopping center, or a popular street, make sure to choose a place with a lot of foot traffic and other beauty shops nearby. You don't want your customers to have to make a special trip just to get to your professional beauty supply store!
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