Businesses in all markets have faced major challenges in 2020, and the beauty industry is no different. However, there is hope on the horizon, and new opportunities abound for passionate and determined beauty entrepreneurs as we face a new year. If you’re considering starting your own beauty business, now may be a great time.
FOCUS YOUR MARKET
The beauty business is broad and far-reaching. In the new year, you’d be best advised to limit your scope to a niche area within the larger market that you either have prior experience in, a particular passion for, or both. While we still face operational limitations due to COVID-19 guidelines, customers seek out service providers at the top of their game.
Choosing too broad a market will make it harder to compete against larger corporations. Whether you’re developing products or offering a service, it’s best to choose one area to specialize in, such as waxing. Pick a specialty that harnesses your skills and passion. The more you believe in what you’re offering, the more customers you will attract.
From there, consider your target audience. For instance, you wouldn’t market to customers in search of a manicure the same way you would someone looking for an eyebrow wax. Make sure there is an adequate demand for your services in your area. If demand is high, you might have more competitors, so bear in mind what you will need to do to stand out from the pack. Figure out what the others may lack or what makes your product or services unique, and act accordingly.
CREATE A BUSINESS PLAN
One of the crucial first steps to starting your own beauty business is creating your business plan. This document acts as a kind of blueprint for your business, containing information about your mission, goals, and necessary financial requirements.
If done right, your business plan should project your company’s growth and financial potential over the first several years, so it is something you (and investors) will have to refer back to and frequently update as your business develops.
If you opt to go the franchise route over starting an independent business, you will have an extra layer of help mapping out your plan. Choosing an established franchise like Uni K Wax Studios helps eliminate a lot of the guesswork in getting your business up and running.
The Federal Trade Commission (FTC) requires all franchisors to provide prospective franchisees with a current Franchise Disclosure Document (FDD), which includes initial investment costs, as well as recurring costs associated with buying a franchise.
WHY CHOOSE A FRANCHISE OVER INDEPENDENT OWNERSHIP?
Choosing to start a business in the beauty sector is an excellent idea. If it’s something you’re passionate about, not only will you be happy and fulfilled at the end of the day, but you are providing a service to help make your customers look and feel their best, as well. On top of that, the demand for beauty services is booming and expected to continue rising to $62 billion by 2022. Within that broader industry, the waxing business is estimated at $10 billion and growing, with a quarter of the market revenue coming from the United States.
Opening an independent business takes a lot of time and legwork, particularly if you are a new entrepreneur. If you choose to open your business through an established franchise like Uni K Wax Studios, you will be given the structure to help you focus on growing your business faster.
Franchisor Support. Good franchise systems know that they only succeed when you do. Your franchisor should provide you with support in a variety of areas, including location scouting and buildout, marketing, technology, training, and sales. The executive team should be available before, during, and after your store opens to answer questions and provide feedback, drawing from their wealth of expertise and experience. Another benefit of joining a franchise is the opportunity to speak with other established franchisees who have been exactly where you are.
Brand Confidence. Customers like seeing brand names they know and trust. So, while the business is your own, operating as a franchisee gives you the added bonus of name recognition—something that can make all the difference when you’re first starting out.
Flexibility. Once your business is established through a franchise, you will likely have more independence and flexibility over your own work schedule than you would if you didn’t have the backing of a larger brand. This will leave you time to take care of things outside of work that are important to you, something we believe makes for a better-run business all around.
Safer Investment. Established franchise brands are often seen as less risky investments by lenders since they are backed by proven systems. This, combined with any other previous business success you can demonstrate, will increase your chances of securing financing to help you develop and grow your business.
Uni K Wax Studios is excited to offer new franchising opportunities to help you start or grow your beauty business in 2021. Learn more.