December 21, 2012

Pointers for Starting Your Own Beauty Supply Business


Wouldn’t it be great if, as soon as you made the decision to start your own beauty supply business, it would just magically appear before you, all set up and ready to go? Unfortunately, it takes more work than that. Fortunately, it isn’t as difficult as you might fear. You’re going to have to work hard, but that work is going to be incredibly rewarding.

Pointers for Starting Your Own Beauty Supply Business  
Soon these beauty products will be your bread and butter!

Before anything else, make sure that you have a business checking account set up. This is going to be important for everything that you do. It’s where you will keep the money you make, and it's the account from which you will pay for the supplies and things you need. Working with a banker who knows what she is doing and setting up the right kind of account will help you make sure that your business gets started on the right foot.

Decide whether you want your business to be web-based or brick-and-mortar-based or if you want to set up a hybrid of the two. Each setup has its advantages and disadvantages. If you are going to be web-based, decide whether or not you want to keep your inventory on hand or work with a drop shipper.

Figure out what niche you want to target within the beauty supply world. You might have your sights set on being the next Sally’s or Ulta, but it’s better to start small and then branch out as you become successful and more financially secure. What kind of beauty are you the most passionate about? Is hair your thing? Do you fancy yourself a makeup guru? Do you want to make your own beauty products with natural ingredients? Are you a big fan of a specific brand or product line? Start with your passion because that passion is what is going to keep you motivated when running your own business starts to feel stressful or scary.

Learn your way around the web. This is a given if you’ve decided to have a web-based business, but knowing how to get around and promote yourself online is essential even for businesses that are traditionally based. You will need at least a basic website and will want to have accounts with the biggest social media platforms. Learning how to promote and advertise your business online will do wonders for your profit margin, especially when you are just starting out and don’t have the budget to hire professionals to take care of the advertising and promotional side of your business for you.

Don’t forget to keep up on industry news and advancements! It’s so easy to trick yourself into believing that, once you’ve become an expert in something, you are done learning. When you want to run your own store, though, you have to accept that your industry is an always changing life form. This means keeping your ear to the ground, trying new things, and being open to changes that happen within your industry. The last thing you want is to get caught selling something that has been found to cause problems or not know about the latest and greatest product when someone calls to ask if you carry it!

your-future-window-perhaps  
Your future shop window, perhaps?

It’s easy to feel confused and overwhelmed by these tips. If you aren’t sure where to start, call your local chapter of the Small Business Association and make an appointment with a counselor. The professionals there will help you make sure that you cover all of your bases.

Good luck!

Byline: Erin Steiner is a freelance writer who covers a variety of topics and is based in Portland, Oregon.



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