Small businesses are the backbone of the American economy. They employ the bulk of America’s workforce. The success of small businesses is essential to the growth of the economy, a fact the government recognizes. Every year, the government gives resources and money to tens of thousands of men and women to open shop. Do you have what it takes to be one of these new business owners?
Estheticians and stylists choose to go into business for themselves for a variety of reasons. If you are considering starting your own business, carefully explore what is motivating you. As a business owner, you will be able to gain financial independence. You will reap the rewards of all the work you invest in your company. It is liberating to be your own boss. It is a challenging but rewarding position where you will learn and grow as a person, a beauty therapist, and as a businessperson. You will have total creative freedom to make your vision a reality. You will be able to fully use all your skills, training, and knowledge. However, I do not suggest opening a business if these rewards will not meet your expectations.
What does it take to be a successful business owner? You must be a self-starter. When you’re the boss you have no one making you go to work or try a new marketing campaign. You have to be able to make decisions and stick to your guns. Indecision will keep you on the sidelines missing out on winning business opportunities.
You must have passion that will drive you. It is your passion that keeps you going when you are too tired to go any farther. It is what will get you in the shop at 6am to mop the floors and keep you awake when you are washing towels at midnight. Your passion for the superlative services you deliver must sustain you physically and emotionally and will maintain your motivation over time so your business will thrive and not peter out.
You must be detail oriented whether it is meticulous accounting or meticulous linens. You will exhaust every lead no matter how insignificant. You will cross every t and dot every i. You will read every document you sign. In fact, I suggest you sign every check yourself. Do not give your power over to your accountant. Know where every penny is going.
Finally, you must have your family’s support. Be realistic about how your business will affect your family and the compromises that will have to be made. When I first started my business, I doubt I would have been successful without the unwavering support from my husband David, and my daughters Ires and Shiri. In fact, it is their support, which often inspires me even today.
To succeed you need sound management skills, practical industry experience, technical support, as well as planning ability. If you feel you are lacking in these areas, it does not mean you can’t succeed. It only means you must seek out a partner and/or employees to compensate. Surround yourself with an experienced team.
If you believe you meet these criteria, it is time to begin the most critical step in the formula for success. Research will help you determine if you are setting up your business to succeed or fail. Your business must fill a need that is not being met by the competition. You must explore the advantage your business has over its direct and indirect competition. Delivering a better quality spa experience will set you apart. You must be able to create a demand for your business.
Conducting a market research survey to your target customers is ideal. What are the age, sex, race, education level, and profession of the potential clients in the area you are proposing to open shop? Go one step further. Explore what services they currently have done. What services they are interested in trying? Why do they attend their current salon? What do they like? What do they wish was different? Why would they choose to go to a new salon? Interview as many people as possible about their current practices and attitudes about spa services. If you know what your client wants, then you will be able to fill those needs.
Surveys can be sent out by direct mail or email to be filled out in return for membership in a Salon Rewards Club. Offer a discount on their first service, a program that offers a free Day of Beauty after they refer 5 customers. Invite the VIPs to Open Houses and in-salon events. Invite them to come in for a free skin consultation and make-up application. You will be able to e-mail VIPs about new promotions and sales. You possess a myriad of incentives you can offer to get the public to participate in your service.
If Direct Mail is not your thing, conduct surveys in person at the local mall or somewhere you can reach a lot of walk-through traffic. Hand out free cookies and a coupon to those who out the survey. Approach a local boutique, gym, or business where your clients shop. Offer a gift certificate for a free service if they have their customers fill out a set number of surveys. Remember, the survey’s purpose is to find out what your target client wants. If your target client is a 20-something professional who lives in an urban setting, it doesn’t matter how many suburban housewives at the mall fill out the survey.
Contact the Small Business Administration. There is a local office in almost every major city. The SBA is funded by the government to assist aspiring business owners. They will guide you in writing a business plan as well as point you in the right direction in obtaining loans and grants. They will even guaranty your loan with one of their lending partners if you meet certain criteria.
Being your own boss is an empowering and liberating experience. Starting my own business over 30 years ago is one of the best things I ever did. If you are contemplating opening a salon, have faith in your ability. Many told me I was insane for opening a luxury business during the recession in the late 1970’s. Had I listened to what cynics said, I would never be where I am today. If you want to succeed and are willing to work hard, then I know you will. For more advice on opening your own business, read my book Success At Your Fingertips. I wish you great success!
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