If your aspirations lay beyond being a stylist or make-up artist, there are a lot of hoops you are going to have to jump through. Being a business owner is no easy task and there is a lot of hardship involved but if you have the drive and passion to do what you love, it will all be worth it in the end. Whether your aim to own a studio or start a cosmetics line, being aware of the time and effort you will put in is key. Too many people are discouraged within the first but with some determination, your business thrive. Here are some tips to keep in mind when times get tough.

  • Don’t be Afraid to Jump in
    • The biggest mistake you can make is to not take a chance. Just because you don’t have as much experience as someone in the business for ten years, doesn’t mean you should wait. If you have a good business plan there is no reason you shouldn’t take any opportunity you come across. You also don’t always need work experience to start. Gaining experience through your own journey will be worth more than working for someone else.
    • Find your ‘Minimal Viable Product’ and market it as much as possible. If it fails, use it as an opportunity to make your next product. Don’t let the fear of failing stop you from trying to put out something that will be even better than the last.
  • Solve a Customers Problem
    • You want to go into your business with your customers in mind. While you may know what you want to put out as far as products go, consider how they benefit your customers. Is your product one they have been searching for but can’t seem to find? Are you offering services that are uncommon for the area you want to set up in?
  • Find Your Secret Weapon
    • This might seem obvious but make sure you find something that makes you stand out. How you treat your employees can have a large impact on your business if word gets out about their work environment. On the same note, if you products contain something that is worth noting, take advantage of that. Market on it.
  • ‘DROOM’
    • This is a phrase that will seem like a no-brainer: “Don’t Run out of Money”. No one anticipates this to be a problem but it is one that will come hard and fast if you don’t budget right. Only buy the essentials and pinch a penny where you can compromise. As soon as you run out of money you’ll find yourself in a hole you might not be able to get out if. Just be careful.
  • Get Through Your First Year
    • The first year for anything is the hardest. Business is no exception. The first year is filled with poor sales and spotty marketing but it is also the best way to make your next year better. Learn and grow with the things that did well and the things that did not. As long as you don’t become discouraged you’ll find your success.
  • Find a Good Partner
      • Starting a business on your own is hard work. If you’re working alone there is a lot of burdens to bear and it might seem like an impossible task to take on. If you can find someone to share the load you’ll fly higher. Find someone to partner with that you absolutely trust and someone that balances out your weaknesses. If you have a talent for marketing but lack of accounting, find someone with talents for it and recruit them to be your partner.
  • Nothing is Great Forever
    • Just because business is great now, that doesn’t mean it will be the same forever. Businesses have a lot of ups and downs with a lot of slow seasons that will be hard to get through. Always look for new ideas to keep your business flow high enough to stay afloat if the business is in a slump.

About Erin Thompson