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10 Steps to Grow Your Beauty Supply Venture into a Successful Business

10 Steps to Grow Your Beauty Supply Venture into a Successful Business

Beauty supply businesses will stock all types of products for hair and skin, as well as cosmetics. These types of stores are common in most cities large and small, and are on the internet as well. If you are interested in starting your own beauty supply venture, follow these steps to help with your success.

Have a Business Plan

This is what should be done first and foremost. Plan the first, third, and fifth years. The business plan needs to be in depth and needs to be reviewed every year. A good business plan is essential if you need to borrow money, and it also comes in handy to remind you of your business goals and to see just how much you have achieved.

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Business Type

Will you be acting as a sole trader or will this be a limited company? Will the business be mobile, home-based or on a rented commercial spot? Depending on where the business is based, you will find different considerations. For example if working at a home-base you will need to notify the mortgage provider and insurance company to ensure that it is legal to set up a business at home. You will need to also register with the local counsel and apply for business license.

Name

What will your business name be? When you choose a name you must check with the IPO (Intellectual Property Office) that it is not already registered or has a registered trademark. Remember that your company should have a long-term plan, so the name should be quirky and memorable. When the name begins with the letter that is earlier in the alphabet, the higher it will be listed in directories.

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The Budget

Will you be needing a loan? If this is the case, how are you afford to pay it back, are you aware of the loan terms, do you know what the interest payments will be? What equipment do you already possess? What will you need to buy? You’ll need to factor in equipment costs and budget outlay when you are compiling a cash flow outline.

Insurance

Having the proper insurance is extremely important and necessary in order for you to work. It is there for not only your protection but the protection of the clients. You have to obtain public and product liability insurance as well as professional indemnity. In order to keep this up-to-date, you have to send copies of any new qualifications that you have obtained, so that you can remain covered for everything that you are offering.

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Treatments, Pricing, Products

Decide which treatments you will offer and price them accordingly. Choose the products that you will be using, and stock up on any retail that you will carry. It is suggested to only have a small about of retail as it is “dead” money.

Finance

Be sure to set up a bank account and consider which types of payment you’ll be taking and how you will keep a log of the transactions. Register for the HMRC within the first few months of trading. Get a good accountant, and set up a cash book to record daily income and expenditures.

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Customers/Managing

Think about how you will advertise and manage the business. What about a website? The best way to build a website is to utilize free templates. There are plenty of companies on the internet that provide free templates, which is very cost-effective especially for someone who is just starting out and funds are tight.

Web-based applications also assist business owners to automatically manage their businesses online and give them freedom to utilize additional time to do other important tasks. A web app developer can assist in this case, or there are plenty of app development platforms persons can use to build a DIY mobile or web app in minutes.

Competitors

Stay aware of the competitors, products, services, promotions and offers, new trends, new treatments and techniques, etc. You should have a unique selling point. This is what will set you apart from everyone else. You should be aware of this when you’re writing your business plan.

Wholesale Accounts

You should open wholesale accounts with the distributors and manufacturers of beauty supplies. You can call or email the companies with a list of products you would like to sale and ask how to obtain a wholesale account. Generally you’re required to provide proof of being in business to get the discount.

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Last Updated on August 20, 2018

Quit Your Job If You Don’t Like It, No Matter What

Quit Your Job If You Don’t Like It, No Matter What

Do you know that feeling? The one where you have to wake up to go to your boring 9-5 job to work with the same boring colleagues who don’t appreciate what you do.

I do, and that’s why I’ve decided to quit my job and follow my passion. This, however, requires a solid plan and some guts.

The one who perseveres doesn’t always win. Sometimes life has more to offer when you quit your current job. Yes, I know. It’s overwhelming and scary.

People who quit are often seen as ‘losers’. They say: “You should finish what you’ve started”.

I know like no other that quitting your job can be very stressful. A dozen questions come up when you’re thinking about quitting your job, most starting with: What if?

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“What if I don’t find a job I love and regret quitting my current job?”
“What if I can’t find another job and I get in debt because I can’t pay my bills?”
“What if my family and friends judge me and disapprove of the decisions I make?”
“What if I quit my job to pursue my dream, but I fail?

After all, if you admit to the truth of your surroundings, you’re forced to acknowledge that you’ve made a wrong decision by choosing your current job. But don’t forget that quitting certain things in life can be the path to your success!

One of my favorite quotes by Henry Ford:

If you always do what you’ve always done, you’ll always get what you’ve always got.

Everything takes energy

Everything you do in life takes energy. It takes energy to participate in your weekly activities. It takes energy to commute to work every day. It takes energy to organize your sister’s big wedding.

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Each of the responsibilities we have take a little bit of our energy. We only have a certain amount of energy a day, so we have to spend it wisely.  Same goes for our time. The only things we can’t buy in this world are time and energy. Yes, you could buy an energy drink, but will it feel the same as eight hours of sleep? Will it be as healthy?

The more stress there is in your life, the less focus you have. This will weaken your results.

Find something that is worth doing

Do you have to quit every time the going gets touch? Absolutely not! You should quit when you’ve put everything you’ve got into something, but don’t see a bright future in it.

When you do something you love and that has purpose in your life, you should push through and give everything you have.

I find star athletes very inspiring. They don’t quit till they step on that stage to receive their hard earned gold medal. From the start, they know how much work its going to take and what they have to sacrifice.

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When you do something you’re really passionate about, you’re not in a downward spiral. Before you even start you can already see the finish line. The more focus you have for something, the faster you’ll reach the finish.

It is definitely possible to spend your valuable time on something you love and earn money doing it. You just have to find out how — by doing enough research.

Other excuses I often hear are:

“But I have my wife and kids, who is going to pay the bills?”
“I don’t have time for that, I’m too busy with… stuff” (Like watching TV for 2 hours every day.)
“At least I get the same paycheck every month if I work for a boss.”
“Quitting my job is too much risk with this crisis.”

I understand those points. But if you’ve never tried it, you’ll never know how it could be. The fear of failure keeps people from stepping out of their comfort zone.

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I’ve heard many people say, “I work to let my children make their dream come true”. I think they should rephrase that sentence to: “I pursue my dreams — to inspire and show my children anything is possible.” 

Conclusion

Think carefully about what you spend your time on. Don’t waste it on things that don’t brighten your future. Instead, search for opportunities. And come up with a solid plan before you take any impulsive actions.

Only good things happen outside of your comfort zone.

Do you dare to quit your job for more success in life?

Featured photo credit: Unsplash via unsplash.com

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