4 answers
Jordan
Student
1
Question
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What are some of the major parts of being a business owner?
specializing in hair, make up, and nails
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4 answers
Lori DeFrias
Digital Experience Manager
8
Answers
Updated
Lori’s Answer
Jordan,
To make your business successful and profitable, it's essential to go beyond simply opening a business in a field you're passionate about. Develop a clear vision for your business and outline the steps to achieve it.
Consider the following aspects:
1. Legal structure: Determine the best structure for your business, as it impacts taxation and liability.
2. Financing: Secure funding through loans, grants, partnerships, or personal investment.
3. Budgeting: Plan for all expenses, including rent, utilities, payroll, products, cleaning, laundry, licensing, and more.
4. Branding and marketing: Develop a strategy for promoting your company, such as being an organic salon.
5. Product lines: Choose the products you'll use and offer for retail.
6. Staffing: Decide on the number of employees needed, the hiring process, and whether you'll manage the business yourself or hire a manager.
7. Staff motivation and management: Develop strategies to inspire and oversee your team.
Owning a business requires motivation, focus, self-promotion, passion, and resilience. Begin by creating a business plan, using online templates to help organize your thoughts and ideas, and turn your dream into reality.
To make your business successful and profitable, it's essential to go beyond simply opening a business in a field you're passionate about. Develop a clear vision for your business and outline the steps to achieve it.
Consider the following aspects:
1. Legal structure: Determine the best structure for your business, as it impacts taxation and liability.
2. Financing: Secure funding through loans, grants, partnerships, or personal investment.
3. Budgeting: Plan for all expenses, including rent, utilities, payroll, products, cleaning, laundry, licensing, and more.
4. Branding and marketing: Develop a strategy for promoting your company, such as being an organic salon.
5. Product lines: Choose the products you'll use and offer for retail.
6. Staffing: Decide on the number of employees needed, the hiring process, and whether you'll manage the business yourself or hire a manager.
7. Staff motivation and management: Develop strategies to inspire and oversee your team.
Owning a business requires motivation, focus, self-promotion, passion, and resilience. Begin by creating a business plan, using online templates to help organize your thoughts and ideas, and turn your dream into reality.
Mary-Lynn Bragg
Strategic Account Manager
2
Answers
Santa Cruz, California
Updated
Mary-Lynn’s Answer
You've received some fantastic guidance on how to establish and kick-start your business. I'd love to share some insights on how you should approach running your business and, ideally, expanding it. I've had the pleasure of advising numerous small businesses, some of which are in highly creative fields, that are transitioning from a 1 or 2-person team to a full-blown organization.
One aspect they often overlook is their passion for what they do - in your case, it might be that you adore providing various beauty treatments - you have the potential to make your clients look stunning. That's an incredible talent requiring a solid set of skills. However, managing a business is a different ball game. As your business flourishes, you'll find yourself gradually moving away from these activities to focus more on the administrative side of the business. Many creative individuals don't start a business to... well, manage a business. They do it to express their creativity.
A smart way to handle this is to team up with someone who is interested in running a business, and who has or is eager to develop and dedicate time to those skills. This allows you to distribute the workload according to the best skill set for each task. Both of you will need to be proficient in certain areas, like people management, some facets of marketing and sales, and a bit of financial knowledge, but together, you'll go further.
On the other hand, there might be someone who's a brilliant business person and could probably manage almost any type of business. However, they truly excel when they team up with someone who is passionate about the service or product that the business offers. Business partnerships come with their own set of challenges, but if you navigate them well, success is certainly on the horizon.
One aspect they often overlook is their passion for what they do - in your case, it might be that you adore providing various beauty treatments - you have the potential to make your clients look stunning. That's an incredible talent requiring a solid set of skills. However, managing a business is a different ball game. As your business flourishes, you'll find yourself gradually moving away from these activities to focus more on the administrative side of the business. Many creative individuals don't start a business to... well, manage a business. They do it to express their creativity.
A smart way to handle this is to team up with someone who is interested in running a business, and who has or is eager to develop and dedicate time to those skills. This allows you to distribute the workload according to the best skill set for each task. Both of you will need to be proficient in certain areas, like people management, some facets of marketing and sales, and a bit of financial knowledge, but together, you'll go further.
On the other hand, there might be someone who's a brilliant business person and could probably manage almost any type of business. However, they truly excel when they team up with someone who is passionate about the service or product that the business offers. Business partnerships come with their own set of challenges, but if you navigate them well, success is certainly on the horizon.
Sue Lemus
Office Manager
7
Answers
Lake Forest, California
Updated
Sue’s Answer
Hello Jordan,
Lori's response above is absolutely accurate! My Master's Degree focuses on Entrepreneurship. Along with passion, motivation, and focus, there's an inner drive that's crucial. This relentless drive to achieve can only come from within you, and it's not something you can assign to others. An older book that I found useful for staying motivated and driven is "The Success Principles" by Jack Canfield. This book helps you view challenges from a new perspective. If this book doesn't appeal to you, you might find another that does. Having a book or mentor, along with your business plan, will keep you strong and on the right path.
Before starting, it's also helpful to gain experience in a similar business environment to understand the requirements for running such an operation. In my region, there's a small business council that provides free advice from experienced business owners. You might want to explore resources available through the Small Business Association (SBA).
Wishing you all the best in your endeavors!
Lori's response above is absolutely accurate! My Master's Degree focuses on Entrepreneurship. Along with passion, motivation, and focus, there's an inner drive that's crucial. This relentless drive to achieve can only come from within you, and it's not something you can assign to others. An older book that I found useful for staying motivated and driven is "The Success Principles" by Jack Canfield. This book helps you view challenges from a new perspective. If this book doesn't appeal to you, you might find another that does. Having a book or mentor, along with your business plan, will keep you strong and on the right path.
Before starting, it's also helpful to gain experience in a similar business environment to understand the requirements for running such an operation. In my region, there's a small business council that provides free advice from experienced business owners. You might want to explore resources available through the Small Business Association (SBA).
Wishing you all the best in your endeavors!
Terrell Dinkins, MBA, ChFC®, RICP®
Investment Advisor
27
Answers
Jonesboro
Updated
Terrell’s Answer
Hi Jordan,
You've received some great responses from the technical side of setting up and maintaining a business from Sue and Lori. I know quite a few people in the beauty industry. Here are a few avenues you can take to build a prosperous and thriving career in hair, makeup and nails:
1. Work in a salon or intern to get experience before enrolling in a beauty school.
2. Enroll in a beauty school to gain experience. The schools require you to get credits in multiple areas ( hair, nails, makeup and facials).
3. Become a beauty brand ambassador and set up a Youtube channel showcasing the products
4. Develop your own haircare product
5. Develop your own makeup brand and brand dump on social media
6. If you're good with applying makeup, set up an Instagram page and show off your skills. People will come to you if your good!
Good luck!
You've received some great responses from the technical side of setting up and maintaining a business from Sue and Lori. I know quite a few people in the beauty industry. Here are a few avenues you can take to build a prosperous and thriving career in hair, makeup and nails:
1. Work in a salon or intern to get experience before enrolling in a beauty school.
2. Enroll in a beauty school to gain experience. The schools require you to get credits in multiple areas ( hair, nails, makeup and facials).
3. Become a beauty brand ambassador and set up a Youtube channel showcasing the products
4. Develop your own haircare product
5. Develop your own makeup brand and brand dump on social media
6. If you're good with applying makeup, set up an Instagram page and show off your skills. People will come to you if your good!
Good luck!