Here is how to write a body piercing studio business plan.
Tattooing and body piercing are arts that have continued to grow in popularity and demand. The rising demand for such services provides a unique business opportunity for persons having such skills.
If you do, you’ll find this article interesting as we’ve provided a guide on how to proceed with the planning process.
BODY PIERCING STUDIO BUSINESS PLAN GUIDE
People will want to have their bodies pierced for many reasons. Whatever these reasons are, you want to be well prepared and properly positioned to offer this range of quality services.
So, how do you proceed with this business idea? Read on for details.
It’s All in the Plan
Whatever steps you’re going to take rests on having a well-prepared plan of action. This is represented by your business plan. Your plan clarifies your objectives and enables you to take strategic actions towards actualizing set goals.
Your body piercing studio business plan must include sections on the startup and ongoing costs, identifying your target market as well as a detailed pricing structure.
What more? The name you give your body piercing studio business is also important.
Effective marketing strategies are very essential for the success of your body piercing business. These should be clearly outlined and be easily implementable. Without further explanations, these sections would seem vague.
As such, let’s delve further by explaining what each of the mentioned contents means.
Startup and Ongoing Costs
Setting up a body piercing studio requires a variety of expenses. Here, we’re talking about the startup capital as well as the running costs. Startup funding is one-time costs incurred during the setup process while ongoing (like the name implies) ongoing costs are recurring.
You’ll need to invest in a great location. Now getting the right location will require crucial planning. You want your body piercing studio to be located in areas with a lot of foot traffic. This is because most studios make a major part of their earnings from walk-ins.
The volume of demand will determine the number of body piercing artists you hire. It’s best to start with a few employees. You could be the sole body piercing artist from the onset and later increase by hiring more. This reduces your overall startup costs.
Body Piercing Equipment
Apart from renting a space for your studio, a significant part of the costs incurred will be tied to equipment. You’ll need to invest in the right equipment. These will range from sterilization & hygiene supplies, body-piercing equipment, piercing aftercare products, body jewelry, and medical supplies or first aid kit.
More equipment includes furniture, displays as well as cabinets for inventory storage.
Asides from the startup costs, you’ll need to have sufficient funds to take care of ongoing expenses.
Such expenses come in varying forms ranging from the purchase of body piercing supplies (such as gloves, cleaning supplies, etc), marketing wages, utility fees, and rent among others.
At the start of your operations, it’s best to have sufficient funds covering three months or more. That way, your business gets a shot at stability and growth with little or no financial problems.
One of the most important contents of your body piercing studio business plan has to do with identifying your target market. Now, customers within a certain age-group (mostly 18 to 30 years) form a bulk of body piercing studio clients.
Therefore, having identified your clients, you’ll need your body piercing studio to be located around places they live or frequent. Now, certain areas are popular with people within the targeted age-group. Such areas include college campuses, sports centers, cinemas, and game shops, etc.
Those beyond the 30 age-group shouldn’t be left out completely. Recent trends have shown an increase or widening of interests among patrons of body piercing studios.
In other words, other age-groups 30 and above are increasingly finding body piercing fashionable.
Being able to properly identify your target market helps you customize your operations to suit customer needs.
Identifying All Sources of Revenue
Body piercing studios offer a variety of piercing services.
Properly identifying all sources of revenue enables you to enhance your earning capacity. The easiest way to determine your revenue sources starts from having a list of all body piercing services you wish to offer.
Some of the most common and popular ones include cartilage piercings, tragus, anti-tragus, daith, rook, conch, snug, transverse lobe, orbital, navel, earlobe, nipples, surface, dermal, corset, male genitalia, and female genitalia piercings.
Others include lip, labret, Monroe, dimple, anti-eyebrow, dahlia, medusa, angel bites, scoop, viper, venoms, spider bites, snake bites, snake eyes, nostril, septum, eyebrow, tongue, bridge, and more.
All additional services or related services must be clearly stated and fees attached to determine the total revenue generated by your operations.
Detailed Pricing Structure
The type of body piercing services offered depends on a variety of factors.
These include the part of the body being pierced or location as well as the customer and also the jewelry they choose. All of these are factored in when working on the pricing structure.
It’s necessary to consider competitiveness when working on your pricing structure. It should be such that your clients are offered the best, while also earning well from the services you offer. The easiest way to have this well worked out is by adding some level of creativity to make your services exceptional.
That way, clients won’t mind paying more for the extra detail provided, but first, you’ll need to earn their trust and loyalty. Most pricing for body piercing services starts from $35 to about $90 or more based on the complexity of the job.
Naming Your Body Piercing Studio
A lot of creativity must go into the process of choosing a name for your body piercing studio. Some basic and helpful tips include choosing a name that’s easy to spell and pronounce. It should also describe your business.
Also, the name you choose for your body piercing studio must align with an available domain name. More importantly, ensure that the name you choose hasn’t been trademarked by another business or someone else.
Registering your body piercing studio should be your next line of action.
This will require forming a legal entity, registering for taxes, opening a business bank account, obtaining necessary licenses and permits as well as setting up business accounting.
This body piercing studio business plan guide has highlighted the important considerations to make when setting up your operations. These cannot be overlooked as doing so will adversely affect your operations.