EYELASH EXTENSION BUSINESS PLAN TEMPLATE
Starting an eyelash business is a great thing especially when it’s something you’ve always want to do.
However, succeeding in such a venture is a different ballgame. Entrepreneurs wishing to start an eyelash extension business will need a good plan to help them succeed.
We’ve taken the time to write this business plan to help with implementing solid strategies that will increase your chances of success.
Writing A Business Plan On Starting An Eyelash Shop
Your plan should be such that includes all the key points necessary to the actualization of your objectives.
These include the cost involved, who your target clients are (niche area or specific market), business location, hiring your workforce as well as knowing what tools are needed, and getting them.
Other things to consider include having the right certifications or permits, registering the business, and effectively marketing it to make it more visible and attract more clients.
Let’s expand on each of these points to help you better understand what they mean.
Before anything starts, you’ll need to have every cost figured out. Now, the cost of setting up a shop will vary based on your intended scale of operation. A bigger eyelash extension business will require more funding. The reverse is the case for a smaller shop.
Now, you’ll need to work out all the cost details including those of supplies, rent, worker’s wages utility bills, and tools among others. For tools and supplies, you’ll need to find out the price range to enable you to draft a working budget.
It’s expected that some savings would have been kept aside for the business. If such savings aren’t sufficient, you’ll need to apply for additional capital. This can be done through a bank loan or similar methods.
Marketing your Eyelash Extension Business
Getting the word out to potential clients should be an important part of your business plan. Now, there are many ways to do this. Marketing can be done in both conventional and non-conventional ways such as the following.
Sponsoring fashion events at your local college where you provide flyers explaining what eyelash extensions are about as well as benefits people are likely to get.
Be more innovative and include a variety of payment options (especially smart options).
Create special business cards with client names on them. Consider starting a loyalty program. In such a program, clients are rewarded for their loyalty and referral actions.
If you perceive that sales will drop in the coming week, you can strategize by advertising a limited sales window for your services. Local colleges can be crucial to your growth. Advertise at these colleges and have a student discount plan to encourage patronage.
Mother-daughter discounts can also be introduced as well as giving away sets of full eyelash extensions to a charity auction. It also creates a professional and customer-friendly work environment. This leaves a lasting impression on first-time comers.
Apart from making attractive business cards, consider partnering with wedding planners or photographers to recommend your business to clients. You’ll be expected to return the favor which you should.
Where your eyelash extension business is located will determine the level of patronage it attracts. You’ll need to choose a location with high foot traffic. This can be a mall, an airport, and around retail areas or chains.
Also, the bulk of your potential clients are likely to be within the 18 to 45 age group.
These are among the most active and fashion inclined population which is mostly found in major cities. Therefore, your operations should be more around urban centers.
Hiring Your Workforce
There may be a need to hire makeup artists for your eyelash extension business.
This decision will be influenced by your scale of operation among other things. Now, to hire professional makeup artists, you’ll need to figure out their wages among other compensation plans.
This brings back the issue of adequate funding.
Having enough working capital will make your operations move more smoothly. The more reliable and skilled hands you have, the better it impacts your business. You won’t need to hire a workforce if you’re starting small.
Investing in the Right Tools and Supplies
A market survey of eyelash extension tools and supplies enables you to get the best deal possible. There are several tools you should consider getting.
These include lash tweezers, high-quality lashes, eyelash extension tape, lash brushes, and primer & micro brushes.
Other essential tools and supplies include eyelash adhesive, eyelash adhesive remover, eye pads, lash tile & crystal stone, and nano mister. Having all of these tools gives your business a professional feel, thus creating customer confidence.
Licensing and Permit Requirements
It is important to obtain all necessary licensing and permits requirements set by the relevant professional regulatory agencies. Such requirements will differ from one state to the next.
Find out what applies to your state and fulfill them to allow you to operate legally. Clients will have more confidence in getting their services from certified professionals.
How Much to Charge
Before your doors are first opened for business, you’ll need to plan your service charges. You don’t want to sell yourself short or overcharge your clients.
Therefore, the best approach is to find out how much your competitors are charging for eyelash extension fixes.
Lease a Salon
A salon can be leased if you can’t foot the expenses of renting a shop. This lowers your overall startup costs.
Also, you get to benefit from potential clients who come around such salons. That way, you can build a client base by simply providing exceptional eyelash extension services.
Register Your Business
Business registration may be mandatory for certain states while for others, this may not apply.
To register your business, you’ll need to have a business name, choose the right legal structure (that is, any of Doing Business As, sole proprietorship, Limited Liability Company LLC, or corporation).
Market your Business on Social Media
The reach of social media is one thing to leverage when starting an eyelash extension business. You’ll need to create dedicated pages on major platforms such as Facebook, Instagram, and Twitter where you showcase your services.
Your eyelash extension business plan should contain all of the above sections. This makes it more effective, which impacts the overall success of the business.