In this article, our focus is narrowed down to a specific area of cosmetics; opening a lash business.
If you’re interested in starting a business in this niche area, you’ll find the information provided here helpful.
The freedom of being your boss and working from the comfort of your home while making lots of profits is a dream many people have.
Our focus is on the fashion industry, particularly in the eyelash extension sector.
Start a Lash Business
What do you need to start a lash business? Let’s look into the requirements.
The cosmetics industry is massive, with loads of product categories being designed.
These range from personal care products, color cosmetics, fragrances, skincare products, hair care products, and over-the-counter drugs,
These product categories or niches offer many opportunities for people seeking to start their operations.
Potentials of an Eyelash Business
False eyelash businesses aren’t new.
Changing trends within the industry have meant huge earnings. Grand View Research, Inc. estimates that by 2025, the global market for face lashes will be around $1.6 billion.
That’s a lot of money to be made if you have what it takes.
Now the focus is to discuss how to launch a successful lash business. The process isn’t complicated, as you’ll soon find out.
While that is true, it’s essential to state the need for adequate preparation as a great deal of work is needed on your part.
Do you Wish to Own a Franchise or Start from Scratch?
One of the early decisions you’ll need to make before starting a lash salon is choosing what route to take.
There are two primary routes: the franchise route and starting one from scratch. Here, it’s evident that owning a lash franchise offers a more accessible option due to its nature.
You get to own part of a successful lash franchise while getting all the support and training you need to succeed. Also, because the business model is tried and tested, you have a higher chance of succeeding.
If you’re drawn to franchising, you must explore each opportunity to see what fits your needs best.
How to Start a Lash Business from Scratch
You can start a successful lash business outside franchising using reliable and effective strategies.
Start by working on the cost implications, write a business plan, and identify funding sources. Other things you’ll need include tools & supplies and choosing a suitable name for the business.
Branding & marketing is essential in addition to choosing a suitable business entity.
Next, have a business bank account set up and address all licensing, permits, and registration requirements. Location counts when renting a space.
The pricing structure should be set. Also, get business insurance.
i. Working on the Cost Implications
How much would it cost to start a lash business? This is the first question you’ll need to find answers to.
Working out the startup costs gives you an idea of how much is required for the business to succeed. Purchase of equipment, running costs, and rent will attract around $30,000 to $60,000 or more.
ii. Write a Business Plan
One of several essential steps for starting a lash business includes writing a comprehensive plan.
A good plan should include sections like the executive summary, business description, market analysis & strategy, marketing & sales plan, competitive analysis, and management & business description.
More components include the description of products & services, operating plan, financial projection & needs, and exhibits & appendices.
iii. Identify Funding Sources
How do you intend to raise your startup costs? There are many options available. These include personal savings, corporate venture capital, and startup grants.
Other sources include angel investors, crowdfunding, family, friends & fools, and bootstrapping,
iv. Get Tools & Supplies
It would be best if you got all the tools and supplies you’ll need for your lash business.
Examples include eyelash cleansing pads, tapes, gel eye pads, disposable spoolie, applicator swabs, jade stone, scissors, nano mister, tweezers, lash sealant & serum, pre-primer, and volume lash extension glue, etc.
v. Choose a Suitable Business Name
One of the things you’ll need for your lash business is a name.
The name should convey the essence of the business’s existence. Although this step sounds easy, developing a unique character is challenging, as you’ll need to brainstorm.
vi. Branding & Marketing
From the name selected for your lash business, your clients should understand what the company stands for. The brand promise, elements, persona, perceptions, etc., are focused here.
The objective is to build a viable lash business that’s trusted and reputable.
vii. Business Entity
Your business needs will determine what structure you choose for it. Different business structures fit varying conditions.
Some of these include sole proprietorship, partnership, limited liability company (LLC), and many others. You might need to seek legal help in choosing a structure.
viii. Business Bank Account
Your lash business should have a separate account created for several reasons; First, it helps individual personal & business finances; secondly, it offers personal liability protection.
Also, it gives your lash business a professional appearance while enhancing your business credit score.
ix. Licensing or Permits
You’ll need licenses or permits to legally run or operate a lash business.
Each state has unique requirements, which may require completing a minimum number of course hours at an accredited institution.
Also, passing a final exam may be required, amongst other things.
x. Business Location
Lash businesses do best in busy areas. Those with high foot traffic will readily have a positive impact on sales.
So, you’ll need to be selective about where you launch your lash operations. Working with a real estate agent is one way to find the right spot for your business.
xi. Pricing Structure
What is your pricing structure like?
Before you open your doors for business, it’s essential to have your pricing needs fully addressed to allow for competitiveness and profitability.
xii. Business Insurance
Avoid the mistake of thinking business insurance isn’t essential. The benefits are seen when unpredictable events occur. Under such circumstances, all liabilities are avoided.
Opening an Eyelash Extension Business From Home
If you’re an eyelash extension artist or plan on becoming one, you’ll find this article highly relevant to your goals.
Starting an eyelash extension business from home cuts off a big chunk of expenses that would have been incurred if you rented a shop and office space.
The money required to open your business will depend on many things, such as the scale and equipment necessary.
How Much Money Is Needed?
Possibly, you’ve already bought the equipment needed to operate your business.
If this is the case, your startup funding requirements will be less than an eyelash artist that has to buy their equipment, among other things.
It is essential to set some money aside for this business. In the absence of this, there are other alternatives, such as applying for a loan to establish the company.
It all depends on how you’ve decided to source funding.
Do You Have A Sufficient Client Base?
Setting up an eyelash extension business from home is quite different from the conventional shops where clients can quickly locate.
You’ll need to promote your business more vigorously in various ways.
If you’ve been involved in the industry for a long, then you should have built a dedicated client base who will follow you wherever you go.
You also need to have an idea of the number of clients required to enable you to pay your bills, among other things.
Having a clear goal of the client threshold to reach to make sufficient profits and working towards realizing such a goal might take time, yet, it’s possible.
Work Your Plan To Fit Your Schedule
It is necessary to design your eyelash extension business plan to give you the flexibility to do other things.
Working from home means you’ll need to allocate time to other things, such as taking care of your kids and family.
This should be done so that you remain productive while building a solid business.
Plan On Reinvesting Into The Business
The growth of your eyelash extension business should be paramount.
During the initial stages of the business, you shouldn’t expect to earn significant profits. You want to reinvest a substantial portion of your earnings into the business.
This leaves you with little or nothing to earn as a salary.
Placing yourself on a salary should be done with consideration for your earnings. The demands shouldn’t be so much that it cripples the business.
Most of the time, you’ll need to become its sole employee until the business outgrows your home.
It Takes A Lot Of Hard Work
The challenges you face can sometimes feel overwhelming for a new eyelash extension business starting from home.
However, your purpose and determination should be more substantial. It would be best to decide from the onset that it would involve work.
You’ll need to go the extra mile to please clients to win them over. It would be best if you didn’t give up, as there’s always light at the end of the tunnel.
Your hard work will eventually pay off when your customers become loyal to your brand and begin to spread the word about your business.
Combining Work With Managing A Business
While being its sole employee, you will be engaged in providing your services while also managing your business.
This isn’t an easy task. In the case of the latter, you’ll be involved in marketing using a variety of channels, such as advertising on social media, having a website built for the business, and managing its content.
You also need to pay close attention to your people skills.
This attribute gives you an edge as you can connect easily with your clients and make them feel at home.
As your eyelash extension business expands and grows, you can hire competent personnel to help run the business.
One of the things that are common with most home-operated eyelash extension businesses is that you have to go on unpaid breaks or holidays.
This is the price you have to pay for growing a new business. It’s like a baby that needs all the attention and depends on the parent.
Things begin to get better when the business becomes more stable and profitable.
Investing In The Right Equipment And Supplies
You’ll need to invest in the right equipment and supplies to succeed.
Quality, durability, and affordability should be the watchwords when purchasing equipment and supplies. The most basic include lash tweezers, high-quality lashes, eyelash extension tape, and lash brushes.
Others include primer and micro brushes, eyelash adhesive, eyelash adhesive remover, eye pads, lash tile and crystal stone, and nano mister, among others.
Having all the proper equipment enables you to perform better jobs, resulting in happy clients and more income due to higher patronage.
Practice On Friends And Family
One of the ways to know if you’re good at your craft is by providing free eyelash extension sessions to friends and family members.
By asking for their honest opinions, you can determine whether you’re ready for the market.
However, this won’t be necessary if you’ve been involved or gained prior industry experience.
Take Advantage Of Referrals
You must find effective ways to promote your eyelash extension business.
One of the most effective ways is through referrals.
Your satisfied clients are the starting point.
By encouraging them to promote your beauty business, you’re, in effect, creating a web of enthusiastic clients who want to contribute to the growth of your business.
The above strategies, tips, and advice provide you with ways to build a thriving eyelash extension business from home.
You only need to be focused and dedicated to seeing the full implementation of these steps to succeed.
Though simple, the processes are essential to building a thriving business.