If you wish to launch a beauty supply store business, we’ll help you by providing you with all the information you need.
The beauty care industry is vast with opportunities ranging from product manufacture to supply and distribution.
Here, our focus is on one of such profitable opportunities; a beauty supply store.
Choosing A Niche Is Important
If you wish to make appreciable progress with your beauty supply store, you’ll need to determine what niche area to focus on. Beauty products come in a lot of varieties. While some of these can be combined and sold in a beauty supply store, some level of distinction is necessary.
You may want to focus on the sale of salon-quality products or wigs and hair extensions.
Another niche area includes the sale of skincare products among many. The niche you choose depends on your preferences. As long as you’re able to promote and sell such products fast, it will be a totally rewarding decision.
Write A Business Plan
Without a doubt, your business plan is crucial to the success of your beauty store. It’s one of the tools needed to plan and strategize your operations. Part of the decisions you’ll need to make includes determining the type of beauty store operations you wish to establish.
Two main options are available. These include the franchising option as well as starting one from scratch. Your choice depends on what works best for you.
To write your beauty supply store business plan, certain elements are vital and must be included in your plan.
These include the executive summary section, business description, marketing strategies, market share projection, and business positioning. Others include pricing, distribution, promotion plan, and competitive analysis among other things.
You’ll need every help you can get as the success of your business lies in how effective your plan is.
What Type Of Beauty Supply Store?
One of the major decisions to make is deciding the type of beauty supply store to operate. There are two main types; a brick and mortar store as well as an online beauty supply store. The type you choose will determine how you proceed.
For instance, a brick and mortar storefront or physical location beauty supply store will require determining the best location for it. Not every location is ideal for this type of business. Locations having a considerable volume of foot traffic will serve best and these can be harnessed or converted to clients.
Also, a brick and mortar beauty supply storefront will mean additional rental costs. You’ll need to rent a suitable outlet or store from where your products will be sold. This increases your startup costs as well.
An online beauty supply store on the other hand operates or functions differently.
Here, there’s no need to spend on renting a space because you won’t need to. Your inventory can be kept wherever you choose. Your customers will need to go online to see your listed products.
Under this type of operation, your startup costs are lowered significantly compared to a brick and mortar storefront. You get to decide what beauty supply store model best serves your need and those of your target market.
Your choices are not limited to either an online model or a physical location or brick & mortar storefront.
You can decide to operate or merge both. Here, you can sell your beauty supply products from your online store while also having a physical store.
Here, you’re simply having the best of both worlds and reaching a wider clientele.
However, it must be stated that a lot of work is involved here. Successfully juggling between the two means establishing a seamless operation where your clients are served effectively irrespective of where or how they shop.
Buying Your Products
To successfully operate a beauty supply store, one of the several things you’ll need to figure out includes purchasing your stock. Not only is this necessary for commencing your operations, but it’s also a continuous requirement to keep your stores well stocked with beauty care products.
Now, critical decisions must be made. These have to do with deciding on whether to function as a wholesale or retail operation. While either of these can be chosen, some beauty supply stores offer both. In making a decision, you’ll need to determine what best serves your business needs.
Additional considerations to make when buying your products include choosing the right vendor or product supplier. Your best bet is to go for suppliers with proven track records who have demonstrated their capacity to deliver to satisfaction.
Networking plays a major role in the decision-making process. You’ll need to either have industry experience or seek help from experts or key players within the beauty supply store industry for guidance. You may also need to request for samples to see if you should patronize a supplier’s services or not.
Reputable beauty product suppliers go the extra mile by educating you on available products and how these perform (sales-wise) in the market.
Sorting The Legal Hurdles
To launch your beauty supply store operations, you’ll need to ensure you handle the legal stuff the right way. This simply refers to making critical decisions such as business registration which includes obtaining a business license or permits.
Others include obtaining the Employer Identification Number (EIN) for purposes of taxation. The EIN is issued by the IRS to businesses having employees. So, will your beauty supply store need the services of employees now or in the future? Find out what the requirements are before proceeding.
The services of a lawyer and accountant are crucial to the success of your beauty supply store. That is because, these professionals are conversant with all the legal terms involved in the registration process, thus providing the needed guidance.
Marketing is an essential part of doing business when it comes to running a beauty supply store successfully. No matter how efficient you think your operations are, it’s never complete without putting the word out about the products on display.
Marketing can be done through multiple channels all aimed at passing your message across to your target customers. Social media is advertising or marketing is one key strategy. This involves the utilization of all sorts of platforms such as Facebook, Instagram, Twitter, etc to promote your business.
The points or sections listed above contain basic strategies on how to start a beauty supply store. These help ensure a successful launch of your beauty supply operations.