“Troubleshooter” Accountant, – Beauty Industry【Business start up】
Women have a natural inclination towards beauty, and they are willing to spend money on skincare and maintenance. Now, the pandemic is over, the “Mask-off” day has come. The demand for beauty and skincare has increased significantly. If you are interested in becoming a part of it, what should you consider before starting your own business?
Step 1: Identify Your Target Audience
The target audience (TA) is crucial because it helps you decide on the location of your company, hiring personnel, and resource allocation.
Consider the following two common examples:
- Office Ladies (OLs)
Assuming your TA are office ladies, working individuals will not take leave to dress up. They usually do facials on weekends or public holidays. Some OLs use their weekdays after work to do facials, go to the gym, or go shopping. Based on their lifestyle, set your opening hours, and arrange sufficient staffs on days when bookings are expected to be high.
Additionally, OLs often take public transportation to go to work, so it is best to locate your business near a subway station or bus stop. Convenient location is very important for developing regular customers.
- High-end customers
Referred to as “wealthy ladies” or individuals who do not rely on full-time income, this group has a higher purchasing power. Most of them drive, so it is essential to have a parking lot in the building or easy parking nearby. Even if the service is more expensive, they can accept it. Since they do not have work constraints and spend weekends with their families, weekdays are the best time for high tea, facials, and relaxing massages. Therefore, more staffs may be needed to stand by during the day on weekdays.
Step 2: Acquire Equipment
After determining the TA and budget and selecting the company location, you need to consider how many beauty beds you can accommodate based on the unit area, leaving enough space for equipment and handwashing sinks.
Since beauty equipment is upgraded every so often due to rapid technological advancements, various eye-catching advertising methods, such as “second generation” and “powerful star-rated version,” are used to sell the latest and greatest. Even if you have ample funds, it is recommended to rent instead of buying equipment to keep up with the competition and improve your competitiveness.
Tips: Test The Water Before Starting Your Business
It is common for office workers to step out of their comfort zone and start their own businesses, and many of them are not completely new to the industry. Many beauty business owners already have a loyal customer base before opening their stores, such as those who have worked in beauty salons or have relevant experience, and will provide home beauty services to friends and old customers. Without the burden of rent, consolidate your familiar customer base and consider which type of TA your skills and services can attract based on customer feedback. When you officially open your business, you will have at least one group of loyal customers to support you, so you won’t start from scratch. This increases the successful rate! Let talk with your accountant, you may learn more then you expect.
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