As with any other small business, making the decision to run your own styling business requires taking the time to truly understand the pros and cons of undertaking that responsibility. The benefits may seem obvious. You’re your own boss — which, for many people, is as close to the American dream that you can get.
Who doesn’t want to be their own boss? While it all sounds great, running your own business can come with its own headaches. Take the time to think it through. You may not want to reach for the aspirin just yet.
Here are some of the pros and cons of launching your own styling business, which an increasing number of stylists are doing thanks to the lower expenses affording by the option of booth rental. Take a look.
Greater flexibility. You want to take off on Tuesdays but work on Saturdays and Sundays? As long as the salon you’re renting from gives you that option through your arrangement, you’ll have increased flexibility to set your own hours. That can be beneficial for people who have other obligations, such as small children at home.
Higher income. You also can work more hours to increase your income, taking in a greater share of the sales on your services and products if you so choose.
Independence. You want to try different products? Equipment? Your own business doesn’t limit your options. Try a variety of strategies to increase your income.
Administrative duties. Sure, you’re your own boss. But that means that you’re now wearing numerous hats, from managing your budget to juggling your inventory, scheduling and other administrative duties. Be prepared to master those responsibilities unless you have the extra cash to contract those services out to other people
Fluctuating salary. As an entrepreneur, there’s no such thing as a steady salary. Some weeks may be slow, while “high seasons” like the holidays may require you to put in countless hours to keep up. All the while, you need to manage your budget to make sure you have enough savings to get you through those slow periods.
Manage customers. As a booth renter, you’ll need to make sure you’re bringing in your own customers as well as managing the type of customer service that will keep them coming back.
Although booth rental can simplify the process of owning your own styling business, making the transition still involves significant challenges. Stylie, an online point-of-sale tool designed specifically for independent beauty professionals, can help you tackle those business duties so you can spend more time focusing on making your clients look their best. Contact us for a demo today.
-Easy for you, Easy to love-