For the ambitious hairstylist, there comes a time when you must make a difficult decision on your career path. Do you continue to work for a busy salon with the opportunity to make a steady income? Or do you break off on your own, and rent a booth with the opportunity to be your own boss — as well as the possibility of bringing in more personal income?
It’s a matter of weighing the risks against the unknown. So, how do you decide? Making that decision doesn’t need to be a gamble. You can make a more calculated decision by reviewing where you are professionally as well as determining how you can make the most of a business venture.
Here are just 5 things you should consider before making the transition to the world of entrepreneurship. Take a look:
- Test your ability to be independent. With a booth renter, it’s all on you — managing your budget, your equipment, purchasing your products, rent a booth, and ensuring that you have the funds to cover it all. Are you ready for that responsibility? Also consider the fact that you will be able to set your own hours and schedule. Do you have the ability to be disciplined?
- Are you ready to stretch? If you work for a salon, you can focus on doing what you do best — styling hair. If you work for yourself, you also must handle bookings, bookkeeping, and other tasks that come with running your own business. You must be willing to learn additional skills or at least find the resources to handle them for you.
- Do you need more flexibility? If you need to set your own hours, renting a booth could be an ideal solution. Perhaps, you’re interested in setting part-time hours because of conflicting obligations. If so, working as a booth renter could be the answer to bringing in income while maintaining your additional responsibilities.
- Do you have loyal clientele? Maybe you have clients that are diehard fans of the work you do. It’s time to translate their rave reviews into additional clientele. Develop a marketing strategy, using their testimonials, to get promote your work. You don’t necessarily have to invest thousands of dollars to get the word out. Using a social network campaign, along with a solid website, could get you on the road to making more money as an independent stylist who rents a booth.
- Keep up with regulations. By going on your own, understand that you’re a small business owner. That includes making sure that you’re in compliance with styling regulations, IRS requirements, and bookkeeping standards. Also, when renting a booth, make sure that the contract has been reviewed by an attorney.
When you’re ready to get serious about managing your own business, you’ll need a system that helps you keep it all under control, including booking appointments, keeping track of your inventory, and organizing your marketing efforts. Try Stylie, an online calendar and POS is essential that is ideal for independent beauty professionals. Request your free 30-day trial today.
-Easy for you, Easy to love-