Thinking about taking your hairstyling career to the next level? Now may be a really good time to make the leap into entrepreneurship. Not only is the beauty industry growing, innovations are making it easier to make the transition into business ownership.
Statistics show that the beauty industry is growing, while digital tools, social media, and certain business models are making things a lot easier for those who want to make a bigger profit doing what they already do. Here are our top 5 reasons to start your own hairstyling business.
1. Beauty is growing as a business. According to the latest statistics, revenue in this industry is expected to increase over the next few years. It was projected to grow at an average annual rate of 3.2% — reaching a total of $58.7 billion by 2019.
2. Profits also are growing. It doesn’t matter if revenue is growing if the cost of doing business rises along with it. But here’s good news for stylists: Profits also are increasing, and will continue to increase. According to that same report, those in the industry can expect to see profits grow by an annual rate of 5.5% — benefitting 1.3 million operators by 2019.
3. Overhead can be low. One of the biggest expenses with operating any bricks and mortar establishment is the cost of renting or buying the facility, paying for equipment, and staying on top of utility bills. You can sidestep all those major expenses by going the booth rental route. Find a salon in your preferred area that has booth rental arrangements. Think of it as the difference between buying a home vs. renting a home. The investment is not as daunting.
4. Marketing is cheaper. Think back 7 to 10 years ago. Chances are if you wanted to get the word out about your new business, you’d have to rely on word of mouth, and costly advertisements purchased in local newspapers, and TV and radio stations. Or you’d have to pray that a good public relations plan could get you some free publicity. As you know, you can now start spreading the word through your own website and social media campaign. The main investment here is your time and dedication.
5. Managing a hairstyling business is easier. Forget the paper and pencil when it comes to managing inventory, keeping track of appointments, and taking care of your budget. Use a point-of-sale tool that allows you to manage all that from the convenience of your smartphone or tablet. Not only does it allow you to be more accurate, it cuts down on valuable time that you could devote to doing what you do best — keeping your clients looking and feeling beautiful.
-Easy for you, Easy to love-