With booth rental keeping up its steady stream of converts, you may decide the time is right to make the move into ownership yourself. It’s an attractive proposition for easing into ownership. You don’t have to make the massive commitment to purchase your own heavy equipment, lease an entire space or hire your own staff.
But booth rental is not the only consideration when determining whether you’re ready to start your own business. Take a look at some of the steps required to become your own boss — and what you can do to ensure that you’re equipped to take on some of the challenges.
- Market yourself. As you know, some customers stick around for the long haul. Others come and go. You need to ensure that you have a steady influx of clients, which means that you not only need to keep your current clients happy; you need to make sure that you’re constantly spreading the word about the good work that you’re doing. In addition to promoting your styling skills, make sure that you’re educating your customers about hair care as well as regularly offering discounts.
- Maintain your inventory. Explore how you can boost your revenues by selling beauty products — including the ones that help you get those professional results with your clients. It’s an easy way to bring in more income without investing more hours into servicing your customers.
- Manage your budget. You need to adopt some basic accounting skills, keeping track of how much you’re bringing in compared to expenses for products, equipment, booth rental and other materials. Of course, this is key to ensuring that you’re earning enough to make ownership worth your time and effort. The benefits may not appear immediately, but they definitely should be moving in that direction.
- Keep an eye on your competition. Again, any good business owner will try to stay ahead of their competition. If you’re among the best of the best, you’re more likely to maintain your clients and get new ones — unless you’re totally blowing it in some other area. That’s why you can’t just rely on your styling skills; make sure your customer service is outstanding. Little touches like remembering client birthdays, understanding their product preferences, and providing them with customized discounts and packages can turn a customer into a lifelong customer.
When you’re launching your own business, it’s essential to keep things organized and running smoothly. Style, an online point-of-sale tool, can help you deliver personalized communications and customer experiences to help you run your booth rental successfully. Contact us for a free trial.
-Easy for you, Easy to love-