Are you thinking of starting a new business in the hair and beauty industry?
Here are 5 things that you need to consider when thinking of starting a business:
The first step of starting your own beauty business is creating a business plan. This is a written document that describes your business and is vital should you wish to apply for a bank loan for example. Your business plan should be as detailed as possible, covering all aspects from objectives and strategies, to marketing and financial forecasting.
The next thing you need to consider is finances, budgeting and funding – this is a crucial part of starting a business. You need to ensure your business plan is well thought out, as setting up a business is an expensive investement, and you may need to attract potential investors or secure a bank loan. Compiling a cash flow forecast will help you identify the amount of funding you require and what will be attainable for your business. Don’t forget to set up a business bank account and register your business with HMRC.
Next you need to consider the type of business, as there are a number of different models to choose from, such as sole trader or limited company. You should seek advice from a legal professional regarding this.
Salon insurance is vital to protect your business. You must have an insurance policy in place whether that be individual (self employed) or salon owner insurance which covers all the services offered. It is important to note that Insurance policies are only valid if your hair stylists and therapists are properly trained and have the necessary qualifications/
The final step we are going to discuss is health and safety regulations. As a salon owner, these must be fully complied with and doesn’t only protect you and your business, but also your staff and clients. It is a legal requirement to display the health and safety poster approved by the HSE in your premises.
RJL Education is an education centre propelling you towards your dreams in the hair and beauty industry. Offering a wide and varied range of beauty, hair and aesthetic courses taught by highly experienced professionals, preparing learners for a very successful career. Find out more today.
