Ready to take the next step in managing a successful beauty business?
Launching and running an online store could be the boost your business needs to really take off and succeed. Here's what you need to do if you're ready to launch your eCommerce beauty business:
Find the best business model for you
You have several options when it comes to your eCommerce business structure.You can choose between running a corporation, an LLC, a partnership, or you can be a sole proprietor.
In simple terms, corporations and LLCs are separate entities. The corporation or LLC owns the business, not you or your business partners. They both enter into their own contracts and deals, and are liable for their own debts and obligations. The difference between the two is that LLCs aren't as tightly monitored by the government as corporations, but corporations are more attractive to investors.
If neither of those options sound appealing, you can be a sole proprietor or start a partnership. This will give you more freedom, but also puts your personal assets at risk.
There isn't a single business structure that works for everyone, so be sure to do your research before you commit to one.
Research your competition
Once you've decided how to manage your business, you'll need to do some research about who and what you're up against. You'll need to look online and in your physical area to find out what's being sold, what there's a need for, and what price will give you the perfect competitive edge.
Stock your inventory
Don't be one of those businesses that sends clients away after an appointment and hope they return in a few weeks. Instead, encourage them to come back regularly for services and your product.
Get to know your clients and find out what they need. Stock up on that product and — this is crucial — keep that in stock.
Service fees and tips can help you cover basic costs, but selling your own product line, like private label skin care, can be a major boost in income.
Start marketing early
No matter where you are in your business, you can never start marketing too early. Create social media profiles on all major platforms that show off your personality and your brand's ultimate goals.
You should also have a website that has your business info, a short bio about you and your business partners and an online store where you can sell your inventory and book appointments.
Don't get too caught up in the tech world, though. Get out there and speak to members of your community, as well.
Once you get through the startup phase and begin maintaining a successful business, you might feel like you can finally relax — and you can — just don't get too comfortable. Now you'll need to stay on top of accounting, business filings and more.
The key is to stay organized and ask for help when you need it. Invest in a good planner and an accountant to keep your business safe and thriving.