Starting a business is not just one of your daily simple tasks. It requires strategic planning, research, and time. Procrastinating at any stage can wind up being costly later on. No, I am not talking $$$ money wise, I am talking career wise. Listen I use to be the person who would say to myself "it can wait till tomorrow," but tomorrow never came, until someone would say "wasn't you suppose too...". Luckily, I have found ways to make sure I put my business first and writing out this plan helped a ton. I also did a ton of research and reading.
Start Your Business Right!
Step 1: Find out what you want your business to be.
When you receive your cosmetology license there are so many different fields you can chose to start your journey. For me that was natural haircare and nailcare, but you have to choose what's right for you.
Once you decide on what field (s) you want to work in, you then need to come up with a name for your business. Make sure it fits who you are and what you want your brand to represent. *The biggest mistake you can make is not trusting yourself. So, trust you first! Yes, you want to please your target audience, but you should always stay true to yourself and your brand. After all, with good marketing your brand will attract the clientele or consumers your business wants.
After you have picked a name for your business ( I would make a list of about 5 names) , you want to make sure it is available in your state. You can search for this on your Secretary of State website. Oklahoma www.sos.ok.gov
Below is a screenshot of the Oklahoma Secretary of State website: being used for educational purposes only*
If the name you have chosen is available, then that is GREAT! You can now move to the next step, deciding if you want to operate as an LLC (Limited Liability Company), Sole Proprietorship, etc. Whichever route you choose to take you now have to pay for it. Paying for it ensures that no one can use that particular name.
Now if the name is in use, it's time to go back to the drawing board. Hence why I said earlier to make a list of about five (5) names that you would consider.
Step 2: Create a Business Plan
The next major step is to create a business plan, and I know this sounds boring but trust me it is very much needed. Having a business plan is important for your business, especially if you are trying to get funds or investments. The bank and/ or the investor would want to see written down your vision of what this business is to become.
Creating a business plan may seem like something that can be done later on in the process, and it can but it shouldn't be. You want to start your business plan before you start your business. A business functions on stability, and you want your business to have a stable foundation and that starts with creating a solid business plan.
Your business plan should include the following:
- Executive Summary- This summary will include the business name, location, mission statement, services offered, and your visions and goals for your business.
- Business Description- Includes business structure, unique selling proposition (USP), target market, and market needs.
- Market Research- Includes industry analysis, competitor analysis, and SWOT analysis.
- Marketing Strategy- Includes branding, pricing strategy, promotional plan, and sales strategy.
- Operations Plan- Includes location and facility, equipment and supplies, daily operations, and staffing.
- Financial Plan- Includes startup cost, funding requirements, revenue projections, profit and loss statements, and cash flow analysis.
- Legal Considerations- Includes licensing and permits, insurance, and legal structure.
- Appendices- Includes resumes and supporting documents.
If you use this particular outline and base for your business plan, you will create a detailed plan that will help you secure the funding you need.
Step 3: Open your business
Once you have paid for your business to be a legitimate business and created a solid business plan to help secure the funding that you need, now you need to make sure that there are no other business licenses that you will need in your city. If there is please take care of that first and if you are running out of your home, please make sure you know the laws of your state. Once all of that is done you can now open and operate, so go head and pop the champagne because you are now officially a business owner!
Take this time to really bask in the fact that you are now a legitimate business owner. You did it be proud of yourself. This is just the beginning to great success and many possibilities.
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References for this article.
BizPlanner.AI (2023- 2024). Hair Salon Business Plan. Retrieved (2024, Dec. 17) from https://bizplanner.ai/templates/hair-salon
Jeff (2024). Hair and Beauty Salon Business Plan. Jeff. Retrieved (2024, Dec. 12) from https://franchise.jeff.com/en-za/blog/hair-and-beauty-salon-business-plan-download-pdf
Oklahoma Secretary of State. (2021). Home Page. Retrieved (2024, Dec. 12) from https://www.sos.ok.gov/business/default.aspx
Porter, Sha'Va. (2024, Feb. 28). Money Makeover for Beauty Entrepreneurs: Accounting Wisdom for Salon Success.
About Author
Porscha "KiaraTeraz" is a licensed cosmetologist who specializes in natural curly/coily hair. She graduated from the cosmetology program at Great Plains Technology Center and since then has expanded her knowledge on curly and coiled textured hair. Now she is spreading her knowledge to everyone who wants to learn more on curly and coiled textured hair. Follow her on Instagram and TikTok @kiarateraz_hairbar! She looks forward to hearing from you!
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