Women (and many men) will drive across borders, fly across oceans, and climb mountains to find a professional waxer who knows what they’re doing.
Maybe that’s a bit of an exaggeration, but not too much. We can’t speak highly enough about the excitement we get when we find a knowledgeable esthetician who can wax our eyebrows perfectly!
Let’s admit the truth: We’re all terrified of hearing that “oops” after the wax strip is ripped away, leaving us with one missing eyebrow and a perpetual shocked expression until it grows back in.
So, when you know what you’re doing, starting a waxing business yourself is the next step on your path to success. Aside from your magical skill at doing your job, here are the next six things you need to know before going out on your own.
1. You Really Do Need a Detailed Plan
There’s a reason we all use a map to guide us along our route. It shows us the best way to get from Point A to Point Z and all the stops in between.
You might not know all of the parts of your journey yet. You do know where you are right now and where you want to be. Create a clearly defined plan to help you get there, filling in the blanks that you know you need to address.
Let these essential pieces help you fill in the puzzle:
- Are you going to be in a shop or mobile?
- Will you have employees or independent contractors when you’re ready to expand?
- What equipment do you need to run your business?
- How do you plan to finance your endeavor?
- What kind of licenses and permits do you need, and how do you get them?
- What are your goals for six months? One year? Five years?
The more detailed and complex your plan is before you lift a finger doing anything else, the easier the rest will fall into place. Check out the Small Business Administration’s website for help targeting your market and writing a business plan.
2. Tackle the Legal Stuff Fast
When it comes to dealing with the United States government, particularly the IRS, most of us are intimidated. However, you might be pleasantly surprised at how easy it is to set your business up as a legal entity.
That’s a good thing because you can’t do the next steps until you have an official business name and presence. Go ahead and tackle the legalities first, such as setting your business up as a sole proprietorship or an LLC (limited liability company).
From there, you’ll be able to get your employee identification number to pay taxes and get the deductions you’re entitled to.
3. Know Your Finances (and Stick to Your Budget)
Since you already made that intricately detailed plan in the first step, this part will be easier. What are your one-time expenses? How much will your basic regular overhead be for utilities, rent, supplies, and other essentials?
Include your licensing and permit startup and renewal costs, insurance premiums, and your paycheck. Your payroll should cover your personal bills unless you have someone else helping you out financially.
Then, use the expenses and overhead costs to decide how much you need to make to break even and make a profit. That information, along with the going rate for waxing in your area, will help you decide what to charge for each service.
4. Define Your Brand
The next steps will involve creating your business logo, document templates, website, etc. You’re going to need to define your brand before you go any further here.
Defining your brand means considering the image you want your customers to see. What do you want your “voice” to look and sound like? Should it be casual and fun, professional but approachable, sophisticated and classy?
Pay attention to what your clients want, not just what you like. For example, you want to be classy and upscale, but most of your area’s target market is low- and middle-income.
You might scare people away because of the image. Your prices could be comparable to others, but if potential clients think they can’t afford your services, they won’t even click on your pricing menu.
5. Go a Mile Deep, Not Wide, With Marketing
How do you intend to jump in and market your business? Once you start searching for the top strategies, it’s easy to get overloaded with options.
Whether you go with social media, web leads, or another campaign, stick to one at first. Go a mile deep with that one and become an expert at it before moving to another type of advertisement.
6. Don’t Forget Your Personal Needs
You’re a business owner now. You’re still human, though. It’s easy to neglect basic care in favor of running your career.
Don’t forget about your health, relationships, and the things you enjoy doing. If you neglect your personal needs, you could end up burnt out before you reap the benefits of having your own waxing business.
Schedule free time into your calendar by taking a day or two off each week. Your clients will learn to work around your schedule, or they’ll go someplace else, and your slots will fill up with others. Your services are in demand, so let them work around your availability.
There is nothing much better than finding someone they trust to do the job well for a person needing regular waxing services. Your clients will become loyal, and your schedule will fill up quickly.
Follow these six tips before you can start adding names to your book as a new waxing business owner. They’ll help you put together your road map to success with as little headache as possible.