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Looking to break into the lucrative lash industry? With the market expected to reach $2.31 billion by 2028, there's no better time to turn your passion into a profitable business. But with so many competitors vying for the same customers, how do you ensure your success?
Fear not, as we've got you covered! In this comprehensive guide, we'll take you through everything you need to know about starting an eyelash business from scratch. Our expert tips and step-by-step approach will help you stand out in a crowded marketplace and maximize your profitability. Let’s start!
Whether it's your goal to start a home studio, a larger beauty salon, or a store, building a business from scratch is never child’s play. There are certain steps to follow and a budget to spend, but it’s definitely a rewarding venture. Eventually, you will have your own lash business!
And here are the exact steps to accomplish if you want to start a lash business and succeed.
Researching the market is a critical step when starting any business, and launching a successful lash business is no different. As a beauty professional, you may have a good understanding of your customers, but owning a business requires a more in-depth analysis of the market.
Starting a lash business can be daunting, and it's natural to have concerns. Will you attract enough clients? What if negative reviews harm your reputation? Are there too many competitors in your area? Will your prices be competitive enough? Don't worry; you're not alone. The keys to addressing these questions and mitigating risks lie in conducting proper market research. With a clear understanding of your target audience, competition, pricing, and market trends, you'll have the insights and confidence to succeed.
You may feel you need to attract as much attention to your lash extensions business as possible. Potential customers are all around, so why not tap into the entire client base? For one, your service will hardly be able to resonate with each and every person around. Secondly, even if you could draw everyone’s attention, you may not be able to serve them all.
So, it’s always better to choose a major niche and serve the exact kind of customers who will appreciate your approach most and who you’ll be most happy to work with. For example:
This doesn’t mean you should provide only one type of service, but you should know and demonstrate your primary direction and proficiency.
After you understand what kind of eyelash business you would like to build, the next step in your "How to start your own eyelash business" journey is to dive deeper into the features and needs of your target customers.
Who are they? What exact kind of services do they need? What do they appreciate? What are they afraid of or skeptical about? Answering all these questions will help you effectively attract and retain customers despite the competition.
You will need to gather the following information about your target audience:
The next question is how to get all this information. And here are some ways to perform your research:
The above will give you a great starting point to understand the needs and preferences of your potential customers, which, in turn, will help you obtain clients easier and with a smaller budget.
The next step is to look around and check out other lash businesses already operating in the area. This will help you understand the position you can occupy on the market with the greatest benefit for your business.
At a minimum, you will want to know the following:
But how exactly can you get all this information about your competitors? There are multiple ways to find out what you need. The easiest ways are:
After completing this step, you will get a clearer picture of your district's current demand, preferences, and uncovered demands. This, in turn, will help you understand if there's room for a new lash business and how exactly you should position yourself in the market.
After completing your customer and competitor research, you can formulate the key differences that set your eyelash business apart from the existing competition.
And here's how to do it in a few simple steps:
Here are several examples to support you in the creation of your own formula:
"Wake up to perfectly curled lashes every day with our lash lift services"
"Achieve a natural, effortless look with our classic lash extensions"
"Say goodbye to mascara with our flawless hybrid lash extensions"
While it may feel overwhelming, taking the time to create a solid business plan can actually save you time and stress in the long run. By outlining your goals and developing a strategic plan, you'll be better prepared to handle any challenges that come your way.
And here’s how:
Contrary to popular belief, a comprehensive business plan doesn't have to be a lengthy document. In fact, a shorter, more focused plan that prioritizes the most critical aspects of your business can be much more effective than a lengthy one that includes irrelevant information.
Here is an example of a concise business plan structure to follow:
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After your planning stage is complete, now it’s time to register your business. And here’s how to do it right:
Choose a legal structure. The most popular options for an eyelash business include a sole proprietorship, a partnership, and a limited liability company (LLC).
Get the required licenses and permits. Depending on the type of eyelash extension business and its location (state), you might need to obtain such documents as a general business license, cosmetology license or salon license, sales tax permit, zoning permit, etc.
Register for taxes and obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). You can do it for free.
Get appropriate business insurance. You can purchase business insurance from any national or private insurance company or trade association that works with your type of business.
Open a business bank account. For partnerships and LLCs, opening a separate business bank account is obligatory by law. For sole proprietorships, it’s optional but highly recommended to avoid the mess of having your personal finances merged with your business account.
Legal registration seems like tedious work, but it is essential to protect yourself, your finances, and your customers from any issues that may arise. Any legal, regulatory, or insurance problems can quickly sink your business and make you bankrupt. It’s better to set things up right from the start than worry about taxes and liabilities later.
If it’s not a one-person business, hiring and training staff is a very crucial step on your way to starting a lash business. Regardless of your concept, salon design, and prices, the staff is what makes your clients decide whether they will come back or not.
When hiring a new employee, be sure to provide them with proper onboarding to help them succeed in their role:
All of the above help you not only hire the best professionals for your lash company but also build a strong team that leaves your customers satisfied.
Effective product ordering and inventory management are essential to the success of your lash business. This involves keeping track of your stock levels, anticipating demand, and ordering new products as needed to ensure that you always have the right supplies on hand. Without proper inventory management, you risk losing customers due to stockouts, wasting money on unnecessary overstocking, and wasting time on manual tracking and ordering processes.
These issues can be a thing of the past with specialized inventory management software, which streamlines your inventory management processes and helps you avoid costly mistakes. Suplery is an innovative solution that can improve your efficiency, reduce the risk of errors, and let you focus on growing your business.
Suplery is a powerful and completely free tool that will help you:
With its simple interface, you can easily set up your inventory and start tracking your products in no time.
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As a future eyelash extensions business owner and beauty professional, you know that choosing the right location is really important when you're starting a lash business. But you cannot always rent an ideal spot; there may be limited locations in your area, prices may be too high, or other issues may come up.
The issue is finding the right balance and prioritizing what will influence your eyelash business the most. For example:
These are just some of the questions you'll need to consider based on your business concept, target audience, chosen area, and available budget. And here is the full list of criteria:
As soon as you find the property you like, contact its owner or leasing agent, visit the property in person, and check it out. Pay attention to the following:
If you're happy with the property, it's time to negotiate the lease terms (rent, lease length, maintenance responsibilities, and any other relevant details) and sign the lease agreement.
The next step after you have chosen and rented a premise is making your space nice-looking, well-equipped, and ready for the opening:
Making your lash salon visually appealing and comfortable with the right equipment and design will not only attract clients but also make them stay loyal to your eyelash extensions business over competitors.
And now it's time to open up your lash salon! There are several ways to organize an opening, depending on your budget, location, and target audience, for example:
Whichever option you choose, make sure to have a plan in place and promote your event well in advance to ensure a successful lash business opening. And don't forget to celebrate your hard work and dedication to making your eyelash extension business a reality!
You're on the right track! Find out even more expert advice in the most relevant materialRead now
Why start a lash business as a new lash tech?
Starting a lash business as a new lash tech can be a great opportunity to turn your passion into a profitable business. Here are some reasons why it might be a good idea:
How do you start an eyelash extension business?
Starting a lash business can be a lucrative and rewarding venture due to the high demand for eyelash extensions in the beauty industry. Here are the basic steps you can follow to get started:
Read the full article to learn more about how to start a lash business and get our practice-based tips to avoid mistakes.
How much does it cost to start your own lash business?
The cost to start your own lash business can vary from $5,000 to $20,000 or more, depending on location, the size of the business, equipment needs, and other factors.
Here are some general estimates for common expenses:
Is a lash business profitable?
With a growing demand for eyelash services and products, there is potential for high revenue and profit margins in the lash industry. According to some industry experts, a lash business can generate an average of $50,000 to $100,000 in revenue per year. However, this number can increase or decrease based on the business's expenses and the owner's ability to market and manage the business effectively. It's important to conduct thorough research and create a solid business plan to ensure profitability in the long run.
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