So you’re considering going solo?
Before you take out that first loan from the bank, make sure that you know all the details of what it takes to be successful on your own. If you do your research up front and create a great business plan, you have a much better chance of achieving success. With that in mind, here are 10 important parts of being your own boss that you can’t forget about.
Solo hairdresser standing in front of her chair
- Taxes. Keeping a detailed record of your expenses and income is crucial for staying both legal and successful. Before you get started, figure out your best strategy for staying organized.
- Licenses. Make sure you have all of the licenses, whether business or hair related, required to operate in your state. This will most likely include an LLC licensing to protect your business property from lawsuits or damage.
- Clientele. When you switch to your own business, you can expect to lose some of your clients. Have a plan for how you will retain your clients and keep up your business flow.
- Booking. Online booking systems are essential for success in today’s technological world. Do some research about the best systems and software for your size and goals.
- Products. As you know, salons spend a hefty portion of their budget on products. Choose your products wisely, and see if you can find any promotion deals.
- Marketing. How are you going to make up for the customers who left when you switched business platforms? The answer to this question will dictate how you run your business in the early stages, so be sure to have a clear marketing strategy.
- Staff. You’ll need to decide whether or not you want to work alone. You can take on a partner to start a company together, or you can hire new people later in the game. Whichever path you choose, you need a plan from the beginning.
- Savings. Set up accounts to keep your money secure. Don’t put it all into a checking account; instead, establish a savings account to keep your finances secure for a rainy day.
- Training. You have all of the hair styling skills necessary to run your business, but what about financial, marketing, and customer service skills? Don’t be afraid to invest some capital into a training class in your weak areas.
- Planning. Have a long-term plan before you spend a dollar on your business; make sure you know where you are going and how you’re getting there.
These 10 things are the most essential parts of starting a new business, and letting just one slip through the cracks can be a disaster. Spend a lot of time up-front making sure that you are ready to go solo, and your business will profit long-term.