- 10 Tips to Help You Start a MakeUp Business Venture
- 1. Plan your Makeup Business
- 2. Forming a Legal Entity
- 3. Tax Registration
- 4. Register for a Business Credit Card and Open a Business Bank Account
- 5. Establish Business Accounting
- 6. Get the Necessary Business Permits and Licenses
- 7. Get an Insurance Policy for Your Business
- 8. Define the Business Brand
- 9. Establish a Web Presence
- 10. Don’t stop learning
It, therefore, makes sense for a person in the cosmetics and beauty industry to want to open a business venture of their own. A makeup business deals with the sale of beauty products aimed at fulfilling individual cosmetic needs. Vendors in this line of work can sell their products through the use of independent consultants, in a standalone store, or to distributors.
But before you can start selling wedding makeup, you will first need to get the business in order.
10 Tips to Help You Start a MakeUp Business Venture
1. Plan your Makeup Business
As an entrepreneur, the path to success lies in your ability to develop a clear plan for your cosmetics venture. A feasible plan enables you to map out all the different aspects of the business, assisting you to also discover previously unknown areas. Some of the topics to include in your business plan are:
- • Desired business name: You need to carefully select the name you would like to use for the business. Run an online check to establish whether there’s an available web domain. If there is, secure it early.
- • How much will it cost to start and operate the business? You have to consider numerous costs and expenses, e.g., makeup accessories, storefront costs, advertising, and marketing material, insurance, website, payroll, POS, website, etc.
- • How many weeks/months will it take for the business to break even? Keep in mind that you will need to pay expenses and other business expenses out of pocket for the first few months before a venture can start earning a profit.
- • Who are you targeting? The target market can include bridesmaids, actors and actresses, gymnasts and cheerleaders, local broadcasters, models and so on.
2. Forming a Legal Entity
The formation of a legal entity, e.g., LLC wedding makeup businesses will ensure you are not personally held liable for the shortcomings of the business.
In the course of forming the business, you will realize there’re different business structures you can choose from, e.g., DBA’s, LLCs, and Corporations.
While at it, consider sourcing the input of a registered agent service. The service offered by the agent is meant to guarantee compliance and also protect your privacy.
3. Tax Registration
Every entrepreneur needs to register their businesses for a broad array of state and federal taxes before opening up their doors to the public.
For tax registration, the entrepreneur is required to apply for an EIN. The process is free and very straightforward.
Pro Tip: An EIN can be acquired for free by mail, fax, or through the IRS website. For more information, click here.
4. Register for a Business Credit Card and Open a Business Bank Account
You need to open and operate a dedicated business credit account and banking account to protect your assets.
Mixing your business and personal banking accounts will place all your assets, e.g., car, home, and other individual valuables at increased risk.
These assets may be auctioned off to repay bad business debts in case your makeup business venture gets sued in a court of law.
Opening a Business Banking Account
It will make it easier for you to separate your company assets from the business assets. This is important for purposes of personal asset protection.
Having different bank accounts will also simplify tax filing and accounting
Get a Credit Card for the Business
You get to separate the business expenses from your expenses. Additionally, all business-related expenses will be compiled in a single place. Using a dedicated business credit card will allow you to create a credit history for the company. This history may come in handy later when you need to obtain a loan for investment purposes.
5. Establish Business Accounting
Keeping a detailed record of your income sources and business expenses is vital to understand how the business is doing.
Making sure that you have detailed and accurate business accounts will also assist in amplifying your annual tax filing process.
6. Get the Necessary Business Permits and Licenses
Before you can begin offering any bridal makeup services, make certain you have obtained all the necessary licenses and permits. Failure to do so will not only attract hefty fines, but it can also lead to a grounding of the business operations.
Local & State Business Licensing Requirements
You are going to need to obtain numerous state licenses and permits for you to operate the cosmetics venture.
You can learn more about the licensing requirements of your state by checking the SBA’s reference on permits and state licenses.
Federal Business Licensing Requirements
The US FDA (Food and Drug Administration) has come up with a detailed set of regulations aimed at controlling the distribution and sale of beauty and cosmetic products.
Visit this FDA website to learn of the numerous rules and regulations you need to observe when running a company in the beauty industry.
7. Get an Insurance Policy for Your Business
All business owners need to get an insurance policy for their businesses. If you have one or more employees working for your venture, you will need to also ensure you acquire a workers’ compensation policy.
This is a mandatory requirement put in place by most states.
8. Define the Business Brand
A brand simply refers to what the corporation or the company stands for. It’s also a representation of how the public perceives the business.
Having a strong brand is crucial as it helps you to separate the business from your competitors. Create your own style. Ask a designer to create your makeup artist logo, business cards and letter. (Head over to Fiverr to find one.)
Marketing and Promoting Your Business
It takes dedication, creativity, and time for you to create brand awareness. You can start by carefully considering the business logo to confirm it’s an accurate representation of the business and its services. Many in the beauty industry have benefitted from attending local expos and seminars. These are places where you can learn about upcoming products and trending beauty techniques.
To successfully market your services in your locality, partner with photographers, local wedding planners, and theater groups. These are professionals who are always in need of excellent beauty services to satisfy their ever-changing demands.
In your monthly budget, you can set aside some money for use in promoting and marketing the business. Apart from advertising in magazines, consider other tools such as Google AdWords, social media platforms like Instagram or Pinterest. Don’t forget to add your business to directories like photognow.com, Weddingwire or The Knot.
How to Keep the Clients Coming Back
Studies indicate that the reason clients shop for a new makeup specialist is because of repeated poor customer service and the use of substandard products.
Following up with clients to seek their input is a good way to guarantee customer retention. Provide free products and special offers on significant life events such as birthdays. This will present you with a chance to try out new products and also create a loyal client base. Ask them for a positive review on photognow.com.
9. Establish a Web Presence
Going online will enable customers to learn more about the services and the products offered by your makeup company. Social media platforms are also great places to source for new customers or clients.
As more and more people search for local businesses, add yours to online directories like photognow.com.
Potential customers which are looking for something like “make up artist near me” will find you easily.
10. Don’t stop learning
Keep learning and stay up to date. Visit workshops, follow makeup artists on Youtube, Instagram and Pinterest.
Any savvy business entrepreneur with a passion for experimenting with different cosmetics shouldn’t find it too hard to penetrate this industry. Being an entrepreneur running a makeup company, your sole role is to assist the public build their self-esteem and confidence by transforming how they look.