If you’re on the lookout for a new business venture and are considering one in the beauty industry, this is the article for you. Today, we look at the eight main advantages of running a hair business, a beauty business or a cosmetics business to help make your decision that bit easier.
There’s no hiding the fact that the beauty industry is big business in the UK and across the globe. With an increased emphasis on wellness, self-care and wanting to look and feel good, increasing numbers of the public are prepared to part with their hard-earned cash to achieve their beauty goals.
Thinking about capitalising on the demand and starting a business in the sector? Before rushing into an investment decision, have a read of our top eight advantages of running a hair, beauty or cosmetics business. By the end, you should have a better sense of whether it’s right for you.
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1. Part of the local community
Opening a successful beauty business on your local high street that people can rely on for high-quality treatments will cement you as an important part of the community, especially if you provide a personalised experience and get to your know customers.
When it comes to treatments that affect our appearance, it’s important that we feel we can put our trust in a business. If you provide exceptional customer service, a unique experience and services that are reasonably priced, this is likely to spread by word of mouth to others in the local area.
2. Personalised customer experience
When you own a beauty or cosmetics business, you can provide a tailored customer experience that sets you apart from your competitors. By having a chat with customers, giving them a personalised consultation and finding out exactly what they are looking for in a beauty product, it’s more likely that they will send referrals your way. If a customer has a positive experience at your beauty business, they can be confident that their friend or family member will also leave satisfied.
To achieve a memorable, bespoke service, you could offer each customer instructions on how to use the cosmetics product and help them choose the best one for their skin type. With hair businesses, you could create a personalised customer experience by making them feel comfortable, offering them something to drink and engaging in conversation with them. You could also talk to them about the hair products that would complement their hair type and hair goals. Not only does this show that you care, but it also shows that you have the experience and expertise to provide a high-quality service.
According to Janet Curmi, the Vice President of Global Education & Development and beauty expert:
Customers want genuine advice, incredible customer service and to feel that you are truly listening to them. This fact will never change.
3. Niche marketing
If you own a small cosmetics business, you can easily target certain niches. This isn’t always the case for larger companies that believe the profit margin is too low to retail speciality products. You could choose to launch a make-up and skincare range for people who are allergic to certain ingredients, or that is vegan and cruelty-free. By doing this, you are creating a brand that people will remember when they need specific cosmetics products or one they can recommend to friends who have similar issues finding the right cosmetics.
4. Rise of social media influencers
Influencers are changing the face of the beauty industry, particularly on YouTube and Instagram. Consumers are starting to reject more traditional forms of marketing with A-listers promoting products in magazine adverts, and instead want to go online, interact with an influencer and get a personal response.
Global spending on influencer marketing is valued at around $8 billion, a figure that is expected to jump to $15 billion by 2022. Also, the huge beauty brand Estée Lauder reported that it’s now spending 75 percent of its marketing budget on influencers.
5. Spontaneous appointments
If you set up shop in high-footfall area, you can benefit from spontaneous walk-in appointments where customers decide they want a last-minute haircut or eyebrow wax. While a location on a busy high street or in a bustling shopping centre will most likely mean paying more to cover the premise’s bills, you’ll probably make up for it with the passing trade you’ll attract.
Of course, your beauty business may be so popular it can’t always accommodate unexpected customers wanting an appointment. But if you provide great customer service and your salon is full of happy customers, there’s a good chance they’ll wait a few extra days to use your business.
6. Can easily showcase the end result
How products look and work on the skin is key in the beauty industry. The good thing about this is that you can easily show this in a number of ways. Whether it’s product packing, live demonstrations or before and after photos, you can demonstrate to customers in store, on your website, in adverts and on social media the difference your products can make.
For example, some high street make-up brands have a display with their different types of mascaras and a picture of how each one will look on the eyelashes. When shopping in a large beauty store, many customers would choose a cosmetics brand that puts in extra effort to inform them of how it will look.
7. Can go mobile
One of the biggest benefits of running a hair, beauty or cosmetics business is that you can easily offer mobile services. This can often give you more flexibility than operating from a salon, so you can work around you and your clients’ personal commitments. Being able to fit your services around your customers’ hectic lives should help build your professional relationships and increase loyalty to your brand. Start-up costs for mobile beauty businesses will also be lower, as you don’t have to invest in a premises.
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8. Make your clients happy
In the beauty industry, you can help people look and feel good about themselves every day. Owning your own hair business is incredibly rewarding; your customers can walk out feeling like a completely new person with their fresh ‘do’. Lots of people have low self-esteem, and a trip to the salon where they can be pampered can help feel happier and more confident.
The beauty industry
In 2017, the hair and beauty industry generated over £7.5 billion in turnover for the UK economy. There are currently around 43,000 beauty businesses operating in the UK and there has been a 45 percent increase in the last five years.
Start your own hair, beauty or cosmetics business
If these eight advantages have tempted you start your own business in the beauty industry, why not take the less risky franchise route? Here at Point Franchise, we have a range of opportunities to choose from. Click here to get started. Or check out the CEOs creating new trends in the hair, beauty and cosmetics industry.
Becky Martin, Point Franchise ©