Do you want to start an eyelash business? Here in this article, we provide you with a detailed plan guide to start a successful lash business covering aspects like setting up, licenses, cost, and much more.
The eyelash extension business is growing at a fast pace in the last few years. The latest data suggests that the global false eyelashes market size was valued at USD 1.1 billion industry experts predict 7% CAGR growth during the period of 2021-2031. If you are the one who wants to tap into this profitable industry, certain steps need to be followed to be successful. Let’s check out:
10 Steps to Start an Eye Lash Business
1. Learn the Art of Eye Lashing
If you want to run a successful eyelash business, it is extremely important to learn the art. Find out a professional eyelash artist who is providing reputable courses for beginners.
It is important to select a trying program that suits your schedule and requirements. Some provide 2-day crash courses and many month-long programs. Only learning will not do. You need to execute the art professionally with customers. Check with your trainer whether ongoing support will be provided or not.
2. Understand the Market
The first important step before starting a lash business is to do in-depth market research in your locality. Collect as much as information possible regarding the latest trends of your target customers. Also, check out the competition from other local eyelash artists. Find out the gaps and accordingly plan your business.
3. Select Business Model for Your Eyelash Business
One can open an eyelash business in three ways. They are home-based, with a storefront, or in a beauty salon. All options have their pros and cons. If you are short on budget and want to run the business in your own schedule, starting from home is most preferred. As you don’t need to travel outside, transport cost is negligible. However, since the studio is at your home, sometimes balancing work and personal life becomes difficult.
4. Create an Eyelash Studio Business Plan
After all the research work is done, it is time to write your business plan document. If you are starting from home without funding needs, there is no need for a long detailed investor-friendly business plan. Some of the issues your eyelash business plan must include are the following:
- Initial startup and recurring costs
- Equipment & Tools Required
- Target customers
- Pricing strategy
- How do you plan to sell your services?
5. Name your Business
Selecting a catchy and easy-to-spell name is another important step to creating a successful eyelash business. Do remember, choosing a wrong name that does not correctly manifest your services may break your business. A properly chosen business name will not only enhance the brand growth but also will fetch more customers.
6. Make your Eyelash Studio Business Legally Compliant
In order to run a legally compliant eyelash company, it is essential to register your business. Different countries and states offer a wide range of business formation structures based on the scale of operation.
For example, in the United States, forming an LLC is a preferred option. It not only helps in protecting your personal assets but also to file annual taxes smoothly.
Also, talk with the competent authority or an attorney and procure licenses and permits required to run business activities, if required. Experts also suggest buying an appropriate business insurance plan as the lashing job is done in the eyes of customers.
7. Eyelash Studio Set Up
The setting of your eyelash studio must make your customers feel at -ease and comfortable. It is wise to hire professional interior designers and take their advice.
Do not forget it is the studio ambiance that plays a big role in making a lasting impression among customers. It gives customers the confidence in coming back for another session and also referring their near and dear ones.
Other than wall decorating items, make arrangements of a wide variety of bed and lash pillows to add to the comfort of the customers.
Apart from decorating items, one needs to buy a wide range of equipment and tools to do the eyelash job. Some of them are mentioned below:
- Eyelash Extension Table
- Lash Cart Organizer
- Hydraulic Lash Stool
- Eyelash Extension Lamp
- Booking Software
8. Evaluate the Cost of Starting Eye Lash Studio
It is without saying, the cost of starting an eyelash business will depend on several factors. These are equipment costs, space costs if the studio is taken on lease, legal costs, software maintenance, supplies, electricity cost, and promotional costs. However, if you are planning from home, you will not be required to pay rental fees.
The startup cost for a home-based eyelash business is estimated to be in the range of $3,000 to $5,000.
9. Fix Pricing
The pricing for eyelash sessions is generally based on per set. Check with local eyelash artists and find how much are they charging per set. While fixing pricing, consider how many sets can you offer per day and a week.
If you are providing extra facilities that others are not offering, you can go for value-based pricing. Also while pricing your services, take into account how much you intend to earn and then set a profit margin.
10. Develop a Promotional Plan
All said and one, unless you create an effective marketing plan all the effort of setting up your eyelash business will go in vain. Other than creating visiting cards, and brochures, one needs to go online for business expansion. Create a website and make your presence felt on popular social media platforms. In addition, make your launching day successful by reaching prospective customers by providing cash discounts and small gifts.
Finally, one must not forget eyelash business is always evolving. You must be acquainted with new trends and styles that continuously evolve. Continuous learning is the key to success for the eyelash business.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.