The equipment of beauty supply store must be used when purchasing before launch

At present, the market scale of beauty supply stores is as high as 18.9 billion US dollars. It is expected that the annual growth rate of the market will be 0.8% by 2026. According to the research of the retail owners Institute, we can clearly see that the percentage trend of pretax profit of beauty stores is increasing every year and will only continue to improve over time. The current ratio is 7.3%. It's definitely worth opening your own beauty supply store.

Having said that, it may be difficult for you to find your place in this highly competitive and expanding industry. Being able to effectively open your own beauty supply store requires self-discipline, knowledge and investment. There are many steps to starting your own beauty supply store from beginning to end, and understanding these steps is only part of the equation.

In order to successfully open your own beauty supply store, you must focus on your marketing, buy the right inventory and tools for work, and ensure that your new business is legal.

This requires you to better understand how to effectively market yourself, what inventory and tools you need to start, and what laws you must abide by to have a professional and legal business. For all this useful information and more, you'd better take a look at this comprehensive guide to open your own beauty store.

Here is a simple eight step guide and other strategies to help you open and market your beauty store in the best way.

1. Write a detailed business plan

The average target group of beauty supply stores is beauty salons, beauty spas, hotels, wholesale dealers and individuals. Although the average age of most beauty product buyers is between 16 and 44, this number varies greatly, depending not only on the number of products you sell, but also on the fact that you want to look beautiful beyond age and even gender.

2. Application for license

To properly open a beauty supply store, you must be able to obtain a retailer license, a business license, a DBA license, and a federal employer identification number (EIN).

3. Determine the appropriate location

According to Sally Beauty holdings, one of the largest beauty products chains in the United States, the average store area is 1700 square feet and there are 6000 to 10000 SKUs in the store.

4. Obtain a residence permit

The residence permit refers to the location and current situation of your company. In essence, it is a proof that the property meets all standards and specifications and is now suitable for occupancy. In order to obtain your occupancy certificate, you need to ask the government's building or code inspection office to send an inspector to inspect your house and determine whether they pass. If they do, you will be able to receive an email of your proof of occupancy within two weeks of the inspection date.

5. Decide whether to join

It all depends on the franchise you can buy and its reputation in your region. For example, as a beauty store, choosing to be a franchise owner of a brand, such as Sally's, can make all the steps listed above much easier. With brand awareness, when you start your first business, you can skip most marketing activities and focus more on your inventory and operating costs.

6. Buy appropriate insurance

When you start your own beauty supply store, liability insurance and insurance plan are the best, including general liability insurance, business owner policy, business car, worker compensation and business umbrella policy.

7. Looking for wholesalers / suppliers

Similar to bookstores, when your beauty store stocks, it's best to have a reasonable combination of different products and brands. Generally speaking, having 10 to 20 different brands at the time of product launch is a good way to show product diversity without confusing yourself or new customers.

8. Purchase of display equipment