Assignment on the Beauty Business in Australia

Do you want to start your own beauty business in Australia? Don’t worry, it’s quite simple.

Beauty business is one of the best industries. Therefore, you have made the right decision. While working in this business can have some incredible perks, memorable experiences, and can be significantly rewarding, building your own business can be exhausting, tough, and competitive.

Similar to starting any new business, there are numerous things to consider including cash flow, marketing strategy, investor banking, and market fit. So, if you are having difficulties in figuring out where to begin, you should know you are not the only one.

Following are some important aspects that you need to consider to build your own business:

Concept of the Beauty Business in Australia

What is going to make your business different from others? There is always room for a new idea, a salon, and a product for skincare line. However, it does not guarantee success. It is important for you to be original. After all, Australia is quite a small nation and it is highly possible for plagiarism to occur.

Kester Black is one of the leading skincare and manicure brands in Australia. What makes them different is their breathable, ethically sourced, water-permeable, and high-shine nail polishes.

Type of Business of the Beauty Business in Australia

Then, you need to think about the type of business you will be running. For instance, it is critical to determine whether you will be a limited company or a sole trader. Do you want to open a salon or create your own brand? Are you going to work from home or rent a commercial premise? The foundation of your business and what structure it possesses will play an important role in determining the considerations and regulations you will be privy to. Mobile businesses have to consider car insurance costs while home-based salons must be authorised from the local council and for that, they need to apply for license.

Earnings and Costs of the Beauty Business in Australia

You need to consider whether you need to a loan or not. If you need a loan then you should think about how you will be paying it back, what will your interest payments be, and what will be the terms of loan. In addition to it, you also need to consider what equipment you already have and what else you need to purchase. You will also need to consider equipment costs when you are forecasting cash flow.

Regulations and Rules of the Beauty Business in Australia

Every business has to follow some specific regulations and rules, and beauty business is no exception. For example, you must familiarise yourself with the OHS, cosmetic regulations, workers compensation, Australian Inventory of Chemical Substances, and the Packaging and Labelling of Cosmetic and Personal Care law.

Research of the Beauty Business in Australia

When you are starting a business, you can never underestimate research. You should gain insights into your target market, identify opportunities, analyse your competitors, test new markets, and research locations. Although it might appear pedantic, this strategy will help you in making sure that you are complete prepared for starting your own business.

Creating Budget for your Business

One of the most important and complex steps in setting up your beauty business in Australia is structuring a budget. When it comes to creating a budget, you need to first identify your income sources. For instance, you need to determine how much money you will be able to make on a monthly basis. Then, you need to identify your fixed costs. These costs are expenses that remain the same each month. You can review your statements and it will help you in spotting your fixed bills and net value that they cost you on a monthly basis. Moving on, you should include variable expenses.

You need to predict and forecast one-time spends such as purchasing an equipment for replacing the existing one. Lastly, you should compile all of this information together to make a budget.

How to Gain Clientele?

As you think about setting up your business, you also need to consider how you will gain clientele. After all, without clients, you will be unable to run your business properly and efficiently?

This is when social media marketing comes in. In recent times, the use and importance of social media marketing has grown significantly. In fact, most businesses rely on it for improving their virtual footprint. Being consistent across different social media platforms enables you to reach your target audience in a more efficient manner.

Therefore, you should consider social media marketing an important part of your business. If you do it properly, it will help you in building your own client base quickly. For example, you can make your own page on Facebook and you can promote your business on that page. You can share the services you are providing to your clients and interact with them as well. It will help you in building a positive reputation.

Case Study – Kester Black of the Beauty Business in Australia

Anna Ross grew up in New Zealand and after studying fashion, she transferred to Melbourne and worked for several local fashion labels. While working, she realised what she needed to do and began to design and sell her own jewellery. With a passion of driving her own business, it did not take her a long time to give up on her job and build her brand.

Even though the business of Anna initially began as a jewellery label, she noticed the gap in 2002 and turned her focus to nail polish. She made nail polishes which were unique from others and it served to provide her with a competitive advantage in the market.

The story of Anna Ross tells that for opening up your own business, you need to be ambitious. She was able to start her own business because she believed that she could do it. Similar to other entrepreneurs, she faced setbacks and issues but she did not let these setbacks slow her down.

If you need your business to be successful, create something unique that can help you stand out from others and get loyal clients. Once you have that idea, invest in it.