25 Nov Budgeting Tips for setting up your lash business

Hi everyone!

As Christmas time creeps upon us, it’s a great time to reflect and plan, especially if you’re considering a new venture like starting a lash business.

This weeks been a busy one in both business and life.

The highlight for business was definitely The POI networking event In the Blytheswood Hotel that I attended on Thursday.

As a business owner there is nothing better than being in a room with other women in business.

Ones that understand your daily struggles, Women who don’t pretend that being a business owner is amazing 100% of the time….because it’s not!

Women who all have each others backs and celebrate their wins.

Being a business owner can be lonely which is why I love to attend events like these 🙂

This week I’ve been reminded of the importance of understanding the financial side of running a business.

A subject close to my heart and crucial for anyone stepping into the Lash world.

The Importance of Financial Planning

When I first start on my journey 14 years ago, there wasn’t as much help with the business side of things.

I learned many lessons the hard way, especially about finances.

One of the reasons why I’m passionate about sharing these insights with my students and anyone thinking about starting a career in the Lash Industry.

Whether you’re contemplating a shift from your current job or looking for an extra income, understanding the financial fundamentals is essential for your success.

Budgeting and Startup Costs

Starting a lash business is exciting, and thankfully, not a huge expense in comparison to setting up other businesses.

However, there are still key investments you’ll need to make:

• Training and Certification: One of the most important investments into your new career will be proper training. Good quality education not only equips you with necessary skills but also boosts your market credibility. Ensure your training is fully accredited and includes ongoing support.
• Tools and Supplies: Initial investments in high-quality tools and supplies are important. While starter kits in courses like ours provide the essentials, you’ll need to replenish and expand your kit as you grow.
• Workspace Setup: Whether you’re converting a space at home or renting a small studio or room, the environment you create will play a pivotal role in your success. A comfortable lash bed or chair, good lighting, and a welcoming atmosphere are must-haves.

Time: Your Hidden Investment

One aspect most entrepreneurs overlook is the investment of time. Setting up your business, practicing your skills, and continuing education are all time-consuming but critical for your growth.

Expected Earnings and Pricing Strategies

Your potential earnings can vary widely depending on how much you work and how effectively you market your services. Pricing your services right from the start is vital—it can truly make or break your business.

As your experience and reputation grow, so will your ability to charge higher prices and expand your service menu.

Financial Tips for Long-Term Success

• Keep Good Records: Understanding your business’s financial health starts with good record keeping. This simplifies tax preparations and helps you make informed business decisions.
• Set Financial Goals: Clear financial objectives keep you motivated and focused. Whether it’s for advanced training or workspace expansion, knowing your financial targets is crucial.
• Invest in Growth: Allocate funds for marketing and further education. Investing back into your business is essential for sustained growth and success.

The Bigger Picture

Understanding the financial intricacies of running a lash business is fundamental, but the real magic happens when you align these practicalities with your personal aspirations and talents. As you navigate this exciting industry, remember that the blend of skill, innovation, and strategic financial planning will set you apart.

In this industry, believing in yourself and your vision is just as important as any financial investment you might make. The journey might be challenging, but it is undoubtedly rewarding.

“An investment in knowledge pays the best interest.” — Benjamin Franklin

As you consider stepping into the world of lashes, remember that thorough planning and financial savvy will lay the groundwork for a rewarding career.

Here’s to making informed decisions and embarking on a journey that promises both professional growth and personal satisfaction.

Stay tuned for more insights and stories from the lash industry!

Lots of love,

Leanne