Over the last two blogs, we’ve been covering the top questions you should be asking yourself when you’re ready to take the leap from employee to business owner. If you missed part 1 and 2 of this series, check out those blogs here:  PART 1 and PART 2. Now we’ll wrap up the last 3 questions as we look at how to find who might be your competition and the areas you need to focus on to keep your business moving forward and how to keep business burnout at bay.

Question 7: Who is my competition in the area?

With a clear vision of what is going to make you and your services unique, you won’t necessarily be in competition with those within a 10 mile radius, however doing some research of what similar services are being offered in your area will give you an idea of what the local market is being exposed to and finding in their search for your services. Knowledge is power, so you if you can take some notes on what services these other beauty businesses are offering, at what price point, what their client experience might be like (even pop in to get a service yourself and use it as a business expense to be written off on your taxes!). This would also be an opportunity for you to be inspired by and maybe replicate the things you liked in other lash salons and things to be cautious of that you did not like as a paying customer.

Question 8: What areas do I need the most help in to set myself up for success?

We’re not born with the know how of running a business. It’s something that we must be a constant student of. You may feel like you’ve mastered one area of your business like customer service, but your business boundaries could use some serious work. You may even start off with a base knowledge of what it takes to get a business up and running, but when it comes time to expand or add on new challenges to your lash business, knowing where you can turn to learn that information is going to be huge in the long term health of your business. Some key areas you may struggle with if you’re a new business owner are: budgeting, marketing, client relations or customer service, business boundaries, accounting and taxes, expansion, legal structure and the governing laws in your city, lash mentoring and troubleshooting, as well as the logistics of how to run your business day in and day out. All of these areas will have some sort of expert or specialist available to either do the management of these topics for you or who can help you get things set up and running with a very small learning curve. Focus on the areas that are going to help you start making money first and once you feel you’ve mastered those areas, you can move onto other more complex business systems and strategies!

Question 9: How am I going to keep myself motivated and not participate in self-destructive behaviors so I don’t quit before I’ve really even begun?

It takes a village to raise a child and it takes a tribe to keep an entrepreneur from giving up and throwing in the towel every 2-3 days! I recommend finding people and means of support to keep you motivated and encouraged on the down days. Having your go-to “tribe” of resources, mentors and coaches to help guide you through the ups and downs of business ownership is essential to your sanity and forward momentum.

You’ll also need to make self-care a priority or you’ll constantly struggle with business burnout and exhaustion. We wear a lot of hats as the owner of an eyelash extension business and until we can start to delegate and outsource pieces of our business, there can be a lot riding on your shoulders on a weekly basis.

LASHPRENEUR LIGHTBULB

I highly recommend taking 1-2 days a month of self-care where you do not focus on work and focus solely on the things, hobbies, experiences and people that bring you nothing but pure joy. In order to provide the services that we do and be able to pour our self into our business, we need a means of filling up our own tanks before we hit empty!

Some suggestions of self-care might be regularly scheduled massages or spa days, monthly “Girls Night Out”, Stay-cations with your main squeeze, a book you read for enjoyment that has nothing to do with self-improvement or business advice, regular therapy, even exercising on a regular basis will help keep your mental strain at bay.

I hope after reading this series, you have a lot of great nuggets of knowledge to help get your dream of having your very own eyelash extension business up and running (Check out Part 1 and Part 2 if you haven’t yet).  If you’re just starting out or thinking about starting your own lash business, The Lashpreneur Group Coaching Program is the most affordable and jam-packed crash course into lash business ownership available. You’ll learn how to market your lash business thru social media, how to take high quality before and after photos of your work, when can you expect to start to make money, how to get the best retention for your clients, branding your eyelash extension business, member’s only resources and so much more! No experience necessary! All levels of business ownership will find value and lots of info to impact your lash business for the better.

Have a Good One,

Tara Walsh, The Lashpreneur