So you’re thinking of opening a lash studio. How exciting!! Owning your own studio can be such a rewarding experience. Don’t get me wrong, it won’t be easy, but if you get all your ducks in a row and make good choices from the start, you can enjoy a very fulfilling and profitable career as a studio owner.
Here are a few things to consider before taking the leap:
Location, location, location!
Choosing the perfect space for your needs is very important. You want to find the right place, in the right location, that’s the right size, with the right budget.
→ Location: Even though you may not accept walk-ins, your studio will do better if it is in a high-traffic area so people can see you. It’s also key to have a space that is easy to find, in a good neighbourhood, and has plenty of parking.
→ Size: Don’t pay for more than you need. Wasted space equals wasted money. You can create a beautiful, comfortable space for your staff and clients with minimal square footage.
→ Budget: In an ideal world, you’ll be able to pay the overhead expenses by yourself. If you can earn enough money from your own clientele to cover the business bills - the revenue from the staff you hire is just extra profit. Choosing a space you can afford on your own (at least for your first location while you’re learning the ropes of business management)will help reduce financial stress when staff turnovers occur.
What Skills and Qualifications Should A Lash Studio Owner Have?
Aside from meeting the requirements of your local state or provincial boards regarding cosmetology or esthetics licenses, a lash studio owner needs to have a level of technical proficiency that will enable them to lead their employees and evaluate the quality of their work.
Previous management experience would be a great asset. If you have never managed a team before you could read some books that may help you learn management strategies for your business.
As the lash studio owner, you must have an understanding of employment regulations and local tax laws.
Will Your Eyelash Studio Be Profitable?
Eyelash studios can be very profitable if elements like price, location, and marketing are implemented into your business plan. You won't see a massive revenue stream overnight. These things take time to establish. To be successful and profitable in the lash industry, you will need patience, persistence, determination, and the ability to provide amazing customer service to your clients.
Keeping Up With The Competition.
Don’t keep up with the competition - be different. You need to stand out in your market. Doing what the other studios are doing is the best way to disappear in the crowd. Understand what makes you unique and highlight it in your services, your studio decor, your marketing and social media.
It’s also good to create a SWOT analysis, and keep it up to date. By knowing your studio's Strengths, Weaknesses, Opportunities, and Threats, you will more clearly understand the trajectory of your lash business.
→ Strengths are the things that make your lash business stand out from the crowd, something that you do better than other studios.
→ Weaknesses are areas for improvement, recognizing what a competitor may be doing better than you.
→ Opportunities are potential goals or outcomes that you would like to see for your business.
→ Threats are plausible problems that could get in the way of your success.
And lastly, keep up to date with current trends, industry news, standards, and products to keep your lash business ahead of the competition.
“So many times people are afraid of competition, when it should bring out the best in us. We all have talents and abilities, so why be intimidated by other people’s skills?” — Lou Holtz
How To Create More Profits.
If you are looking to generate more profits for your lash business, the first step is to upscale your lash skills. Being a well-educated artist is essential to providing the highest level of service and creating a reason for clients to keep coming back. Stay up to date with the latest trends in lash design. High-caliber services justify higher prices.
Educate your clients on what kind of aftercare products they need to be using, and create extra revenue by providing those products for purchase.
Keep track of your expenses and look for ways to reduce your costs (without affecting the integrity of your services).
Calculating Lash Prices.
Correctly pricing your services is one of the most challenging components of running a successful business. When deciding on value, do not simply look to other Lash Artists for pricing, as they may have different business costs than you do. Knowing what other lash artists charge is helpful, as you don’t want to be drastically over or undercharging, but keep in mind that your business is unique to you. Know that overhead costs, labour, materials, insurance, and even your education play a part in calculating what costs you as a Lash Artist incurs in running a business. Remember, you need to pay yourself for making others look and feel fabulous.
→ calculate your costs
→ assess local lash rates
→ come up with a reasonable profit margin
→ create a pricing structure
Starting your business with a pricing strategy from the beginning will help you to grow a rewarding and profitable business.
Acquiring Studio Staff.
It’s essential to understand the differences between independent contractors, booth renters, and employees. Misclassification of staff can have heavy consequences for a studio owner. Be sure you know all of your local labour laws before hiring staff. For example, in some states, studios are required by law to classify all staff as ‘employees’. In some provinces and states, it is illegal to pay staff commission only. It is your responsibility to ensure you are operating within your local employment guidelines. Check out our previous blog, where we thoroughly highlight the different classification options for lash studio staff.
Another thing to consider when hiring staff is your studio culture. Creating a culture with your team is a great way to ensure staff loyalty because they feel at home when they are at work. Hire for talent and culture. One unfit employee can ruin the entire work atmosphere. Make sure every team member shares the same values and integrity.
There are many things to consider and decide before opening a lash studio. Let me leave you with one last comment . . . lash studios are a great business for an experienced, well-educated lash professional who is passionate about the industry, committed to providing an amazing customer experience, has exceptional team-building and management skills, and is dedicated to making it work no matter what is thrown their way.
Disclaimer: This blog is intended for informational purposes and is not intended to replace formal business advice, financial advice, government regulations, or any other form of legal advice.
Comments