What to Expect in Your First Year of Business

Five Factors To Focus on For a Successful Start

Starting your own business can be tough, and believe it or not, about 20% of small businesses fail in the first year. From overspending to not planning strategically, a lot can go wrong when you’re an entrepreneur. But for those who are willing to put in the work, the benefits far outweigh the risks. Here are a few things you can expect and what you should plan for when getting started as a new business owner. 

Understand Your Money

Know your profit and loss and make adjustments quarterly. A lot of stylists just focus on their revenue which doesn’t matter if you have high costs. A successful business is all about the margin and understanding how the incomings relate to the outgoings. 

Understand Your Customer

Take great care of your clients because referrals are the best and cheapest way to get new customers. It’s also a good idea to know which services you excel at and which ones are the most profitable. Once you have a good handle on how you can make the most money, you can start marketing those offerings as your niche. 

Understand Your Tools

There are tons of software options out there and many are incredible business tools if you know how to use them. From time management to marketing, there are so many ways to make your back-office work for you. Stay up to date with all of the features offered and check out classes and tutorials to make sure you’re making the most of your platform investment. 

Understand Your Goals

Your year one goal will most likely change quickly, so it’s smart to revisit your business plan monthly for the first year. If you’ve achieved everything you’ve dreamed of, congratulations, but don’t rest on your laurels. A successful business owner will always be looking for the next growth opportunity.

Understand Your Future

The beauty business is glamorous but it’s also demanding. Be sure to schedule time with mind, body, and spirit workers who will help you to feel great in every aspect of your life. Meet with a financial planner too because no one wants to work forever. A smart financial plan will help you to put away for the retirement of your dreams a lot sooner than you think. 

Talia Horta is the co-founder of BriAry Salon Suites, a collection of boutique luxury spaces designed specifically for beauty business owners. BriAry Salon Suites offers rentals as well as business mentoring and coaching to help stylists, aestheticians, and technicians navigate the world of entrepreneurship. www.briarysalonsuites.com