Where do I begin with my beauty startup? How do I find a good team to get me going?
I'm working on a beauty startup and seeking advice to get my engine going. I want to be sure I'm headed int he right direction.
I didn't know this question would come with so many answers. :)
So, the startup consists of education and beauty, I have a partner who has an MBA and a small following. Someone to help with visuals and that's it.
This is not a beauty salon. More so dealing with a virtual capacity...
When I google titles(CEO etc...) or who I need for a team, I struggle on finding to best. Also, not too sure if I should move forward without them at the moment.
Oh and if I were to get the business name officially, would it be best to do an LLC or corporation? I've read so much and just get confused as tech is an interest for me, but not my specialty. I'm a cosmetologist and a member of the DLA - Digital Life Academy (google it). So I know a little something something. :)
Anyone have a short list of core people I'll need in my early stages?
What questions should I ask myself when doing the business plan?
Comments about making a list about my strengths and weaknesses towards this goal is a good idea.
First of all, congratulations on starting-up! It's very exciting, and I agree that all the available information can be very confusing without someone to help sort it out and guide you through.
I am assuming that you have already validated that there's interest in and willingness on the part of the customers to pay for the product you are creating.
First, if you haven't, I recommend some market research and planning (find out who your competitors are, how much they charge, how they get the word out/market/sell/find customers, define how your products/offerings are better, etc.) This will really help you with the direction of your product as well as your marketing, positioning, and messaging.
My recommendation is also not to worry about titles yet, but think about what jobs/titles you will need in order to get your venture off the ground. The titles will become obvious. There are many aspects of the business you need to think about but I'll list a few high-level items I recommend you think about before you hire a lawyer or marketing consultants. Without knowing a few more details about your business, I can only give you general items.
Think about and write down all the details for:
1. The product (the beauty education product you will be producing). This is one of the most important things you need to think about.
- What do you need to get your product created? Camera? Studio? Costume? Make-up?
- Who is your target market? Who is your customer?
- Who will do what in order to get your product created? Are you the talent? Writer? Cameraman? Post-production editor?
- Once you list all the tasks involved in producing your product and who will do each task, try to estimate the time required to do each and every task, and the total time to produce each product.
- Estimating costs. Will it cost you money to produce? How about to distribute? Hosting costs? Production costs? Will you be hiring on-camera talent? How much and when will you have to pay?
- Who is the best person out of the current team suited to be ultimately responsible for the direction and strategy of the product? While everyone may provide input into the product, the team will be more successful if you assign one person to be accountable, or act as the project manager and make sure things are getting done.
2. Marketing and selling your product. This includes: your website, your business cards, etc. Will you be blogging? Who will blog? Will you be advertising? Will there be travel associated? Will anyone be directly talking to customers? Who will support customers? Try to estimate costs associated with all these things, as best you can, based on the information you have at this time. Who is most suited to be responsible for marketing or sales? Again, while you may want to make sure that the founding team has input, you want to make sure that you assign one person to be responsible for monitoring this.
3. Finances. Who will keep track of your finances? It doesn't have to be complicated, just make sure someone is keeping track of expenses. When you open a business account at a bank, who will be authorized to sign checks to pay vendors? Who's authorized to make deposits?
4. Finally, are you all splitting equity evenly? Are you planning on raising capital? Are you going to hire many employees or issue stocks? Are you going to look for VC money? If you are, it is often recommended that you file as a Delaware corporation, and issue stocks, etc. But keep in mind that it comes with its own complex rules and document/filing requirements. Also, know that you can always convert your business entity later on if the nature of your business changes.
With my clients, whether they are working on a new product or trying to innovate on an existing product, I walk them through a process I've developed that guides and takes them from the idea stage, through finding their market fit, development, and ultimately launch. I highly recommend hiring someone like me or a business coach, who can start you going in the right direction.
First of all you should expand a little bit more in your business explaining with more details where are you, your market etc? then I think i might be able to give you a worthy reply.
Too vague. Suggest Business Startup audiobook on audible.com which covers the nitty gritty and Innovation & Entrepreneurship by Peter Drucker. Simply Magazine has his HBR abbreviated article in audiobook form (condensed by him) on audible.com too. This is the best book on the subject. Listening is cheaper than hitting every pothole yourself.
Make a very thorough list of every expense you will incurr before you open. Also create a Cash Flow/Budget for the first 12 months. This will take some time. It needs to be as close to reality as possible. The Cash Flow is a forecast of your checkbook. Before you open, connect with an accountant who works with small businesses.
Build a small team of specialists. You needn't be good at everything. Delegate and let people take ownership and make them accountable for the portions that they own.
Have a good vision on how you are going to build customer loyalty. If you are a local business, you will want your customers to keep coming back to you. We are building a mobile app for a saloon that helps in managing their clients as well as send notifications for new offers, greet them on holidays and special occasions, send them discount coupons for loyalty, build a customer referral program within it, the options are endless. Thanks - Chacko
long before you ahve the tean you should have the information and research
what part of the beauty industry
we have a free financial planner at enetrprisesa.com to see different scenarios on how much you need to charge
how are you going to pay for the team?
what is your contribution?
Ideas are not business, have you worked in the industry?
whats the competiton doing?
are you going it alone or working with a franchise?
there are hundreds of questions you need to answer to begine
Hope it's not too late for my comments as I have just joined this social site.
Probably I am qualified to share some insights. I have a good knowledge of everything except beauty but I found a B2C online beauty site for China market. the site aims to be one stop solution platform for unknown beauty brands penetrating into China market. we are in phase 2 and moving into phase 3 to complete the fulfillment of aforesaid mission. Glad to share if you are interested.
Before starting anything I always prefer people to go and have some experience of the field first. If you are looking to launch something unique in the beauty industry then you're most likely going to a team of people who can help you spread the message across the globe or in your target market. Plan all the budget and human resource separately and start looking for people with different expertise, for a startup I always suggest a team of people with fresh ideas and good energy level, you can contact the friends in your circle to get some info about the right person for the right job. You can also post Ads on linkedin or freelancing website to meet new people in your relevant fields as well.
Others have answered the question if you are opening a hair salon. I started and sold a cosmetic brand for over a million dollars so I can help you there. For your "team" you may mean the subcontractor manufacturer. If so, go with the best. You will pay more but the quality will be worth it and it will spur repeat customers. Another vital part of your team will be your sales reps. I hired the top rep agencies in my marketplace who had established relationships with store buyers. Please tell us more so we can all give you more specific help. Good luck.
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