Issue link: https://www.ahpindiestylist.com/i/1343227
associated-professionals.com 25 TO OWN OR NOT TO OWN So many beauty pros are incredible employees and team members. We wouldn't trade our boss or where we work for the world. But some of us have the desire and the dream to someday go out on our own and be a business owner. As you build your clientele and gain knowledge and experience, you may begin pondering whether being a business owner is for you. You might ask yourself: • Will it cost too much money? • Would I be a good boss? • How will I get employees? • What if employees leave? • Will I be a good trainer? • How will I cover payroll costs? Before you allow reluctance to rule out the possibility of business ownership, let's discuss what ownership could mean for you. You Are Truly Your Own Boss With independence comes great responsibility; however, you are living in a time where there is more support for entrepreneurs than ever before. To get started, find a trusted advisor to support you in establishing your business. Then, obtain your professional and business licenses (each state is different). Finally, you will need start-up funds to pay for licensing, insurances, rent (if applicable), and supplies. Depending on your specialty, opening a beauty business may not require a large business loan. A little discipline and savings to buy product, equipment, and décor to get you started is all you need. Then you can begin planning for your grand opening! You Keep Your Revenue Keeping the revenue from your services is one of the most exciting parts of being your own boss. However, as a boss, you have more to think about than just money earned. While it's important to set goals and track your revenue, you must also track your expenses, such as: • Rent • Service and retail product • Salon/business software (website, point-of-sale, scheduling, inventory tracking, etc.) • Marketing (stationary, advertising, loyalty programs, social platforms, etc.) • Taxes As a solopreneur, your expenses will be much less than if you owned a salon with employees, but you still need to track expenses with great discipline. Once your business has been open for six months, you'll be able to gauge your income and expenses, and you'll also be able to see where you are, where you're going, and where you want to be. Do your research and see the options that are available to you in this area of suite ownership. There are many that you can choose from and a simple internet search will show you all of the suite concept businesses in your area of interest—and all of the amenities you get when you put down a deposit, sign a lease, and begin to market your business. You deserve it! Becoming an entrepreneur in the beauty and wellness industry has never been easier. Embrace your burning desire to make this year the year you commit to rewarding yourself with the prosperous life you deserve! Member Benefits for Solo Business Owners ASCP, AHP, and ANP membership includes several benefits and discounts to help you build a successful solo biz!