Issue link: https://www.ahpindiestylist.com/i/1483267
42 indie stylist Volume 3 Issue 2 UNDERSTANDING THE HARD PARTS It's imperative to consider whether being your own boss is really what you want. It seems a bit elementary, and you may respond, "Of course I want to be my own boss!" But your honest answer here is important because dishonesty can wreak havoc on your solo endeavor—even before you get a running start. Granted, it's easy to be excited about opening your own business, but let the excitement settle (or at least journal it, as we'll discuss later). Then, really consider what's involved in being your own boss. As a solopreneur, you're required to manage your own time, which is good because you can set your own schedule. But you will also need to create structure, and sometimes artists don't love structure. Also, as a solopreneur, you are responsible for everything (unless, of course, you delegate it), so every job is yours— including scheduling, styling, daily receipts, taxes, marketing, etc. As you make your decision about going solo, remember: Not everything about being your own boss is glamorous. WRITING IT ALL DOWN As the saying goes, "You need to believe it to achieve it." Best way? Start believing by putting all your dreams into a journal—either on paper or digitally. Gather photos, thoughts, articles— anything and everything that helps you visualize what your business will look like, what it will feel like, and what you want (and don't want) as part of your ideal solo salon. Journal all of it, and then bring your business into focus by answering questions like these: • Why do I want to open my own business? • What did I like about my past employers' businesses? What didn't I like? • What does my ideal business look like? What kind of vibe do I want? • Should I start my business at home? What does that look like? • How will opening my own business make me feel? Your journal is your dream zone, not the place for doubt, fear, or negativity. Your actual plan will come soon enough, so let this journal be a scrapbook of all the great ideas you want to remember. Just discover what going solo looks like to you and why the idea brings you joy. HOW TO GET STARTED Now that you've journaled your ideas for your business, and you're sure you want to be your own boss, it's time to consider all the logistics of your solo endeavor. This is when crunching numbers and contacting professional support become important. This is also where you pluck your dreams from your journal and make them a reality. In other words, it's go time! Write a Business Plan First, take a breath. There is no right or wrong way to write a business plan, and it's a process that's similar to the journaling you did already. Now, though, you're dealing with the logistics and the numbers— bringing your business into focus. You will establish a budget, pick a name, decide on funding, and more. Essentially, you are plotting each step in creating, funding, and managing your business. The US Small Business Association (SBA) offers examples and information on traditional business plans, as well as a lean start-up plan, which is a one-page document. For more information, visit the SBA at sba. gov/business-guide/plan-your- business/write-your-business-plan. Pick a Name Picking an identity for your business is more than just picking a name you like. A good business name reflects the identity and goals of your business. It should also be memorable, easy to spell, easy to pronounce, web- friendly, and not too similar to another business. Give Your Business Structure Another great question to ask yourself: "What type of business structure do I want?" Do you want to be a sole proprietor, a limited liability company (LLC), an S-Corp, or another type of entity? Choose your business structure carefully, as it will impact your business registration requirements, how much you pay in taxes, and your personal liability. This is where consulting with professionals is key. A business counselor, attorney, and an accountant can help you decide the benefits of each. It may be possible to change Three of every 10 beauty professionals are self-employed, women, and more diverse than owners in the overall private sector.