Posted on: 13 March 2020
The cosmetic industry is thriving countrywide. It generates millions of dollars, not just for the investors but also for the government in the form of taxes. Because of this, it attracts many investors, meaning that competition is quite stiff. For a new startup, out of the ordinary strategies, handwork and industry knowledge are critical in not only surviving but also becoming a recognized name in the beauty industry. Here are enlightening things that will help you start right as a beauty supplier.
Get the Required Permits
After identifying the shop location, it's crucial that you get the necessary permits and registration documents. Do you wish to register as a sole proprietor, a partnership or a company? When operating as a sole trader, register the business name with the Australian Securities and Investments Commission. This is after getting the Australian Business Number and Tax File Number. It is always advisable to get a trademark for the business name and logo. Check also the specific state requirements that you need to comply to before opening the shop.
Get to Know Your Suppliers and Products
Beauty suppliers are the lifeline of your business. It is essential to know where to find them and the cost of supplying the products, including transportation to your beauty shop. It is crucial to have a general knowledge of the products you intend to stock, but most of the suppliers will guide you along the way. Note that this is a very dynamic industry; therefore, be up to date with the market trends.
Some beauty suppliers stock specific beauty items. For instance, waxing supplies might only be sourced from suppliers dealing with hair removal products.
It is also crucial to know the regulations put in place by the government and which beauty chemicals have restricted or conditional use. The Standard for the Uniform Scheduling of Medicines and Poisons (SUSMP) gives a comprehensive view of restricted or prohibited chemicals in Australia.
Understand Your Market Needs
Opening a beauty shop blindly may not be as rewarding as taking time to study the market needs and then acting accordingly. Talking to current shop owners can be helpful. Some may be willing to guide you in making the right decisions. Additionally, you will be better equipped to handle customer needs. More to this, you are assured of building lasting relationships with the clientele as they view you as knowledgeable, helpful and dependable. Also, the chances of maximising profits are higher because you only stock what customers need—dead stock is minimimal.Share