It doesn't cost a lot to start a personal styling business, in fact, you can do it practically for free. But if you're wanting to build it into a successful operation that provides you with a livable income then you're going to need to invest more than just your time and energy. The good news is that you don't have to pour your life savings into it, and you don't have to have thousands of dollars either, it's all about investing in the right things that will help your business grow. If you're ready to take your personal styling business from side hustle to 6-figures, then here are the investments you'll want to make.
Education and Training - Now I know you're probably thinking "of course she's going to recommend education and training, that's her business!", but hear me out before you start scrolling or close the page. It is absolutely true that you could start a basic personal styling business without any formal training, and you can google much of what you need to know, but investing in your education and training is going to save you so much time and you'll also get a better quality of education so you know you'll have the right skills and knowledge to make your business a success. The training you need isn't just about being a stylist either! When you have your own business you'll need to be the CEO. You'll need to know how to run that business, and market it like a pro, so some business training is a must.
Website - A website is the biggest marketing tool for your business, and it's also where your clients will book appointments and pay you, so it's essential to spend some money on creating a site that is visually appealing, optimized for search engines, and it makes it easy for potential clients to find you and book appointments with you. You don't have to spend thousands on hiring a website designer as there are many hosts that provide easy-to-use templates where you can create your own and add all the necessary apps for payments, but this still requires some financial investment. You'll also want to make sure that you have a custom domain name for your website and a custom email address to make things more professional.
CRM System - CRM stands for customer retention and management. A CRM system is a must-have for all businesses. This system will allow you to manage all your client details, generate leads, build a subscriber list, and market your business directly to potential clients with automated emails and newsletters. A CRM system will allow you to build your business even when you sleep, so it's definitely worth the investment. The prices vary for these systems depending on how big your email list is and how often you email, but you can find some basic options for about $15 per month. Check with your website host to see if they offer this additional service or there are other providers like Mailchimp that offer these complete systems.
Accounting Software - Unless you have an accountant in the family, then you'll need to make sure you keep accurate financial records for your business and it's so much easier to do with accounting software such as QuickBooks. You'll be able to track your income and expenditure easily, generate and track invoices, identify business expense deductions, and make sure that everything is in order for tax time.
Coaching/mentoring - Investing in a business coach or mentor can be a game-changer when it comes to building and maintaining a successful business. There are many different coaches out there, some focus on helping you navigate the business world, and create a business strategy, while others focus on support and accountability. The key to choosing the right coach is to identify what your needs are and find someone who can help you achieve your goals. It's also important to find one that you really feel a connection with and that has an approach that you are comfortable with.
If you're ready to take your personal styling business to the next level in 2022, then it's time to start investing in it. And, don't forget, your investment will be tax-deductable so you've got nothing to lose. 🤗
PS. Want to know more about our training programs and resources for personal stylists? Then click here!