Deciding to work for yourself requires quite the leap of faith. I have networked with many beauty supply store owners and have learned (and am currently learning) what it takes to open up a beauty supply store (In the midst of a pandemic no less). Read on to see how to open up a store of your own, and the first steps I took to open my store.
1. Where do I start?
There are so many informational resources out there that are free! Whether it is opening up a beauty supply store of your own, or just going into business for yourself- the information is out there. I have not paid for leads, vendors, or lawyers when getting all of my proper documentation in order. The resources I used were Google, Facebook, and Youtube.
2. Brainstorm a name for your business and get it registered with your state.
3. Write a business plan. Sometimes people think this is optional, and in reality it could be - but this defines so much towards your business in terms of seeing the financial projections of your business, market research, and so much more. If you are going to be requesting funding from different lenders, getting a business plan in order is a must.
4. How will you format your business? You have options! You can form as a Limited Liability Company (LLC), a Corporation (Inc), or a Doing Business as (DBA).
5. What legal paperwork is needed?
If you want to be a legitimate business, you will have to get your paperwork in order to reflect as such. Here is a direct link from the IRS themselves that can help guide you.