Passion, experience and preparation are a great foundation, but even with all the tools in the box, starting a business can be tough. Just like it takes grit to turn into a pearl – building an empire doesn’t happen overnight. The best news is that you’re in an industry predicted to grow by 8.3% to become worth $960 million by the year 2026.1 Take advantage and get ready to step into your power! Want to know the one essential ingredient for your success?
Planning is the key to running and growing a successful PMU business that’s able to keep up with (or surpass) the competition. Just as the old adage says, “If you fail to plan, you plan to fail.” Building and maintaining a successful business takes strategizing. Whether you’re just starting out or have been in business for yourself for a while, these steps can make the road to success a little easier to navigate.
1) Do your market research. Here are some key questions to ask yourself during the information-gathering process.
a) What should my pricing structure look like?
b) How should I brand my company? What kind of marketing and advertising should I use as a PMU entrepreneur?
c) What services and products will I offer?
d) Where will I set up my business?
e) Is there a need or desire for my services in that area?
f) Who will be my competitors, and what does their business look like?
g) How can I set myself apart from my competition?
2) Plan your resources. You are coming to the table with artistic skills and an eye for beauty. However, there are likely aspects of business that are new and challenging. No one is an island, so don’t expect to go it alone. When you’re first starting out, you may have to wear many hats. However as you grow, outsourcing business functions like growth marketing or administrative tasks gives you time back to focus on quality and client care.
3) Work on your branding. This step can be one of the most fun and creative parts. Your brand will come to represent you. While working on your branding strategy, here are some questions to ask yourself.
a) What should my logo look like? Sleek, modern or edgy?
b) In what ways should I advertise or market my business?
c) What social media platforms can I use for marketing my business?
d) Can a special in-store experience help my brand?
e) What prices should I charge for my services?
4) Make your clients #1. Your clients will always be the most crucial part of your business, because without them, you have no business. It’s all in the little details – the experience you provide during their visit, communication before and during the appointment, and aftercare follow up. The connection that your clients have with you is ultimately what drives positive word-of-mouth, reviews and loyalty.
5) Listen to feedback from your team and customers. You can learn a lot by just listening. Positive or negative, feedback is always an opportunity to learn. Pat yourself on the back for the positives and learn from the mistakes. Apply your new knowledge to better yourself and your business.
6) Keep expenses in line. It can be easy to lose track of small amounts of money that get spent here and there, especially when you’re just starting up. To prevent wasteful spending while money is tight, you’ll need to be vigilant in tracking your business expenses. Eliminate expenses that don’t add value to you, your team, or your clients. Find just one or two things that will build your business by improving the client experience or streamlining the scheduling process or boosting brand visibility.
Whether you’re just starting out or have been in business for years, these tips should help you focus or refocus your energy and efforts on the essential ingredients to being a successful PMU artist. They will serve to foster an environment that is both employee-friendly and customer-conscious. Most of all, they will give you the best chance for success doing what you love.
- M. (2021, June 14). Cosmetic Pigments Market worth $960 million by 2026 – Exclusive Report by MarketsandMarketsTM. PRNewswire. https://www.prnewswire.com/news-releases/cosmetic-pigments-market-worth-960-million-by-2026–exclusive-report-by-marketsandmarkets-301311440.html