Go Girl! You are all set to launch your beauty business. However, before your leap here are a few things to consider when starting out.
Research!
First things first, you need to do your research on the industry. Will you need permits apart from the standard registration requirements? What business relationships are important in your field? For example a cosmetics manufacturer will need to have contacts within the supply chain as well as the necessary permits for bringing her products in Nigeria. It is important to have a general understanding of the industry.
Business Structure
Will you be setting up as a business name, a company or partnership? Each structure has its own peculiarities and requirements. At this point it is important to get proper legal advice on what structure suits your intended purpose. After this, the next step is registration at the Corporate Affairs Commission.
Finances
Money matters are very very very (read super) important. “Thou shalt separate all business funds from thy personal money.” This is the first commandment with a promise. Girl, you will play yourself if you and your business share the same bank account. Do your research on the banking options available. Whatever you decide, just remember to keep business funds separate from your personal money. Put yourself on a salary sis! As an entrepreneur, your blood sweat and tears go into building your business. It is very easy to forget to pay yourself once you are in the thick of things. You are the number one staff of your company. Selah
Intellectual Property
The next set of things to consider are intellectual property (IP) and documentation. Please document all your internal processes. If you are a service provider, write down your operation procedures. Keep records of your vendors, expenses, income, everything! If you are making products, document the recipes and formulas alongside the earlier mentioned items. Your logo, website domain name, brand name, product formulas etc. all form part of your IP. It is super important to ensure that this is adequately protected. To avoid stories that touch, always ensure you have full ownership of your IP. This can be achieved by signing an agreement which assigns the IP rights in the asset to you.
Network
Finally speak with other people who are already doing what you want to do. Their experiences alongside professional advice will get you started on the right foot.
Let us know in the comments some of the things you did before launching your beauty business.
