Updated: Dec 11, 2021
As a new lash artist, this question is probably taking up space in your mind and should be paying rent, and I get it. I use to ponder over this question a lot myself before I became a lash artist. Not to worry, I'll help you figure this out! Keep reading...
There is really no "one" answer for this. Everyones idea of start up costs is different. However, the categories for setting up your budget is pretty much the same given one or two different things.
Let me break down these categories for you. When it comes to setting up your budget, you want to think of the different areas of what you'll be spending your money on. For example, such categories could be:
LASH BAR EQUIPMENT: This would consist of lash beds, lamps, trolly carts, and storage.
LASH KIT SUPPLIES: This would be a breakdown of all the items you'll use to perform your lash services. Refer back to my blog, "How To Build Your Lash Kit", I give you affordable options of quality that I'm sure you'll fall in love with and will probably become favorites and staples in your lash kit.
LASH BAR DECOR: When decorating your first lash bar with a limited budget, you should want to think rational and practical, but you can still keep it cute. This is VERY doable. Think of only the key decorating elements needed to spruce up your four white walls. Try visiting Home Goods, TJ Maxx, Marshalls, Hobby Lobby, Micheals, and Ikea. These are all budget friendly places with super cute finds. Now if you choose to shop online, be sure to read the reviews of what other customers are saying about that particular item since you're not able to touch and feel the items. A few of my fav online shops are Etsy, Wayfair, Overstock.com, and Amazon. Again, I can't stress enough to read the reviews, as most customers post real-time images of the product so you can get a better idea of the item looks in real life.
MARKETING: Just as important as the first three mentioned. As technology develops more and more everyday, there are tons of ways to promote your lash services for free and paid advertising. Again, I talk a lot about marketing options in my book The Lash Artist Guide To Success! "How To Run Your Lash Extensions Business". The chapter "Marketing" in my book breaks down the different marketing avenues you can take dependent on your budget including free marketing options. You can start your budget small just to build awareness, Then as your clientele starts to grow, you can increase your ad budget.
ADDITIONAL ESSENTIAL EXPENSES: These expenses are essential to have in order for your business to stay in business i.e., monthly business rent, accountant, lawyer, business insurance, registering your business, business license, internet services, booking platform, etc. Again, if you need full details on what you need to get started be sure to purchase my book The Lash Artist Guide To Success! "How To Run Your Lash Extensions Business". My book guides you in setting up your business to help you avoid missteps along the way.
EMERGENCY BUSINESS SAVINGS: That's right! A lot of people do not think of this when setting up their business at the very start. You never know what problems or last minute additional costs may occur during your start up process. You always want to be sure to place aside an emergency business fund. Dipping into what you've made at the end of the day too often can lead to serious financial problems down the road, not to mention bad financial habits. So, when you're deciding what your start up budget is, always include your emergency business savings. There is no "right" amount. Everyones budget is different, which means that your emergency savings will be different from other lash artists. But if I had to just throw a number out there, let's START with $1,000. For those of you that can afford to save more, please do! *Piece of advice - if you are not able to set aside $1,000 for emergency savings within your start up budget, please do not move forward with opening your business until you do. You will thank me later for this advice, trust me.
The above six categories is just a start, but, are key to setting up and getting started. Please feel free to add your own categories, but be practical. As your business grow you'll continuing adding more expenses to your monthly budget, but this was just to get you started.
Please do not feel pressured by what you see on social media of other lash artists decor and try to compete with having this grand blingy decor for your lash bar and omit the important elements. This blog is to give you what is needed to get you up going to perform your lash services without any complications financially.
Think rational and practical to start, then GROW from there! Happy lashing sis! 💎
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