5 Important Things You Need to Know Before Starting a Waxing Business
Starting a waxing business is an exciting endeavor. Research studies show that the industry will continue to experience market share growth.
Therefore, the demand for professional hair removal services will also increase.
Two factors continue driving the market – men have started waxing in greater numbers, and more women have disposable income to afford it as a luxury.
Thus, entrepreneurs with an affinity for delivering beauty and esthetician services can thrive in this industry and capitalize on the opportunities.
Like starting any other business, wax professionals must know several important things before launching their ventures.
For example, the beauty industry has several regulations that protect professionals and clients. Therefore, waxers must obtain a waxing, cosmetology, or esthetician license.
Licensing involves satisfying a certain number of course hours and passing tests. Then, professionals must renew the licenses according to their state’s regulations.
Nonetheless, starting a hair removal business can net owners $50,000 annually in profit, and professional waxers can earn $30 hourly on average.
Let’s look at five important things you need to know before starting a waxing business.
Government regulations top the list of things entrepreneurial waxers must know before launching their ventures.
The hair removal industry falls under the purview of the board of cosmetology in most states. However, the state health departments also have some oversight.
Nail, hair, beauty, and esthetician salons must keep their businesses sanitary. In addition, professionals must understand health and safety protocols in case they pierce a client’s skin, or one passes an infection to another.
Therefore, waxers must satisfy licensing and health safety regulations by taking courses and passing tests. The good news is that the courses cover essential industry information, such as sanitation protocols.
Most state regulations differ from each other. Thus, waxers should visit their state’s cosmetology website for the most current information.
Then, become familiar with potential business audits the department might conduct to keep the business open.
In addition to government regulations that apply to the waxing industry, entrepreneurs must also satisfy business regulations.
For example, you must also procure a general business license and zoning approval to operate a salon that offers the service.
Therefore, take a look at general business government regulations.
Next, explore the startup costs associated with starting a waxing business.
In addition to paying for the occupational licenses and certificates, entrepreneurial waxers face other startup costs, such as:
- Operations software
The startup costs for a hair removal business range between $40,000 to $80,000. It’s possible to bootstrap several of the initial costs to keep them low.
For example, entrepreneurs can scale their supply purchases with their client list and appointments – as both increase, you’ll have the money to spend on more supplies.
Plus, social media marketing makes promoting the venture affordable in the early stages.
Professional waxers must purchase insurance to protect themselves, their business, and their income.
Start by purchasing general liability insurance. Then, pick up a professional liability policy. Waxers who will service clients at a salon benefit from investing in commercial liability insurance.
Professionals who plan to run a mobile business will require commercial auto policies.
Insurance can feel like an unnecessary expense. However, it’s a protective safety net in case the worst occurs.
For example, you might apply overly hot wax and hurt the client, or the client might trip on your property and injure themselves through no fault of your own.
Nonetheless, the scenarios can develop into costly lawsuits that eat your profit without insurance protection.
The beauty industry has remained resilient despite economic depressions, shutdowns, and inflation.
Now that males have developed an affinity for hair removal and grooming, the hair removal market has received a boost.
In addition, professional women with disposable income have added to market demand.
However, economic conditions can impact market trends. Therefore, entrepreneurs should remain aware of shifting directions.
Then, you’ll have the opportunity to prepare for slowdowns and capitalize on opportunities.
The outlook of the industry remains positive. It’s a good time to establish a loyal customer base and nurture hot leads.
Mobile vs. Storefront
Lastly, the food truck craze paved the way for other industries to gain clients by offering mobile services.
Mobile car detailers, barbers, and makeup artists thrive by meeting clients at their offices, homes, and on-site locations.
Waxers can enjoy the same benefits.
Having clients visit you at your storefront still offers several advantages. However, leasing a salon has costs. Therefore, weigh your options and consider which service delivery type can benefit your bottom line the most revenue.
By knowing the most important things we have outlined, professional waxers can start their businesses on the right foot. Entrepreneurs face roadblocks on the way to profit. However, our article has prepared you for them.