How to Open a Beauty Supply Store

Interested in how to open a beauty supply store? It may be difficult to know where to start. Opening a store of any kind can be both an exciting and a harrowing adventure. When you first consider opening a beauty supply store, you must assess the needs of the community and decide whether your business is a good fit for that area. It takes dedicated research to be successful in the beauty industry, but if you follow these steps, you will have a great head start.

Determine Your Target Audience
Who will be shopping in your beauty supply store? You should first decide whether your supply store is directed toward the beauty professional or the average consumer. If you are targeting the beauty professional, you should understand their specific needs and supply your store with those items. For the average consumer, you should consider whether the overwhelming need of your community is ethnic hair care, high-end salon products or a general beauty store with products ranging from nail polish to blow dryers. 

Find The Perfect Location
Location is one of the most important aspects for any retail store, especially beauty supply stores. The visibility of your store to potential customers will impact your financial bottom line for years to come. Find a location that is fairly popular with lots of street traffic nearby. You may consider locations near established hair or nail salons for an additional customer boost. 

Get Licensed
Before opening a beauty supply store, you will need to get a business license. Contact your local city hall for the associated fees. Fees vary on your location. Additionally, you will need to apply for your employer identification number, or EIN. The EIN is essential for any company that will sell taxable items. It is also necessary if you plan on hiring any employees to work in your beauty supply store.

Stock Your Shelves
You will need to buy from either a larger beauty supply warehouse or the product manufacturers directly. Most wholesalers require that you have an EIN before they sell to you. However, avoid buying too many products. Your initial stock is only to test the waters. You will notice that some products sell faster or more consistently than others. Take note, and invest more heavily in those products and minimize the least popular products. 

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