Did you know that the beauty industry is thousands of years old? Thousands of years before the common era, the Ancient Egyptians used kohl to get the telltale dramatic look that exaggerates the eyelashes and has a majestic vibe. Thousands of years later, and the global beauty industry is valued at nearly half a trillion dollars. With as long as beauty products have been around, it’s an industry that you can count on to still be booming long after everyone living today is long gone. That means you have a very real opportunity to launch a startup that outlives you.
It can be difficult to find the capital you need to launch your beauty business, but very few things that are worthwhile are easy. Even if you have to start small, your goal should be to start somewhere. Continue reading to get some tips that will help you finance your beauty business and build a brand that will last several lifetimes.
Get a bridge loan.
When you have a low credit score and little starting capital to work with, trying to procure a loan can be like trying to pull shark teeth. However, if you’re sure you have a business idea that can flourish, you should place a bet on yourself.
One of the loan options for people with poor credit is bridge loans. Bridge loans are short-term loans that act as a bridge between the time you get the loan and the time you get some expected income.
For instance, let’s say you’re a homeowner and you used your current home to secure a home equity loan, and you’re waiting on the loan process to complete so you can get your funds. One of the problems with traditional loans is that when you need money for a business, it can take a long time to get approved for the loan, and then it could still take a while for you to have access to the funds. However, the typical bridge loan lender moves much faster than traditional lenders, making a bridge loan a far more convenient option.
Try to get some investors.
Venture capitalists are always only the lookout for up-and-coming small businesses in which to invest. If you can show that your company has a track record of being profitable and is showing steady revenue growth, you can bet that there will be some investors who will want a piece of the pie as well.
Expanding your business often means adding new products and services and enhancing your business operations. When you procure investors for your expansion, the first thing you should invest in is a robust analytics infrastructure.
Companies that use big data and retail analytics to get insights into customer behavior and demand flourish. With tools like predictive analytics, artificial intelligence, automation, and machine learning, you can grow your brand the smart way and gain a competitive advantage over the rest of the market. Analytics platforms like the one Enhanced Retail Solutions offers can revolutionize your business and help you to attract more buyers and sell more lashes than you’d ever imagined.
If you want to find the top rated retail analytics software, the best thing to do is read through online product reviews. You can find reviews on sites like Yelp and even on social media. It’s important to do your due diligence before investing in business analytics or business intelligence tools because you must make sure you get a good return on your investment.
Every small business owner wants to grow their brand and their bottom line, and sometimes you need the help of an investor to make those changes happen. If you’ve got a thriving business and a winning business model, you won’t have much trouble finding investors for your beauty company.
If you’re a homeowner, downsize.
Sometimes starting your own business means you have to make big sacrifices. If you’re a homeowner and you have more space in your home than you actually need, you should consider putting your home up for sale.
Sometimes, the thing that separates business moguls from other business owners is their willingness to bet on themselves. Selling your current home and moving into a smaller place might not be the ideal solution, but when you have a big vision, sometimes you have to make big sacrifices.
Get help from family and friends.
When you need money to launch your business or for operations, sometimes the best people to turn to are the ones who know you the best—your friends and family. You can even offer them equity in your company for their investment.
If you only need a small amount of money to restock your shelves with the best magnetic lashes and liquid eyeliner, you might be able to get the money you need from your loved ones. Beginners often have trouble getting their businesses off the ground, and it’s often the people who love them most who come to their rescue. If you’re lucky enough to have supportive people in your corner, don’t let that resource go untapped.
Launching your own beauty business is a great way to make a lot of money doing something you love to do. If having enough capital is what’s holding you back, it’s time to start checking out your options to get the funding you need.