Experts always suggest putting your goals on paper before you actually start a business so you can keep track of your efforts and returns.
In the case of setting up a small scale makeup artist business, writing your goals simply with an estimated deadline for each will suffice. If you want to attract strategic partnerships, generate funding, and garner public exposure through marketing and media coverage, you must have a proper business plan for your makeup artist business.
Business Plan Template for Makeup Artist
This article will identify the business plan’s sample contents and guidelines for developing those contents under proper sections. So here it goes:
1. Business Description:
The business description is going to be the first element of your makeup artist business plan. It makes sense to be first because no one is going to read further if they don’t immediately get a concept of your idea. Make sure that in your business description, you include the following:
- Who are you?
- What does your business do?
- When your business will be in operation?
- Where will your business operate?
- What are your short term goals?
- What are the long term goals of the business?
- Where do you see your business for 1 year, 2 years, 3+ years from now?
Find a way to incorporate every aspect that we described, but also to do so in a way that flows well. You want to emphasize that you are a competent, reliable business owner in your plan. So, instead of saying that outright, make sure that every element of your plan is easy to read and professional.
2. Highlight Your Services
The second element of the business plan will be a summary of your services. Readers will need to know exactly what you are offering and at what price points!
Create a list of services that you will offer, and it better is to identify the pricing at the same time. Make sure that whatever you are offering is creating value for your customers. If you offer services that have many competitors, go for competitive pricing through packages and promotional offers. If you are selling a unique service, make sure you are delivering the price’s value. Think of a competitive advantage that you have and highlight it!
3. Present Market Analysis
The market analysis starts with identifying your customers’ demographics, economics overview, industry outlook, and interests and demands. For any budding business, you never want to jump right in without knowing who you’re selling to. It helps to know your demographics and demonstrate a plan of attack based on who your audience is. So, it’s natural that any potential investors reading your plan will want to know this information and analyze whether it makes sense. Here’s how to go about it:
To keep it simple, focus on the following:
- List attributes of your potential customers.
- Where will you find them?
- List of competitors.
- Strengths and weaknesses of your competitors in comparison to your services.
If you find a way to conduct the appropriate research and detail the former in your plan, you’ll show a high-level understanding of your market and how you can make money within it. That’s what the readers will want to see!
4. Sales & Marketing Strategies and Planning
You can’t have a successful business without some form of marketing. You’ll need to dream up a great plan of action before you can detail it in your report.
This section will include details on how you plan to market your business and the resources you will need to do so. Check out our detailed guide on how to market your makeup artistry business, and develop this section of your business plan accordingly.
Along with the marketing strategy, you also need to mention all the monetary and non-monetary resources required to run the sales and marketing operations. For instance, whether you will be needing a website or not, who will develop the website, who will develop the materials and contents for brochures and business cards (Do not forget to check out our guidelines and sample business cards for the makeup artist business).
5. Include People Who Will Be Working with You
The 5th section of the makeup artist business plan is to detail your staff in the report. Your plan’s readers will need to know if there are other people on your payroll, partners, etc. So, you’ll have to organize your staff information beforehand and write it down in the report. Here’s an idea of how to do this:
Make a list of people who will likely be a part of your business in one way or another. List people with their responsibilities and mention whether their role will be full time or part-time, if you will pay them, or if they will be volunteers.
6. Include the Financial Plan and Projections
The final element in the makeup artist business plan is the money section. Sure, this may seem daunting at first, but if you have a good foundation you should have no problem detailing how you plan to make money! So, in this section you’ll need to consider and document a few things:
As you have already done the costing in previous stages, this is the time to put all the financial elements in one place in proper order. Here in this section, you will list all the costs that you will incur on your makeup artistry business along with projections based on when and how you are going to spend the amounts.
You can also include a sub-section for projected earnings. This will help you identify how much you will spend initially and how much time it will return.
This part of the business plan can be lengthy, depending upon your goals. However, make sure to focus on:
- Fixed cost; that you will incur initially for one time. This includes the cost of equipment and other items that will be needed to start the operations.
- Running costs, which will be periodical, i.e., products, bills, etc.
- Marketing & Advertising Costs: Even if you have a tiny scale business, advertising and marketing are very important, and the costs depend on the intensity of your marketing campaigns.
- Other Expenses: If you are planning to hire people, include salaries and similar stuff in it.
- Revenues: Mention all the projected revenues. Just project how many services you can provide to have a fair idea.
With the above guidelines, you can develop an effective and presentable business plan for your makeup artistry business. If you are to present the business plan to investors, make sure to add rich media like images of your best work, letters of the association from your strategic partners, testimonials from people/groups where you have delivered promotional services, etc. to make your business plan more appealing and attention-grabbing.
Thanks for reading and good luck, aspiring MUAs!