The Makeup Studio & Beauty Lounge, owned by Kim Porter, located in Virginia Beach, VA.
How do you know when it’s time to hire a team, open a studio or start selling products?
How do you know when it’s time to start selling products?
I’m a huge proponent of selling products at any stage of your business as this is how you start to create multiple income streams and long-term clients. There are so many ways you can sell products in your business like network marketing, wholesale products or private label… but have something to sell them!
I created my Kim Porter Beauty line after teaching makeup lessons and knowing that clients were going to makeup stores feeling confused and overwhelmed and I was basically giving more income to those stores instead of keeping it in my business. My makeup line accounts for about 15% of my annual income, it’s not a huge amount but it adds to my income and I have clients for life!
How do you know when it’s time to hire a team?
When you’ve got more inquiries than you can handle! When you’ve got systems in place, your business is well-organized and you can handle booking and dealing with many clients at a time. If being organized with scheduling and invoicing is not your thing you may want to wait until you can hire an assistant or virtual assistant that can handle those things for you before hiring a team. A lot of makeup artists and beauty professionals that work on a team are freelance independent contractors and receive a percentage of each client or job.
How do you know when it’s time to open a studio or take on your own space?
Most makeup artists start by going on-location or having their clients come to their home. I had my bridal clients come to my home for years before I ever considered getting my own space. It wasn’t until I was booking 30 weddings a year that I got tired of cleaning up my house with 2 kids and 2 dogs!
My first space was 100 sq. ft. room, I went to drop off business cards at a photographers new space and was offered a room to rent. I was booking 50 weddings a year by the time I moved into my own 650 sq. ft. space. If you are a makeup artist most likely weddings aren’t going to afford you a space of your own unless you are offering other services like special event makeup, lessons and classes. If you can, add services like skin care and airbrush tanning, the more services you have will help keep you with a steady stream of income during the slower seasons.
A good rule of thumb is keeping your rent, utilities, and insurance about 1/3 of your annual income. I recommend renting a booth, a corner in a photography studio or small room to find out if having a space of your own is really something you want. You may find the responsibility of having your own space, the cost and upkeep may not be worth it for you and your business!
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xo,
Kim