For almost a year now, a global pandemic has ravaged the world. Lockdowns and restrictions forced people to stay home, limiting social interactions. A few would have given thought to personal grooming at the time. As workplaces gradually begin to open up and people venture outdoors for work or safe socializing, more and more individuals will look out for personal care and grooming services. If you have had home-based business ideas for a long time, now would the perfect time to venture into it. Starting a tailoring business from home is also one of the fastest-growing home-based business ideas.
Why Start a Beauty Salon at Home
With rising social activity and awareness among people, the beauty industry in India is booming. According to the Indian Beauty & Hygiene Association (IBHA), the beauty and wellness market in India is expected to grow at a compound annual growth rate (CAGR) of about 18.40% from 2019 to 2024. The market is estimated to reach Rs. 2,463.49 billion by 2024.
The internet has cultivated curiosity for beauty regimes across the board, having reached young girls and women in towns and villages too. If you have the skills and knowledge about beauty services, there is no time like now to get a salon started. While many think that you need to invest in a separate space to start a beauty salon, the reality is that it’s simple to get it going from home as well. The trick is to know how to start a beauty salon from home.
Don’t worry, we have you covered with tips for starting a business in beauty from home!
How to Start a Beauty Salon from Home
- Get the Skills and Knowledge
Before choosing the beauty salon route from your list of home-based business ideas, ensure you have the requisite skills to begin. A beauty parlour usually offers a range of services, from haircare and skincare to grooming services like threading and waxing. Decide what services you want to provide and then ensure you can provide them. Take a beautician diploma course if need be. The funding for the course too can be made easy with a small study loan to help you get started.
- Create a Plan
Once you have the necessary skills, draft a business plan. Look at competitors in the area of your residence, compare and decide prices, and make a list of all the services you will provide. This will help you get the necessary equipment for your salon.
- Buy the Required Equipment
Unlike other businesses, like starting an online business to sell products, a service-related business like a beauty salon will require equipment. For instance, if you want to provide haircare services, you will need chairs, basins, scissors, dryers and straighteners, mirrors, etc. to do so. You will have to purchase these to start your business. In case you do not have the funds to do so, you can always resort to business equipment financing from a bank to buy assets. Another alternative may be to take out a gold loan for small business.
- Choose a Space
A beauty salon does not need a commercial space. As long as you have a secluded space in your home to accommodate the equipment and provide uninterrupted service, it will suffice. Once you have the plan for your beauty salon and the equipment needed, choose a suitable space within your home. This could be the garage, a large room in the house, or an outhouse.
- Consider Legalities
Most businesses need to be registered and have to obtain licenses to function. You could choose to register your salon as a sole proprietorship business if you intend to be the owner. Simple registration with your PAN, TAN, and Aadhar details is also sufficient. Additionally, you will also need to get a GST number. A no-objection certificate from the fire department and your resident’s association may also be necessary. Make sure you have all of these in place so that there are no complications after you start your business.
- Get Started and Spread the Word
Once you have figured out how to start a beauty salon at home, figured out finances and set up, its time to spread the word! Invest in marketing opportunities like sending out flyers to residents in your neighbourhood, social media promotions, public announcements, among other ways.
How to Finance Your Home-Based Business Idea
While starting and successfully running a beauty parlour from home may be a great idea, the initial investment is worth thinking about. As you may have already realized, a beauty salon will require you to get training, buy equipment, set up a space, pay for electricity, and spend on marketing. When compared to starting an online business, financial investment requirements for a home-based salon will be higher.
You could apply for a small business loan for initial investment. However, a business loan often requires proofs, such as business registration proof, turnover proof, bank statements, among other things. Instead, a gold loan can be an attractive option to meet your funding needs for your home-based business idea.
Apply for a Rupeek Gold Loan
Most Indian households believe in investing in gold jewellery as a form of asset. It is also a symbol of wealthy status assertion. Hence there is no dearth of this precious metal in most households. You as an entrepreneur, can use these gold ornaments as an excellent way to fund your business. Pledging gold assets can help you avail loans at reasonable interest rates to kickstart your business.
Out of the many lenders who offer gold loans in the market, Rupeek’s gold loans are hassle-free as the entire loan application process is completely online. This means you do not have to visit the branch and stand in cumbersome queues to fill out the application form. Rupeek gold loans are instant, doorstep loans in all essence where the gold evaluation and KYC process is carried out by loan officers in the safety of your house. Rupeek is hand’s down the best and crowd-favourite company to avail a gold loan because we offer an extremely basic interest rate starting at just 0.79% per month without the burden of exhaustive documentation. You only have to complete your KYC details and submit your gold assets to avail a loan. The entire process can be completed online within a few minutes. Since there is no end-use restriction, you can use the money as you please. Rupeek’s gold loan is the ideal financing option for all your home-based business ideas!