3 Secret Ingredients to Nailing It in The Beauty Industry

Retrenched from her job in the financial services industry, Monica saw retrenchment not as the end of her career, but rather the beginning of a new one. It’s this philosophy that helped her achieve her dream of opening her own beauty salon.

Monica explains her reasons for buying into a franchise, rather than starting her own business in the beauty industry: “You’re buying into an existing, well-known brand with a support structure, established methods and business practices”, Monica explains – boxes that needed to be ticked for her after she decided to take the plunge and leave the security of her corporate job.

1. Surround yourself with ‘sisterly’ support, “Being part of a franchise of predominantly female owners has allowed us to create our own ‘sisterhood’. We’re a group of strong, dynamic women passionate about our brand. We have created a close-knit family that I know I can call on for anything; we are able to share our experiences with and encourage each other to grow.”
2. Empower your employees. “As a female beauty salon owner and entrepreneur, I love spotting potential talent and nurturing women to grow and follow their dreams. It is the responsibility of the business to assist in creating opportunities for those that show potential.”
3. Invest in education. “For my first two staff members who attended beauty school, I contributed half the tuition; the balance loaned by the business and repaid over six months. Personal contribution is important as it gives a sense of ownership, pride and achievement.”

Monica’s advice to future franchisees is to do proper homework and to follow their passion. Make every effort to find the ideal location for your business.  Above all though, surround yourself with people who share your vision and are willing to work together to help everyone achieve and have fun. 

Miway's Business Insurance team is serious about providing tailored business insurance solutions and providing operational assistance to all franchise and business owners. Whatever your business, Miway will take care of it!