In this blog, we will talk about starting a styling business and how to invest your money wisely. Starting a business can be exciting, but being smart about investing your money is essential. I’ll be sharing my investment strategy if I were starting my business today.
First and foremost, it’s essential to understand that it takes money to make money. If you’re trying to make a business spend zero money, I’m sorry to say that’s not how the company works. Investing in yourself and your business will bring something back in return, whether it’s a direct return on your investment or education that you can use throughout your career.
Now, let’s talk about what to invest your money in and, more importantly, what not to invest your money in. One mistake I see many people make when starting their style-based businesses is investing their money in all the wrong things. Things that can come way later, like a website, hiring someone to manage their social media, or spending a lot of money on a brand photo shoot. These things are essential but not the priority when starting your business.
The first thing I would invest in is training, whether a course or a seminar, that will teach me everything I need to know to get started. When I decided to become a stylist, the first thing I invested my money in was a course to teach me how to be a stylist. When I decided that I wanted to have an online system to teach people how to dress themselves, the first thing that I did was invest in Amy Porterfield’s program to learn how to build an online course.
Investing in education will cut you to the front of the line and give you something to refer back to throughout your career. The cost of a course or seminar might seem high, but it’s worth it in the long run. Most online programs offer payment plans, so you don’t have to simultaneously put the entire investment up.
A coach is the second thing I would invest in if I were starting over. It took me a couple of years to figure it out on my own before I decided to invest in a business coach. It was pretty pricey, but I wish I had done it sooner. A coach can give you personalized feedback and coaching that will help you accelerate your business. Working with a coach helped me move up faster, and I was able to generate more revenue.
The third thing I would invest is the bare minimum amount of equipment I need to run my business. As a personal stylist, you’ll need a clothing rack, hangers, a steamer, and essential things to do your job. Make sure you have a computer, phone, and internet connection. Don’t waste your early investment in your business on unnecessary things like office furniture, art for the walls, and fancy equipment. These things are just too distracting and a waste of money.
Lastly, invest in marketing. Getting the word out about your business is crucial for generating revenue. You can start small, like creating a website or social media accounts. But don’t be afraid to spend a little money on ads or collaborating with influencers to get your name out there.
Starting a business requires some investment. But it’s essential to be smart about how you invest your money. Don’t invest your money in unnecessary things. Instead, invest in education, coaching, minimal equipment, and marketing. By investing wisely, you’ll be able to accelerate your business and generate more revenue.