You’re a great therapist. The clinic where you work is doing well and you know a large part of their success is due to you. Clients love you and are constantly hinting you should go out on your own. So why not start your own business?
Having your own business is the Kiwi thing. You will start small, work really hard and build up a clientele. It might take a couple of years but you can then add a therapist or two and before too long you’ll be holidaying in Bali while your business is giving you a great lifestyle.
Except it won’t happen like that. You’ll certainly work very hard but the money will be bad, the stress unrelenting and instead of Bali it will be bankruptcy. Because being a great therapist does not make you great at business.
To have a successful business you need to be good at business. Easy to say but what does that mean?
If you are like most people you will see a lovely clinic with great furniture, stylish uniforms and fresh cut flowers on the reception desk. These things, together with the amazing products you use and the convenience of your free carpark included in the rent, are the tangible assets. You select them when you set the business up. It takes a lot of time and money and it’s fun.
However, each day the lovely clinic, the free carpark and the amazing products cost you money and unless there are enough clients who want to buy from you it quickly stops being fun.
To be good at business you need to be able to develop your intangible assets, these are; the reason why a client will choose your business, the business culture that keeps them coming back and the systems that ensure processes are performed well every time.
An active Facebook page and social media smarts work well if you have something to say. But if all you have is how much discount you are offering this week then it won’t work well for long.
A simple test to see if you are good at business is to read the classic business book The E Myth Revisited by Michael E. Gerber. If you can read this small book to its enlightening end and still be excited about owning your own beauty business then your business will probably do well.
By reading this book and others like it you will start to understand how essential the intangible assets, especially systems, are to the success of a business but you will also be left wondering how. Knowing you need to do something doesn’t mean you know how to do it.
The next steps will be for you to learn about business through reading, studying and trying things out. It may take a few years but you can learn to be good at business.
Or you can fast-track all that by buying into a business franchise. Essentially a franchise is a complete business able to be replicated in different locations. The great advantage of a franchise is that it can be setup very quickly and comes with training, coaching and support adding to the skills you already have.
Once you understand the importance of intangible assets to your business and realise how long it takes to develop your personal business skills the value offered by a franchise is clear.
The question “can you own a beauty business” becomes harder to answer the more you learn about the challenges. To be successful you need to be good at business and it’s not enough to be just a great therapist. A franchise can fast-track you into business or you can learn the skills on your own. Whatever path you choose it will be a very interesting journey.