Starting a tanning business is an exciting adventure. You’re eager, you’ve been thinking about this a lot. You want to get going but don’t know how. Well, I’m here to explain what you need to do.
Write a Business Plan
The first step on the road to having your own tanning business, is writing a business plan. You can’t get to where you want to go unless you know how to get there. Your business plan maps out everything you have to do to successfully manage and grow a business. Writing a business plan will help you think more clearly about the obstacles that face you and what you need to do to succeed.
Through the business plan, you will gain an understanding of the overall industry, the regulatory environment, the invested capital you need, franchise opportunities, the equipment you need to buy, the best ways to reach your potential customers, licensing requirements, as well as many other useful things.
A business plan is vital for your chances of getting financing from a bank or bringing in a partner. It is a demonstration of your commitment to do the work necessary to succeed, as well as your collected evidence for why you think you will succeed.
You can get more information about how to write a business plan from the Small Business Administration.
Choose a Business Structure
There are five different types of business structures to choose from. Each business structure has different tax and regulatory implications which you should think about in consultation with an attorney or accountant. After deciding on your business structure, you will have to get your business.
If you plan on building your own franchise, a sole proprietorship is the worst option you can choose. Choosing a limited liability company (LLC) makes more sense here, or perhaps even a general partnership. An LLC shields your personal assets from any liabilities you may incur while running your business. They are simple, flexible business structures that have very light regulatory requirements.
Choose a business structure that protects your personal assets;allows you to add partners or other owners as you grow; is tax efficient; and that meets your long-term requirements. A LLC can be converted to a C Corporation if you ever go public, and it can be treated as an S Corporation in terms of taxes.
You should consult and study successful tanning salons, such as Solarium Tanning, and organisations like the Small Business Administration. The Small Business Administration has a lot of fantastic resources to help you start your business. This process will help you enrich your ideas and zero in on the most important things you need to do.
Pick a Name and Logo
A good business name is simple, easy to remember and expresses your values. AT the same time, it’s important to not get caught up in the name. You can always change it. What you want to do is pick a name that’s “good enough”. In the end, a great business makes a name great.
The same principle applies for your logo. Logos can be changed. WHat counts is your value proposition. Get a good enough name and focus on the stuff that really matters.