After years of working for someone else I finally decided to take a leap of faith, utilize my MBA, and work for myself. During my immense exhausting research for an idea with a competitive edge, I realized how exhausted I was and wished someone could drive to me instead & give me a massage. So I decided that if I am thinking of it, obviously so is the population of 61,000 in Rockville. What can I say, I guess narcissism & self-absorption breaks all practical reasoning. Hence I decided that a Mobile Spa is exactly what this city needs & dove into in to it head on. As in quit my job, pour my soul, ready to eat out of can food type of diving in. I mean, what can be better than someone coming to your home: doing massages and facials and mani-pedi and not even have to find a babysitting. Turns out: A LOT OF THINGS!!!
Then I decided to utilize my Marketing & Event Management background to create events for birthday, bridal shower, children's parties, etc with the Spa settings and came up with TCBeauty Mobile Spa & Events. Despite my impulsiveness, somehow everything fell into place. I found amazing estheticians, massage therapists, cosmetologists, customers and best of all the immense support of all my friends I grew up with. Here are the things I learned now as an entrepreneur that I would love to share. I would also love to hear some feedback of better ways for me to connect and grow in this community.
I was already aware that 80% of small businesses fail with in the first year. Does that stop us, the entrepreneur types? No chance!! So if you are interested in starting your own business, might as well know why these businesses fail. Small businesses fail due to lack of knowledge & research. Here is a part where I did not make a mistake (FINALLY). I did a lot of research on supplies, utilized the expertise of specialists, paid for consultants and ONLY purchased very high end products. I did market research to find any competitors in the near vicinity & lucky for me no one else is providing exclusive spa services at home in this city. I made sure that I was compliant with all legal guidelines for Federal, State, County and City regulations. I was a Contract Specialist for a few years and was well acquainted with legal guidelines. You should spend the most time on this step. Even if you have to spend a few extra dollars, I would always recommend only hiring someone with a license. I know a lot of spas and salons often hire non licensed individuals who have experience. Terrible move. It’s an invitation to be shut down. Lastly, I pay & treat my staff fairly. Anytime staff has to travel to provide services for only one individual, I ensure that we collect a travel fee, all of which I turn over to the staff. Turnover is the most expensive venture a business goes through. Turnover cost is calculated by adding 50% of the employee’s salary as the company’s loss due to orientation, training, etc. I do three different screenings: phone, in person interview and quality assurance session. I have them sign Non-Disclosure documents to ensure client privacy. I do check on licenses and references. By the time all is said and done, if the staff does not work out, it’s a HUGE loss for the company. So to keep turnover rates low, it’s always best to offer the therapist MORE than what their fair market per hour value is. Furthermore, you also have to estimate your cost as an organization. Competitive pricing and Fair Market Value does not always generate enough to keep a new business afloat. But it is SO important to keep at it in an effort to stay competitive. You have to ensure you have saved enough to pay yourself while establishing yourself.
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I am not saying I have all the answers. I am definitely no-where near. I only started 6 months ago and got lucky that our events were so organized, kudos to all the super power stuff. But above are all my experiences in the last few months. I learned lessons through trial & error and I am still looking for tons of feedback on how to change and be better. I wanted to start this blog to have an outside perspective give me more ideas to grow. Help me community, I would love to hear your thoughts!
