Today is a huge day! I finally got the keys to my new studio—well, it’s actually an office space, but it’s the start of something big. In just over a month, I'll be opening my very own wax studio. I’ve been dreaming of this for years, but it wasn’t until last October that I decided to get serious and pursue my dream. So, in today’s post, I’m going to break down exactly what I spent to kickstart my business.
Please note that everything mentioned was purchased over eight months, and this list isn’t in the order of purchase.
I reside in the wonderful state of Texas, where the current fee to establish an LLC is $300. Unlike many other states, we don't have an annual fee. In contrast, forming an LLC in California costs around $70, but they have a hefty annual fee of approximately $800, which is wild.
Doing Business As (DBA) - $25
To keep things simple, I registered a DBA (Doing Business As) name under my LLC. This lets me use a different name for my wax studio without creating a whole new legal entity. It was pretty quick and easy, costing me just $25.
Registered Agent - $35
In every state, having a registered agent is mandatory for an LLC. This agent acts as a liaison, receiving legal documents and official correspondence on behalf of the company. I selected Texan Registered Agent LLC for this role, and it costs $35 annually.
Post Office Box - $91
Once you register a business, you can expect a flood of junk mail from various companies eager to offer their services. To avoid this, I rented a PO Box from the USPS. You can choose to pay every 3, 6, or 12 months. I opted for the 6-month plan, which cost me $91.
Business Phone - $250
For my business phone, I chose Mint Mobile. As a new business owner, I wanted to keep costs low, and Mint Mobile's affordable plans fit the bill perfectly. I spent $129 on the phone itself and $120 for six months of service. That's just $20 a month for unlimited minutes and 5GB of data—a great deal!
Domain Name - $52
Before diving into website building, I secured a few domain names through Namecheap. I use them for various business purposes, and thanks to a little trick I'll share in another video, I've managed to acquire around 10 domains. For today's video, I'm focusing on four: .com and .net for my LLC, and .com and .net for my DBA. The total cost for these domains was $52.
Website Builder - $208
I selected Wix to build my website. I found it much easier to use than Shopify or Squarespace, and it was definitely more budget-friendly than hiring a professional. By using a 50% off coupon, I was able to secure a yearly plan for just $208.
Business Email - $48*
To look more legit, I got a business email address. It's not a Gmail or Yahoo thing, it uses my own domain name. I went with Google Workspace, which costs around $8 a month. So far, I've spent about $48 on it.
Office Space - $1225
Finding the perfect spot for my wax studio was a mission! I scoured all the usual suspects: Solo Salon, Phoenix Salon Suites, JC salons, and even some smaller independent options. But everything was way over budget. While scrolling through Facebook, I saw another esthetician share her success story about working from an office space – for a fraction of the cost she was paying at a salon suite. Intrigued, I Googled "office space for lease near me." The first site that popped up was LoopNet.com, so I gave it a shot. A few tours later, I found this gem! To secure it, I paid the first and last month's rent, plus half of June's rent, totaling $1,225.
Insurance - $609
As a business, I needed to get general liability insurance. I went with Hiscox and paid $350 a year. Since I'm an esthetician, I also needed professional liability insurance. I chose ASPC for that, and it costs $259 a year. So, in total, I spend $69 per month on both insurance policies.
State Board License - $50
Esthetician licenses in Texas expire every two years, so I had to renew mine last December. That cost me $50.
Establishment license - $78
In Texas, businesses like barber shops, hair salons, and nail salons need a special permit called an Establishment License. It's issued by the TDLR to make sure everything meets health, safety, and industry standards. Since I'm just an esthetician, I only needed a Specialty Establishment License, which cost me $78.
So, when you add it all up, I've invested about $2,971 so far. But remember, this doesn't include the equipment, tools, and other essentials like a booking system and a bookkeeper.
I hope you found this video helpful! If you did, please give it a thumbs up. And if you're interested in following my journey, hit that subscribe button. I'll be sharing tutorials, reviews, and behind-the-scenes glimpses of running my business.
Until next time, bye!
0 Comments:
Post a Comment