How to Start a Waxing Business in 2024
One of the most exciting things an esthetician can do is strike out on their own and start an independent business. Knowing how to start a waxing business and what to do to keep your business healthy will help you get off to the right start and to get ahead of the competition.
Table of Contents
- Is Waxing a Profitable Business?
- How Much do Wax Business Owners Make?
- How Do I Know if Starting a Waxing Business is Right for Me?
- What Do I Need to Start a Waxing Business?
- How to Start a Waxing Business
- Waxing Business Name Ideas
- How to Grow Your Waxing Business
- Final Thoughts
In this blog, we’ll outline how the waxing industry works, what you need to start off in waxing, and will discuss the costs and share the keys to building a successful waxing business (no matter how big or small it is!). We’ll also give you tips on defining your branding, service pricing, and the keys to successful services and getting repeat business.
Is Waxing a Profitable Business?
Even though starting a waxing business isn’t new, the industry is only growing and building more and more momentum. According to IBISWorld.com, the number of independent salons and waxing businesses in the United States has grown at an average rate of 3.1% from 2018 until 2023.
This organization projects a steady growth of independent businesses of 5.9% over the next year. With an increasing number of people on the hunt for full-body depilatory waxing services, the rise in interest in hair removal doesn’t show any signs of slowing down.
What is the Body Waxing Industry Worth?
According to MarketWatch.com’s market analysis, the hair removal wax market is projected to grow to an estimated $10.5 billion in worth by 2028.
Even though starting a waxing business isn’t new, the industry is only growing and building more and more momentum. According to IBISWorld.com, the waxing industry has now surpassed a value of $600 million.
This organization continues projecting a steady annual 7.0% industry growth rate. Many people are on the hunt for full-body depilatory waxing services, and the seemingly ever-rising interest in hair removal could see no end in business expansion opportunities.
What is the Body Waxing Industry Worth?
According to MarketWatch.com’s market analysis, the hair removal wax market is worth an estimated $7.8 billion in 2022, and is projected to grow to an estimated $10.5 billion by 2028.
Waxing businesses foster hair removal via waxing services by licensed estheticians or cosmetologists who are trained in waxing hair removal.
Although women are predominantly the main body wax salon goers, other genders are joining in on the fun. Nowadays, more men are beginning to invest money and time into self-grooming, which has made the “manscaping” body waxing and male grooming industry estimated to grow to $81.2 billion globally by 2024.
How Much Do Wax Business Owners Make?
When starting your own waxing business, you need to go into the venture with a realistic view as to how much money you will make, especially when just starting.
After making your initial investment, it may take a while before your business starts making money - all of which you have to prepare for.
By keeping excellent track of your ROI and how much money is coming in and going out of your business, you can make sure you and your business are making enough money to be comfortable and thrive.
Upon taking this into account, you might be now wondering “how much profit can I make with waxing?”. The answer to this lies in how closely you're managing your business’ expenses and ROI.
How Do I Know if Starting a Waxing Business is Right for Me?
Starting a waxing business is ideal for someone looking for a way to make money while improving others’ well-being, confidence, and beauty. Waxing business owners are passionate about skincare and the benefits of depilatory waxing. You could reach limitless potential depending on the effort put into your business.
You can start by learning how to start a waxing business from home and discover a whole new skill set. It doesn’t matter what kind of waxing business you want to start - whether you want to rent a chair or learn how to start a mobile waxing business, you get to decide what works for you.
Starting a Waxing Business: The Day to Day
A waxing salon is similar to other salon and spa business types, except the focus is mostly on hair removal services. As a certified waxer, one might schedule body sessions, wax clients, clean (a LOT of cleaning), retail products, and interact with people all day long.
The waxing business owner and/or manager carry out esthetician and spa management duties like overseeing employees, delegating work, handling marketing duties, and ordering inventory and supplies.
What Do I Need to Start a Waxing Business?
To start a successful waxing business, you’ll need startup costs budgeted, will need your target market worked out, and will need a well-thought-out waxing business plan.
Starting your own business isn’t easy, but if you have the right preparation behind you, you’ll be set up for success and be able to build your clientele and your business.
How Much Does it Cost to Start a Waxing Business?
Waxing salon starting costs depend on what kind of waxing business you’re looking to have. If you’re a freelancer or mobile waxing business and catering directly to clients at their home or business, your costs will be very different than someone renting a chair or owning multiple stations in a salon.
Any-sized waxing business requires a facility for services, equipment, and supplies like a salon wax warmer, employees (even if it’s just you), insurance, tables, chairs, marketing, and a website just to name a few things.
The store owner can be responsible for esthetician and spa management but also serve as a hair removal specialist, receptionist, and marketing professional at their business’s launch. Still, additional employees will be necessary as the business grows.
Ultimately, plan on spending several thousand dollars on hair removal equipment, supplies, tables, and chairs. Monthly rent will vary depending on your location.
Who is My Target Market for Starting a Waxing Business?
Although teenagers and people in their twenties and thirties are most interested in hair removal, many waxing businesses also see success with older generations if they provide them with the proper waxing education.
If you want to know who your target market is, it’s essential for a certified waxer to study the demographics surrounding the location you want to open your business up and learn the waxing requirements needed to tailor your services to those people’s needs.
As most clients will need recurring visits, your esthetician business plan should include the best products and the right waxing and customer service techniques—from your website to your front desk to have your target audience turn into returning customers.
How Can a Waxing Business Make Me Money?
Building a waxing business includes making money by charging customers for products and services. The better your services are, and the marketing you invest in your business can determine your success.
Your services need to be priced in a way that allows you to cover your overhead while making enough profit to both live on and put back into your business. This is why it’s important to buy your products in bulk or work with a Starpil Product Specialist who can help you navigate your way by figuring out your expenses, the right products to buy, and how to keep your costs low when navigating how to grow your waxing business.
Want the ultimate resource for how to learn to start a waxing business? Starpil University offers complete course for how to open a waxing business.
This course is designed to lay out all of your essential business-starting steps in an organized and efficient way while taking you so much further and going farther into depth than just a blog or article. Preview it for free!
How to Start a Waxing Business
If you want to learn how to open a waxing business, having a clear waxing business plan is fundamental for success as an entrepreneur. A few important things to consider are:
- Legal and accounting matters
- Waxing business names
- What will my initial costs be? Think of the initial costs of a salon wax warmer, accessories, rent, and salon wax supplies, for example.
- What is my monthly budget (business and personal)?
- How much will I charge for my waxing services?
- What does my branding look like?
- How to grow your waxing business?
- How do I reach those clients?
- How long will it take for me to break even?
What are Some Legal Steps I Need to Take to Start a Waxing Business?
A big part of your business plan should include creating a legal business entity such as an LLC that inhibits you from being personally liable for major issues happening with your business.
Opening a business bank account separates your personal assets from your company’s assets, which is necessary for personal asset protection. You will need to register for a variety of state and federal taxes before you can open for business.
Recording all of your expenses and sources of income is essential to understanding your business’s financial performance. Keeping accurate and detailed accounts also facilitates your annual tax filing. Getting insurance is also highly recommended for all business owners. If you hire employees, workers’ compensation insurance may be a legal requirement in your state.
Waxing Business Name Ideas
Waxing business names encapsulate everything your business is about in a name (but no pressure!). To get your creative juices flowing on names, look at your style, and if you’re a solo esthie or have a large salon.
Think about your audience, salon vibe, and chosen location. Are you more of a “Waxing by Kim” or a “Bare Affair Waxing Center”? No matter which name you choose, we recommend checking if the business name you want is available as a web domain and securing it early so nobody else takes it. Your business name can be meaningful to you, but must be memorable and easy to read (and write) for your clients.
Defining Your Waxing Business Brand
Your brand is what your company stands for, as well as how the public perceives your business. A strong brand will help your business stand out from your competitors and will build value for your clients.
Figure out your colors, fonts, verbiage, and how your brand presents itself to your customers.
You'll also need professional quality waxing products to help you take on waxing service requests with confidence. For a new waxing business, we recommend the 5lb Hard Wax Kit.