2. Different Mentalities
Classic Approach to Budgeting
A common error among budding artists in the powder brows and hairstrokes business is spending money before earning any. While this might seem like the only way to start a career in PMU, the most successful artists often take a different approach. They invest money that they've already received from prospective clients.
“If You Build It, They Will Come”
There's a critical lesson to be learned here, inspired by a famous movie quote. Investing before knowing if there will be a return, following the “If you build it, they will come” mentality, is risky. This phrase, originally from the movie "Field of Dreams," suggests that building something with passion will naturally attract people. In the film, the protagonist, Ray Kinsella, hears this phrase and is inspired to build a baseball field, risking financial ruin.
While inspiring, this approach can be problematic in business. It implies that success will follow simply because you've started something. This overlooks the importance of market research, demand analysis, and strategic planning. Understanding market demand and having a solid business plan are crucial for success. Hence, while motivational, this quote should be cautiously applied in business.
Strategic Approach to Investments
For novice artists, while various investment opportunities might be available, even to the point of securing credit, it’s essential to avoid a common pitfall: the belief in a linear progression from investment to market readiness. This approach is often naïve and suboptimal.
A more effective strategy, as adopted by many successful newcomers, involves asking: "Does this expense directly contribute to attracting business?" This is a crucial consideration. Each potential expense should be examined through this perspective, focusing on compiling a list of prudent and essential initial investments. The upcoming sections of this article will delve into this approach, guiding you to make strategic decisions that align with your business goals.