Program Overview
The Beauty Business Optimization Program is a technical assistance initiative tailored for beauty and personal care service entrepreneurs in Massachusetts. Our goal is to empower businesses that have been in operation for less than five years to develop and execute effective revenue growth strategies. This is achieved by leveraging suitable banking products to finance and implement these strategies, thereby enhancing client engagement and boosting revenue.
How Our Program Works
Over a 3-month period, participants will:
- Develop a Customized Growth Plan: Collaborate with an assigned consultant to create a comprehensive revenue growth strategy tailored to your business needs.
- Implement Financial Solutions: Identify and utilize appropriate banking products—such as business lines of credit, bridge loans, or business credit cards—to fund and execute your growth plan.
- Enhance Financial Acumen: Gain insights into financial management and the strategic use of credit to support sustainable business expansion.
What To Expect
Participants will engage in one-on-one sessions with experienced consultants to:
- Craft and refine a revenue growth strategy.
- Navigate the process of securing and effectively utilizing financial products to support business objectives.
- Monitor progress and adjust strategies to ensure optimal outcomes.
Eligibility Requirements:
To qualify for the Beauty Business Optimization Program, businesses must meet the following criteria:
- Location: Based and operating in Massachusetts
- Size: Employ between 1-20 full-time equivalent employees, including 1099 contractors.
- Income Source: The business must be the owner's primary source of income.
- Revenue: Annual revenue not exceeding $500,000.
- Assessments: Completion of our Eligibility Quiz and Business Needs Assessment Questionnaire.
- Operational History: In operation for a minimum of one year at the time of application.
- Business Type: Not a nonprofit, not-for-profit, or charitable organization.
- Franchise Limitations: Not a franchise with more than two locations, including those individually owned and operated. Franchises with up to two locations will be considered, but MGCC reserves the right to limit grant funding to one location.
- Ownership: Owned by an individual who is:
- At least 18 years old at the time of application.
- A United States citizen or permanent resident.
For questions, please contact our Programs team at programs@tlecfue.org.