Interested in starting your own entrepreneurial journey in health & wellness but unsure what to expect? Then read up on our interview with Zac Kovac, Co-Owner of SkinQ, located in Chicago, IL, USA.
What's your business, and who are your customers?
SkinQ operates two boutique skincare and waxing studios in Chicago, focusing on making quality, results-oriented skincare treatments convenient and accessible for all. Most of our customers live in somewhat close proximity to their nearest studio location. Still, we also regularly see customers from all over the city and suburbs. And they are extremely diverse in age, race, color, religion, sex, nationality, and physical ability!
Tell us about yourself
I have an exciting blend of work experience in hospitality and managerial accounting. From the beginning, I wanted to impact lives. I found that I could achieve that by using my financial expertise to build a spa/skincare company that offers better-than-market compensation and full benefits to its employees.
It's the norm in the industry to find low-wage workers with little to no benefits, and I wanted to change that. I'm proud that SkinQ employees make a generous salary and enjoy full medical benefits, paid time off, 401(k), and much more. I know that by giving back to the employees, they will pass it on by giving back to their families and communities, and that's what matters.
What's your biggest accomplishment as a business owner?
One of my most significant accomplishments has been expanding the business shortly after lifting local government restrictions due to the COVID-19 pandemic. The pandemic was undoubtedly challenging, but I took that time to refine my business practices, build additional internal structure, and execute a marketing plan that allowed us to come back even more potent than prior. Not only did we survive the pandemic as a small business, but we're thriving.
What's one of the hardest things that come with being a business owner?
It's so easy as a business owner to get caught up in the day-to-day operations that you lose sight of the end goal. My vision from the beginning was to grow this company into the most widely recognized skincare brand in Chicago (and beyond). I need to remind myself of that every day. I have clear goals and can see the company's future so vividly that nothing can deter me - but it's easy to get bogged down with employee issues, customer issues, and an array of other issues. It's a constant battle.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
First and foremost, before you even start, make sure that your business model is financially sound and that you have a solid plan to track your key performance indicators. You have to be able to read an income statement and balance sheet. If those reports are foreign to you, take a crash course at a local college or online.
Next, ensure that you have the right team members to make it happen - you can't do everything yourself, nor should you try. Stay focused on the areas where you truly have the expertise and delegate the rest to others.
And lastly, know when to call it quits. Set clear boundaries and know when to stop. Owners that don't know how to do this often find themselves in a lot of debt and a world of pain. If it's not working as planned and you've made a concert to fix it, accept it for what it is and move on.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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