With the beauty industry currently earning over $56B and hair care being the largest segment of the industry, opening a beauty salon is a great investment. Here are five steps to help you open your own salon business
- Write a Business Plan
Your business plan should include customer segments, client acquisition channels, suppliers, business relations, revenue streams, construction needs, market research, and any key resources or personnel. It should be a detailed account of how you’ll run your salon business, including a detailed section for start-up costs, budgeting, and financing.
Beauty salons are inherently expensive. Equipment is expensive and the cost of running and maintaining the salon are high. Oftentimes it can take almost a year to turn a profit so you want to make sure you get the right amount of financing to cover your salon.
- Insure Your Salon
Insurance protects you, your employees, the clients, the space, and comes with other options that you may be interested in as well. Policy riders such as ‘dishonest employee insurance’ will protect you if a staff member compromises the business in any way.
- Choose a Location
If you’re starting a new business, you want to go where the people are. If you already own a business and have clients, you want to stay in the area where your clientele is. A good rule of thumb is to move within a one-mile radius of your previous location. Most clients are willing to drive to a new location as long as it’s within a comfortable range.
- Market & Advertise
Social media is a very popular and successful option marketing option. Shareable pictures and videos with the right hashtags get gain you an insurmountable amount of new clients. Advertising locally, although costly, has been a successful option as well.
- Scale Carefully
Maximize on providing your customers with a luxurious experience in lieu of the newest and shiniest hair dryer or styling tool. Making your clients feel at home with complimentary water, wine, coffee or snacks or other services will allow you to scale your business without sacrificing quality.
To get accessible financing for your salon, contact Progressive Capital Funding today.