Many individuals who have worked in the beauty industry dream of owning their own salon. But having the skill of a stylist is just one concern for a prospective salon owner. There are quite a few other things to consider on the way to starting your own beauty salon.
Unless you have access to a significant amount of cash, you will have to obtain financing for your venture. Experts recommend that you have at least six months of operating expenses in the bank to withstand the growing pains of a new business.
Business loans are nearly impossible to obtain for startups. New business owners often depend on savings, personal loans, family, and friends. While hard to obtain, business grants offer an additional opportunity for small businesses to grow. If you can survive the first year or so in business on your own, you will then have a better chance of obtaining financing from a banking institution.
Pick a Location
The location and the space you choose for your salon will greatly affect the cost of your business venture. An average for salons in America is 1200 square feet with six stylists. The location you choose should provide plenty of parking and be convenient for customers to access. This will provide you with a large customer base and a healthy stream of revenue.
Once you find a property that you think is suitable for your salon, be sure to carefully read all the details of the lease and address any concerns you may have with the property owner.
Make sure you have enough space between stations so that your stylist can work without complications. Use sturdy TV mounts to properly angle televisions in the waiting area for your customers to watch while they wait. You should also make sure the seating for these customers is plentiful and comfortable.
The layout of your salon should allow for productivity, appeal to your customers, and comfort for you and your employees. It may be a good idea to work out how you will use the space in your salon on paper before you begin to furnish the building.
A number of permits and licenses will be needed to legally operate a salon. The list of requirements may include a building permit, a retail license, a license to operate a business, and a cosmetology license issued in the state you intend to do business.
You should also decide the business structure you choose for your business. This will have a huge impact on your bookkeeping and tax responsibilities.
Hire Good Employees
Assembling a good team for your salon may be easier said than done. You will need to do a little strategic planning to find stylists to work in your salon. One suggestion is to develop a relationship with beauty schools in your local area to gain access to recent and future graduates.
Join Trade Organizations
Professional trade organizations can be a valuable resource to you as the new owner of a beauty salon. Industry news, human resources manuals, marketing tips, and other vital industry information will be available through your trade organization.
The Bottom Line
Owning a beauty salon of your own is a great challenge that can be rewarding in a number of ways. However, there are a number of things a prospective salon owner should consider before taking the plunge. The tips profiled above will provide you with a solid foundation on which to build a successful beauty salon business.