Salon Ownership 101
So you’re thinking of opening your own salon, great! Becoming a business owner can result in the most rewarding and challenging experience of your life all in one. While the benefits of owning a salon are plenty, there are still a number of things to keep in mind before venturing into the world of salon ownership. Let’s take a look at a few key points to be aware of.
It’s a no brainer; you need money to start a business. How much you ask? Well that depends on the type of salon you want to open and the type of client you are trying to reach. Ask yourself these questions:
- Do I want a high-end salon, or a medium priced salon?
- Do I want state of the art equipment?
- Where do I want to open up my salon?
Your budget can dramatically change depending on what you want to accomplish with your salon. Once you’ve determined what kind of salon you want, you will have to estimate your expenses, rent, electric, water, equipment, salaries, products and tools just to name a few. Create a list and try to project an average of what you’ll need. Once you’ve come up with a number, add a little more. For example, say you’ve estimated that you’ll need $30,000 to open your salon, now add another $5,000 for wiggle room. More often than not when starting a business we find ourselves going over budget, giving yourself this “wiggle room” will better prepare you for any surprises.
Location, Location, Location
I’m sure you’ve heard this many times, but it’s true, location is everything! So many businesses shut down each year because they didn’t pick a good location. Do your research! If you find a space with really cheap rent, look around you; is the plaza where the space is available DEAD? Are there any cars around? Are there multiple spaces available for rent? These are ALL red flags. If the rent is cheap, it’s likely because the area doesn’t get much foot traffic and that’s not good for any business.
Your employees are your lifeline; they help keep your business running. Do not hire any hair stylist without first seeing their work. One bad hire means one unhappy client, and guess what, one bad review is likely to hit at least 10 people by the end of the day, and that is with the old fashion “word of mouth”. Now imagine one bad online review and multiply it by 1,000 new people who could potentially see it.
So you have your salon and you’re ready to roll, now what? You have to think like a marketer. If you have absolutely no idea how to market your salon, ask for help or hire a consultant. You’ll do no good if you don’t have a plan and strategy to build your clientele. We live in a digital world now, so old fashion flyers and business cards just won’t cut it these days. At the very least, it is crucial that you have the following things:
- A website
- Social presence- Facebook, Twitter, Instagram etc.
- Add your business to all online directories (paid and free ones)
Keep in mind these are the bare minimum. If you want to succeed, don’t lose your business to the salon down the road.
Starting any business can be hard, opening up a salon can be tricky, but nothing is impossible. It’s truly rewarding when we can earn an income doing what we love. Now do your research, be prepared and venture out into the world of salon ownership- Are you up for the challenge?