If you have a business mindset and are looking for lucrative ideas, opening a hair salon is a pretty safe bet. With the global beauty industry market being valued at an astonishing $511 billion in 2021, that figure is expected to continue to grow year on year.
Millions of us love to get our hair and nails done, so if you’re one of them yourself or want to get a slice of the pie, opening up a salon is a no-brainer. Before you get to work turning your dream into a profitable reality, here are several things you must do in advance.
Form a Business Plan
Starting any kind of business takes careful planning and organization. To ensure you’ve got every base covered, you need to put together a business plan. This should outline your goals and how you intend to reach them, and it should show your understanding of the market. You need to demonstrate how your salon will differ from competitors. Make sure you include a summary of the entire plan and a business description, and conduct market research too. You should have a marketing plan that details how you plan to spread brand awareness, as well as financial information like an estimated budget.
Look into Funding Options
Unless you’ve got an endless pit of money, you’ll need to obtain a certain amount of funding to launch your salon business. This may be in the form of a bank loan or an alternative funding option. Establishing your finances from the beginning is crucial. You need to consider how much cash you’ll need, as well as how you’ll plan to pay everything back. Factors to think about include how much your business premises will cost, the types of equipment you’ll need, and what bank charges you may have to cover.
Understand the Requirements
There are numerous requirements you must follow before you can open a salon. This includes obtaining a business license and the permits required in the area your business is in. If you wish to sell products in your salon, you will need a seller’s permit too. The laws and regulations will vary depending on where you live, as well as what kind of salon you plan to open. For instance, salons that concentrate on hair services only will need a different license over those that provide massages and facials. You must take out salon insurance too. Salon insurance will cover you against specific risks you may encounter at your salon.
Purchase Equipment and Furniture
Without the right equipment and furniture, your salon will lay empty! You need to furnish your salon with the right equipment, top-end products, and comfortable furniture. To keep costs down without compromising on style, it’s wise to seek out professional, trusted suppliers. You’re sure to find everything you need and may even score discounted rates on buying in bulk.
For your salon to be a hit with customers, there are certain actions you must take before anyone walks through the door, from obtaining funding and establishing costs to buying equipment and finding an office location. Once you’ve taken the advice above into account, you’ll be on your journey to launching and running a successful salon business.
