The idea of launching a salon business can be exciting. But there are certain things that have to be done in order to accomplish this. These tasks will have you well on your way to running a successful business.
Choose Your Model
The first step is to decide what model of hair salon you want to run. You could start your own, or considering purchasing one that is a franchise. If you do it on your own, one of the things you will have to decide is if you want to hire full-time stylists or simply those that are working as an independent contractor. There are pros and cons to both choices.
Develop Partnerships
The more connections you have within your industry, the more likely you are to be successful. But it also pays to seek out investors, whether they are supporting your business endeavor financially, or in other ways. Having a peer group that will offer you support during the hard times will make them easier to navigate. Consider striking up a partnership with a brand of products that you can use in your salon.
Develop A Plan
A business is only as strong as the plan it is based on. It should include the vision you have for your brand, as well as a marketing strategy and projected costs. This way if you need to approach a lender, you already have something in place that will show them you are serious about running your own business. To get your business started (before it’s even time to approach lenders,) you’ll need to be able to afford at least the first six months of the business’s expenses. Most lenders won’t consider you a good candidate until your business has been operating for at least one year.
Choose Your Location
Once you’ve determined how much you can afford, it’s time to choose a location for your salon business. Don’t make the decision until you have read leases for several different locations, so you can determine which one meets your needs the best.
For more information on starting a salon business, please contact our offices.