Starting your own salon can be a lucrative endeavor that combines your passion for cosmetology with your eye for business. But what if you've never launched your own brand before? What do you need to keep in mind before you hang your shingle and declare yourself open for business? Here are just a few tips for starting a beauty salon.
1. Determine Your Focus
Don't spend any money on real estate before figuring out the size and scope of your intended salon. If you want to run a full-service spa, you'll need a lot more floor space than a simple nail boutique. If you want to focus on hair styling, there's no use spending your money on esthetic bathtubs. Make sure you have a focus when dreaming up your salon.
2. Know Your Demographic
Some salons cater to the high-class, high-paying customer. Others try to reel in the "everyday" customer with affordable prices and special deals. You should know in advance what ages, genders and income levels you're targeting with your business. Your salon's demographic will determine everything from the kinds of ads you run to the list of services you provide.
3. Go Back to School
In addition to a business license issued by the state, you'll also need to be accredited by official cosmetology organizations like the National Accrediting Commission of Career Arts & Sciences (NACCAS). This is best achieved by going to an accredited beauty or esthetics school. Not only will you learn the tricks of your trade from quality instructors, but you'll also ensure that you're fully legal before opening your doors.
4. Create a Budget
How much can you afford to spend on a salon? Keep in mind that expenses are always more than initially estimated, so give yourself a 10-20 percent cushion for every cost. For example, if you think you'll need to spend $2,000 on equipment, make sure you have at least $2,200 tucked away in case the charges go over. If you can only afford $1,000 a month in rent, don't look at listings over $800.
These are just a few things to consider before opening your own salon. Whether you're focusing on hair, skin, nails or a combination of the three, it's important to plan your launch in advance if you want to save money and turn a profit.
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