Archive

Monthly Archives: July 2019

July 22, 2019

6 tips to starting a hair salon business

These 6 tips to starting a hair salon business can help make the difference in success or failure of your new beauty shop. We did not mention the obvious which is taking out Salon Insurance to protect your business. That apart, each point below has a unique reason for being included on the list so you should not only follow them, but understand them. 

Salon Insurance Quotes

Protect your business today. Compare quotes from multiple brokers.

1 The essential business plan

This is the most important part of your new venture into creating a self sustaining revenue stream. A new salon will not just become a success unless it follows the right business model. This plan will be the written path you take to ensure the longevity of your new business venture.  This should include both short term and long term goals. 

You should also list where you will get the funds for your new business venture, your raw materials and supplies along with a marketing strategy. You should also have a list of fixed costs and those that will be variable. 

2 Handling the finances

The money flow is key to being successful. By figuring out how much you need to start up your new business then know the daily costs of keeping it open are essential to know. You must also be capable of borrowing the funds you need when you need it. Your start up costs will include rent or mortgage, insurance, inventory, employee wages, equipment and supplies. What most new business owners are not willing to accept is that once the business opens, most are not profitable until one year down the road. 

3 Location

The location for your new hair salon can make or break your business. A good location will have plenty of foot and car traffic passing by on a regular basis. It would also be helpful to be next to or in close proximity to a successful business with a good amount of foot traffic like a grocery or convenience store. Women frequent those types of establishments and you will get noticed. 

3 Getting customers

A business is only successful if people know about it and use their services. A hair salon in the past would only use word of mouth as their marketing strategy. Today that is just not enough, but that is still needed. The newest way is to use social media to help draw in new customers. One strategy is to take pictures of your customers before and after to clearly show your work as a hairstylist. When your clients show their friends of them on your social page, you place will get noticed. Take time to understand your customers and if they are unhappy offer them a free treatment

5 Start off smaller than your dream

Starting a new hair salon begins with a lavish dream of what you want. This is great, but it has to be realized that is the goal, not how you can start. Begin your operations slowly and small then over time build upon it. If you start out too big, you could run out of funds and be forced to close. 

6 Review review review

For all businesses success comes from keeping costs down while not compromising on the service you are providing. Every month look at the expenditures and see just how they contribute to the business. Every cost must prove to be beneficial to your business. If there is no benefit, then it is wasted money and should be eliminated.

In conclusion

Opening any new business has inherent risks. These 6 tips to starting a hair salon business can help you to avoid the risks and succeed. What must be remembered at all times is to provide a high quality of service while maintaining low operating costs. 

Salon Insurance Quotes

Protect your business today. Compare quotes from multiple brokers.