When it comes to self-care and beauty, my two favourite activities are luxurious day spas and going to the hairdressers. In fact, I went to a spa retreat in Tasmania recently, and it made me really inspired to start my own salon. If you wish to open a hair salon, now might be one of the best times to do it. Revenue of more than $46 billion was brought in by hair salons in 2018. And as the market continues to grow, it provides the perfect opportunity for beauty-focused entrepreneurs. As a matter of fact, the industry as a whole is mainly made up of smaller businesses, rather than huge, nationwide competitors. However, it is important to have a plan in place before you open your salon. Here are a few things you’ll need to do before you open a hair salon:
Create a Business Plan
In order for a business to function properly, you need to prepare a business plan to guide your efforts. A business plan is a document that will guide your business to success, it acts as a road map. The motive of preparing a solid business plan is to figure out what your business is, how it will be successful, and how will you troubleshoot problems.
Figure Out Funding
Before you start your business, you need to figure out how much money you need to get started and where will it be coming from – whether you’ll seek a traditional bank loan or borrow money from friends and family. It is most likely that you’ll be doing a combination of multiple funding methods.
Find a Mentor
It is a great time to find a business mentor as you are planning your business. It will be best if you find someone in the salon industry that can answer questions for you as you start and grow your business.
Implement Accounting Programs
You’ll want to implement an accounting and inventory program in order to keep a track of your money and project growth. On the accounting side, a program is needed to track your expenses and revenue. You’ll also need to define a way of paying back your creditors. So, it is a good idea to hire an accountant to help you get started.
Find The Best Location
What all create a difference between failure and success is the selection of the right location. It is vital for the success of your salon to select a spot with good traffic, high visibility and should be located where your target demographic shops or lives. You also want to make sure the salon is well structured. You do not want to open your salon with termites in your walls, so best contact a termite pest control treatment to inspect your salon before opening. So, as you get over with the planning of your business, you’ll move on to the nitty-gritty details of actually opening your salon.
Style Your Salon Brand
Before you start setting up your interiors, make sure that your brand vision matches the kind of clientele you want to attract. This means knowing about your target market and working to create a brand for your salon based on the customer’s interests, tastes, and habits.
Provide Excellent Customer Service
After creating an environment that your clients will love, you have to follow through by offering excellent customer service. You must provide an experience for your customers, not just a service. Also, do not forget to contact a pest control service before you open your salon! No customer wants to see a mouse or a rat while enjoying a luxurious hair salon experience.
You need clients to be successful and in order to attract them you need a solid marketing plan. Thus, set aside some money to market your business; without it, you’ll struggle to be able to really execute a marketing strategy.
Social Media Account
Social media forms an important component in serving your marketing plan. Social media lends itself well to a visual business.
Revisit Your Business Plan
A business plan must always be viewed as a work in progress. It is always a good idea to go back to your plan, read it over and make sure that you are still on track. Running a SWOT Analysis of your business can be helpful as well.