Getting Into the Hair Salon Business
The hair salon business can be a lucrative one. There is continuous demand in the beauty industry regardless of larger economic trends. If you are considering entering this business, it could be a smart business decision.
Different Paths in the Beauty Business
There are several means of going into the salon industry. You can open a franchise location of a national or regional salon. This option will give you a business reputation that is already in place. You can also benefit from larger marketing efforts, rather than being responsible for a marketing strategy on your own. You can also open a facility that rents space to stylists, who will be responsible for their own licensing, insurance and marketing. Another option is to purchase an existing business whose owner would like to move on.
Of course the traditional route is to open your own salon and create a personal brand. While this avenue can be far more demanding of time and money, it can also be more financially and personally rewarding.
Assess Your Business Expenses
Based on the path you choose, you will need to look closely at the expenses that your salon business will incur. Learn more about the necessary equipment and supplies that you will have to lease or purchase before leaping into a loan or a line of credit.
If you are considering opening a franchise, you should check with the corporate location to find out what equipment and supplies you will need locally. If you are renting space to stylists, they may expect some equipment to be provided by you. Purchasing an existing salon may mean that some equipment and supplies will be factored into the selling price.
Make Strategic Business Contacts
One of the best ways to break into the salon business is by making smart contacts. Join trade and professional associations to learn more about the industry and meet other people with similar goals. You can learn from their experience and gain insights into all of the challenges of operating your own salon. They may also provide helpful guidance when you are looking for financing, equipment and staff.
It can also be advantageous to find a mentor who is already in the business and can give you good advice. You may even consider entering into a partnership, which can help offset business risk since you are sharing expenses and liability.
If you are considering getting into the hair salon business, there are many smart ways to begin learning about the industry before making a move. It can be a great business decision if you do your homework in advance.
