How To Start Your Own Salon Business – The idea of owning your own salon has been in your mind for a long time, but now you want to make it a reality. How can you start a salon business that stands above the rest?
The concept of your salon should be incorporated into all aspects of your business, from the services you provide to your customers. Your concept should also be reflected in the name of your salon, your design, your decor and your pricing.
How To Start Your Own Salon Business
Your salon business plan should form the foundation of your business. Be sure to include an executive summary, company description, industry analysis, situational analysis, market analysis, service model, marketing plan, management strategy and financial plan.
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You must register your business with the IRS to receive an employer identification number, which you need to file taxes. (You can register for it here.) You may want to consider a trademark for your salon name (to prevent people from imitating you and profiting off of your salon).
A salon location can make or break it. Visibility and foot traffic are two important factors to consider when choosing a business space. You’ll also want to consider the size and shape of the interior to decide if it’s right for your business plan.
Equipment can be expensive so you want to be strategic when deciding whether to buy or rent. Write down everything you need and want. You can save money by buying second-hand items. Make decisions based on your budget and financial analysis.
Make a list of the number of employees you need to run your business. Now go get married. While you’re doing that, you’ll also need to decide whether you want to process payroll yourself or use payroll software.
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Your service is the focus of your salon and should reflect your concept and brand. Service descriptions are a marketing tool that can help convince new customers to try your salon. Your description should be short but interesting to your audience.
Before opening a salon, it is important to develop a marketing plan that drives awareness, brings in new customers and creates loyal followers. Marketing tactics you can use include everything from social media to simple content that drives buzz.
Money comes into focus when you open a salon. Your goal is to make a profit as soon as possible, but the cost of starting a salon can be a concern.
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Take the guesswork out of planning a little – know your salon’s prices, figure out how much you can afford and find your niche.
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First, find out what your monthly expenses are. Fixed costs are fees for your salon that do not change with sales volume, and are usually non-negotiable (we call them fixed for a reason). Some of these include:
Different pricing, on the other hand, is easy to use, and can help you cut costs and save money. It’s the labor and materials that change with the volume of sales. The various costs associated with opening a salon include:
After you know how much you spend at the salon each month, you should make a forecast of your first year’s income, and then determine the point where your income and expenses are zero.
Use this information—your expenses and projected income—to create a budget that stays on track and helps you avoid overspending.
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Once you’ve signed the papers and picked up the keys to your new salon. One of the first things you should do is fill your free space.
While it’s easy to buy tools, equipment and supplies, you have to remember that these things come at a price (and often a high price).
Salon equipment is a large part of startup costs, and many salon owners tend to overspend. To determine the cost of salon equipment, make a basic list of equipment needed for your salon. Every salon needs the following:
The amount of equipment you need depends on the size of your salon and the number of employees you decide to hire. Most salons have one station per employee, but stylists with conflicting work schedules may share stations.
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A small reception area is also necessary for most salons. You may want a seating area for clients waiting to meet with your stylist, as well as a reception desk. Don’t worry about your previous employees, though. You can set up an iPad POS stand for customers to check out and pay. You can also present your business ad proposals at the front desk.
Tip: Many salon equipment and supplies can be purchased at great prices along with cosmetic licenses. It can be a great way to save money when you buy more.
Hiring the best staff for your salon is important; The quality of your staff’s work makes or breaks your salon.
So before you begin the interview process, make a list of what you’re looking for in a good candidate. Here are some things to consider:
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Before you give it to anyone, make sure you have an Employee Identification Number (EIN), also known as a State Employer Identification Number, State Identification Number, Federal Identification Number or Federal EIN. It is a unique nine-digit number assigned to businesses by the IRS for tax purposes. An EIN is like a business social security number.
When you start hiring, make sure you follow the proper hiring process. You need to check if they are allowed to work in the US, do due diligence, get employee account insurance and prepare tax returns.
Once you’ve hired and onboarded your employees, you may feel that your work is done. Not fast. The salon industry is competitive, and you often find stylists jumping from one salon to another.
To avoid employee turnover in your salon, you need to give your employees a reason to stay. Here are some ways to increase employee engagement and retention:
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Once you’ve stocked your salon with supplies and hired a stellar stylist, it’s time to open the doors. But before you do, you want to make sure you have the means to accept payments and earn money.
Let’s start by taking payments. You want to find a payment method with clear prices and no hidden fees. Your payment system should support you to accept any payment method your customers want to use, including EMV chips and NFC (mobile payments like Apple Pay).
But don’t think about payment processors in silos. Ideally, you want your payment plan to be integrated with the sales force that can help you run your entire business. Salon Sales can integrate payment systems with other salon functions – such as appointments, marketing and team management – to make your day-to-day management more efficient.
In fact, the right salon POS system can act as a host, which can help plan your salon. By integrating your online booking tool with your POS, customers can access your online calendar and bookings 24/7. In the contact tool, you can create customer records and the customer information stored in the customer database can be accessed from the POS system for efficient payment.
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Additionally, you can access sales reports, adjust prices and manage inventory in real time with the salon’s POS system. You can also use POS to get feedback directly from customers through a dedicated channel.
All integrations can give you a complete overview of your salon and help you manage your business easily and efficiently.
Your marketing strategy gives you a better understanding of what your marketing efforts are, and how they are being used to achieve your goals. Setting goals and showing how you plan to achieve them is a great way to grow your business. From doing your research to defining KPIs, here’s how to launch a marketing strategy.
Online marketing can be intimidating, but there are a few ways small business owners can easily connect with their customers online if they’re just getting started. Here are some resources:
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Don’t let the risk of failure get in the way of your dream of opening a salon. It is important to recognize and prepare for potential risks. But instead of focusing on the obstacles you may encounter along the way, focus on the opportunities for greater success.
Take a chat with Casey Nickole, owner of BANG in Seattle. She opened her first salon with a simple dream of giving clients a chance to express themselves and create an identity. Little did he know, his idea was about to get even bigger. Today, BANG is a multi-million dollar business with over forty employees in three locations.
From $300,000 in year one to over $1 million in year two, Casey’s success is evident, but he still has patience in the face of obstacles. He found that BANG spent a lot of time on manual labor, which hindered him
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