The beauty business annually generates more than $500 billion in sales for owners, so history is on your side if you’re thinking of opening up your own salon. However, it certainly won’t be a bed of roses, considering that even a basic setup might cost you over $60,000, and a more complicated configuration might run as much as $500,000. Before you plunge into the wonderful world of beauty salons, there are some steps you should take which will increase your chances for success.
Financing
Funding for your salon can come from a number of different sources, including SBA loans, friends and family, alternative lenders, microloans, and equipment financing. Whichever one you choose, make sure that you have the ability to repay the borrowed amount, and can still manage monthly expenses, which you should have identified in your business plan.
Developing a Marketing PlanÂ
It will be important to create a marketing plan, because you’ll need to get the message out at least locally, about the kinds of services and products you’ll be offering. You might have the greatest salon in the world, but if no one knows about it, you won’t make a dime. Make sure to include digital marketing as part of your overall strategy, because nowadays everyone is online and all goods and services are searched for on the Internet.
Opening the DoorsÂ
Make sure you have investigated the local laws and regulations to make sure you’re in compliance, and that you can’t be shut down for not observing the law. Find a way to separate your business from all other competitors, and try to come up with at least one specialty that makes you different from all the rest. When you can deliver a unique service or selling proposition, you’ll have a reason for customers to choose you over the competition.
Opening Up a New Business?Â
Anytime you start up a new enterprise, funding is needed to help get you off to a good start. If you are in need of funding for your startup, contact us at Northgate Capital Finance so we can discuss some options.
