If you’ve been thinking about running your own salon business, it’s time to stop dreaming and start doing. You don’t have the $50,000 to $75,000 to invest in getting your dream business up and running? Go for it anyway. You can get on track with your goal without that type of cash.
Here’s what you need to start your hairstyling business using a booth rental model:
Develop a business plan. Whether you go big or take the more moderate route, it’s essential to have a business plan that outlines how you plan to grow, how much you plan to invest, and your strategy for marketing your new business. Every six months or so, revisit your business plan to determine whether you’re on track or if you need to make significant adjustments. Be specific about details, including the services you will offer, whether you will hire part-time help, and annual projections for revenue.
Outline a budget. Even if you don’t lease a building — but rather a booth by a pre-existing salon, it’s important to develop a budget on how you will pay expenses until business gets rolling. You should have some funds set aside to prepare for unexpected disruptions that could cause you to run into cash flow issues. Perhaps, you can borrow some funds from friends and relatives. Better yet, you can put some of your earnings into a savings account until you’re prepared to make that leap.
Determine how you will run day-to-day operations. One of the biggest challenges with making the transition from an employee to a business owner is that you’ll need to juggle a lot more responsibilities. No longer will it just be about styling hair. You’ll need to purchase your own supplies, manage your own appointments, keep track of your budget and inventory, and run your own marketing campaign. While the payoff is great, the work can be significant.
Explore digital tools to make life simpler. Running your hairstyling business doesn’t have to be a difficult proposition. With a point-of-sale tool (like Stylie) you can manage all aspects of your operations — including social media marketing, managing inventory, making appointments, and scheduling reminders — from the convenience of a smartphone or tablet.
-Easy for you, Easy to love-