If you have been dreaming about starting your own salon, the road to get there may seem a bit intimidating.
That’s where a good plan comes in — guiding you step by step to full ownership of your own business. First of all, consider getting a taste of entrepreneurship before you decide to make the investment in a bricks and mortar establishment.
Through the booth rental model, you can start a business without making a huge investment in overhead costs. According to an industry study by Professional Consultants and Resources, about half of all salons in the U.S. offer some type of booth rental.
You may like it so much that you decided to continue that as your preferred business model. Now, take a look at some of the steps that are essential to running your freelance business and capturing your share of a $50 billion industry.
Work on your business plan. Determine your short-term and long-term goals, including a transition from a booth rental model to a salon model if you decide to go that route. Even if you rent a booth, you can still brand your business. Also, outline projections on your expenses, income and profits.
If you need additional financing, will you borrow it from friends and family or apply for a loan? Write down all aspects of your operations as much as you can, including your plans for marketing. Remember to review it and update it periodically.
Scout for the ideal location. As the experts say in the real estate industry, location, location, location. It’s that important in the hairstyling business too. Search for booth rental opportunities in locations that are easily accessible to your current clients and those you want to attract. After narrowing down your choices, take a look at the decor. Will your clients feel comfortable there? Special?
Working relationship. You may think you’ve found the most ideal and stylish location for your new independent beauty business. But wait. It’s even more important that you have a comfortable working arrangement with the salon owner. Ask about the relationship between owner and independent beauty professionals to make sure they’re acceptable, including hours, accessibility to the salon, and contract terms. Hire an attorney to review the contract with you as an extra measure of caution.
Create a marketing plan. Always keep an eye on gaining new customers and promoting your brand. How will you accomplish your goals without breaking the bank? Develop a marketing plan that includes social media, promotions, contests, and PR.
Starting your own business can be incredibly exciting. Making the plans to go about it strategically will definitely minimize the stress. Good luck!
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