It’s a good time to be in the salon business. The glorious hair styling business is expected to grow at an annual rate of 3.2 percent — hitting $58.7 billion by 2019, according to IBISWorld. But that doesn’t mean you’re automatically guaranteed success by just pulling out your styling gear and getting to work on your business plan.
Building a business has its risks. You can minimize those risks by being strategic about how you go about starting your salon business. Take a look at these 4 tips to get started.
- Keep overhead low. You can go all out by building out your own salon. But it will cost you. A lot. According to Entrepreneur Magazine, the expenses for a beauty salon start-up is more than $100,000. You don’t have to go that route to be successful. Manage your risks by starting your hair styling business through booth rental. It gives you the opportunity to start off in a great location — without the high expense. Think slow and steady when building your business. You can always move into the more expensive digs later.
- Heavily promote your services. A marketing strategy is essential to the success of your business. You may have the best skills in town; but unless you’re out there promoting them who will know about it? Absolutely no one. Well, maybe your best friends and relatives. But you get the point. Be diligent in posting your work on social networks. Don’t neglect other channels, like offering your services free of charge at social events and benefits. Ask for signage and the ability to pass out your cards in exchange for services. Think of creative ways to promote your personal brand.
- Adopt a business mentality. If you’re starting a business, get serious about it. And stay serious. Don’t let friends and family hang out in your salon — distracting you from the business you have at hand. You’ll get sidetracked in no time. Likewise, keep in mind you’re not a charity. While it’s OK to give discounts to friends and family, make sure you keep those reduced prices to a minimum.
- Stay on top of expenses and income. Finances may not be among your strongest traits, but it’s important to keep a budget of the money you have coming in and the money you’re spending on running your business. Only then will you be able to determine how you should adjust your expenses to make sure you’re staying profitable. Budgeting is not the most pleasant aspect of being an entrepreneur — but it could very well be the most important. Keep working on it.
By staying focused, running a styling business can be incredibly rewarding. To help you focus on what you do best, try Stylie— an online scheduling and point-of-sale tool for independent beauty professionals. Contact us for a free 30-day trial of Stylie to see how it can help you keep things running smoothly.
-Easy for you, Easy to love-