Owning your own business is the American Dream, and it is an amazing opportunity. However, this opportunity comes with its fair share of financial and emotional risks. Therefore, leaving the familiarity and security of a beauty salon, which is usually based on commissions, is difficult! That’s why we came up with this article about 8 tips to prepare yourself before taking the plunge into independent salon ownership. Check it out!
Get a Client List Together
Starting a new salon business and keeping your loyal customers can be hard. You need to understand that when you leave an established operation, your clients may not follow you when you move on. When you leave a long-established business where some of your customers have become regulars, those customers technically belong to the salon owner and you should plan for 20% of your client list disappearing with the move. Therefore you need to build a new customer base which can take some time and effort. You can use social media which can help immensely in making connections and reaching out to potential clients. Posting on Facebook and reaching out to friends and family can go a long way in getting the word out there.
How Much Does It Cost to Move to the Salon Suite?
The first thing you need to figure out is how much space you’ll need for your new salon suite. This might seem like an easy task, but many factors come into play when determining the size required, such as traffic flow between stations or storage requirements. These factors will all determine the cost of space. Other important upfront expenses you’ll need include equipment, supplies, and other necessary items like decorations. You may also want to invest in bookkeeping software and marketing materials.
How to Decide What You Will Charge
As a hairstylist, pricing is one of the most important aspects of your business. It’s not just about how much money you want to make; it’s also about providing customers with value and ensuring that they are happy. Your rates should reflect your experience and the work that you do. Before you start a new salon business, you should have a pricing strategy in place. Some of the factors that will help you develop a pricing strategy are:
- What does your competition charge?
- Are your prices fair based on market rates, your experience, and the work that you will be doing?
Once you set a price for a service, it is important to maintain that price. No customer wants to feel cheated or that another competitor has offered them a better deal.
Legal and Tax Obligations When Renting a Salon Suite
Before starting, it’s important to know the legal and tax obligations that come with owning a salon suite, so it’s wise to speak to both lawyers and accountants like The Tier Group who can guide you through the process. As long as you take heed at the start of your journey, there will be fewer headaches later down the line!
Management Classes Can Help Salon Professionals Succeed
Achieving success in the beauty industry is no easy task. From finding clients to managing profits, many challenges come with this business. Fortunately, there are plenty of resources available online for those looking to take their skillset to the next level. You can gain skills in finance, operations, and administration – not to mention good ideas about what products or services would work well for your customers.
Study Marketing Approaches
As a salon owner, being knowledgeable about marketing strategies is imperative to your success. Knowing how to market your business can help you attract new clients and retain existing ones. You can join affordable marketing courses that will help to market your salon. If you are looking for an easy start, make sure you read articles on how to get started with social media because the most important part of any marketing strategy is utilizing free tools like Twitter and Facebook to spread the word about your salon’s products and services.
Seek the Advice of Others Who Have Rented a Salon
When you are considering renting out a salon suite for your business, getting some insights from other salon owners who have done this before can be helpful. Whether you’re looking into the best way to get customers, talking with someone else who has been in your shoes can be very helpful!
Define Your Brand
You don’t have to be a celebrity with a million followers to create a personal brand, because everyone can build their following on social media and showcase themselves as the best version of themselves!
If you are considering renting a salon suite, congratulations! You’re on the right track to great success. But with any new undertaking comes some preparation and planning; this is especially true when it comes to your business. That’s why these 8 tips for getting started in your salon suite rental situation will ensure you have everything covered before moving day arrives.