You’re not alone if you’re thinking about opening a new salon business. There are already at least 86,000 hair shops in the nation. What’s more, haircare dominates the most significant corner of a booming beauty industry valued at beyond $57 billion annually. Additionally, salons have a ready-made market. Customers of all ages, backgrounds and economic circumstances will eventually need a haircut, blow-dry, color, or other services salons sometimes offer.

Starting a New Salon Business

To launch a new salon, you’ll need to understand your market fully, research your competition, find the right location and staff, sometimes work long days, pay attention to details, and so much more. Here are other steps that can help you successfully open a salon.

Write a Business Plan

Savvy small-businesses owners usually begin by writing a business plan. Your business plan should include several sections. It needs to describe your customers and show how you plan to reach them. It must show your list of suppliers, business partners, income streams, costs to do business, and critical resources.

Make a Salon Business Checklist

Your business plan should also include a to-do checklist to help you stay on track. It will ensure you don’t forget all the essential details of opening your new salon. Here are some items to put on your checklist: Create a business plan, select a legal structure, register your business and name with the proper authorities, find a location, obtain an operating license, get insured, find suppliers, buy necessary equipment, salon furniture, and supplies, hire and train hairstylists, make sure stylists have proper licensing, prepare for the health department and fire marshal inspections, begin taking appointments and marketing.

Calculate Your Costs

You will need to determine what it will cost to operate your business. Costs to open and operate a salon often include rent, insurance, and inventory weighed against what you decide to charge for services and products. Your costs indicate if you need to visit a financial institution for a small business loan or find a business account to plan a tax strategy.    

Get Insurance for Your Salon Business

Not only is insurance a legal requirement for almost all businesses, but it can also save the day if you run into a problem. Insurance can protect your shop from unexpected mishaps involving your employees, customers, the shop’s physical space, and other aspects of your business.

Find a Location and Hire Staff

You would be wise to choose your location and stylists with care since they are vital business components. A desirable property is conveniently located and has plenty of foot traffic and adequate parking. Since your stylists will represent your business, be sure to hire talented, reputable, and experienced stylists whenever possible. To find quality staff, you can begin by placing ads in well-known publications and asking friends, family, and other hairdressers for recommendations.

Get Discovered by Marketing

There are many ways to find customers for your new venture. For example, you and your staff can contact former and existing clients to let them know your exciting new shop has just opened. You can also encourage customers and anybody you know to refer your shop to their friends, family, neighbors, and workmates. To reach even more potential clients, you can create a website and use social media sites like Facebook, Instagram, and Twitter. Don’t forget more traditional advertising strategies, such as advertisements in local publications and mailing brochures or coupons.

Contact Financial Experts

When you’re ready to launch a new salon business, contact Quick Capital Funds to discuss your financial options. We can help you reach all your business and financial goals.