With disposable income on the rise, beauty salons are becoming increasingly popular. In 2016 alone, the beauty industry generated about $62.46 billion, and the numbers have been going up for the last 13 years. If you are interested in the salon business, here are a few steps to guide you:
Plan your business: for any business’s success, you will need a clear plan with details about how it will look. A few things that should be in your plan include;• The startup cost is money for rent, equipment, insurance, and ongoing cost, which covers salaries, advertising, supplies, etc. • Target market: clients who will be coming back for your services• Your business name
Obtain permits and licenses: for your business to operate, there are state permits and licenses that you will need to get to avoid hefty fines or a possible shut down. You will also need to register for taxes.
Open a bank account and get a credit card: this is to separate your personal assets from the company’s. The credit card helps you keep your personal and business expenses separate.
Set up business accounting: for you to understand your salon business’s financial performance, you need to record any expenses and sources of income. It comes in handy when you are filing your taxes.
Insure your business: business insurance is not only a state requirement, but it also covers your losses in the event of an accident. You can start with general liability insurance if you are unsure of what risks your business might face.
Define your brand: your company needs to stand out from competitors to attract customers. Invest in advertising, including social media sites, and create a website where customers can find information about your services.
If you care about making people feel good about their appearance, the salon business might be ideal for you. You can either hire a manager or run it yourself. Some duties you will be performing include keeping the inventory stocked and managing the employees. If you have prior experience working in a salon, that is an advantage. However, if you don’t, you can hire a business mentor to coach you on navigating a business successfully. If you have decided that a salon business is ideal, contact Navigate Firm for more information.