Take These Steps Before Opening Your Salon Business
You have been working in a salon for several years, building your reputation and perfecting your skills. Now, you’re ready for the next step: opening your salon. You’ve had this thought in the back of your mind for a while and now you’re ready to turn this dream into a reality. In this guide, we’ll explain what you need to do to start your own salon business.
Checklist Before Opening a Salon Business
Before you open your salon business, there are eight things you must do.
Define Your Concept
The first thing you must do is define your salon concept, which needs to be woven into every area of your business- including your customer service style and the services you plan to offer. Your concept also needs to be seen in the name and logo of your salon, décor, price range, and the layout of your salon.
Create a Business Plan
Next, you need to draft a business plan for your salon business. This will lay the foundation for your business. Make sure that you include all of the pertinent details:
• Executive Summary
• Company Description
• Industry Analysis
• Geographic Analysis
• Target Market Analysis
• Sample Services
• Marketing Plan
• Management Strategy
• Financial Plan
This will be especially helpful if you decide that you need to seek a loan or grant to get your business up and running.
Register Your Business
Next, you must make sure to register your business with the IRS to get your EIN (employer identification number) so that you will be able to file and pay your taxes. You may also want to consider trademarking the name of your salon as well.
Choose the Right Location
The location of your salon business will make or break it. Two of the most important factors during the selection process are visibility and foot traffic. You will also want to consider the size and shape of the interior to determine if it fits in with your business plan.
When you are choosing equipment for your salon business, make sure you are strategic about what you choose because it can get expensive. Make a list of the equipment you need versus what you want but can do without to start with. Look for some gently used equipment to save money and make your selections based on your financial analysis and your budget.
Hire the Right Staff
Make a list of the staff you need to run your salon business and start hiring. During this process, you’ll also want to determine if you plan to use payroll software, a payroll service, or do it all yourself.
Your services are the focal point of your salon business and need to reflect your concept and brand. Use descriptions as a marketing tool to convince new customers to try your salon. Descriptions need to be precise but appealing.
Create Your Marketing Plan
Before you open your salon business, you must take the time to develop a marketing plan that will make the public aware of you, draw new customers, and build your following. This can include a variety of things such as hosting a soft opening to hype up your business to use social media to garner attention.
You’ve been wanting to open a salon business for some time now and you’re ready to get started. However, before you jump in headfirst, you need to go over this checklist of 8 things to do beforehand. Also, if you need assistance with financials, contact Atlas Capital Solutions. We will be happy to help you understand your options.