3 Key Steps to Salon Ownership
You’ve always been an entrepreneur at heart, and now you’re ready to make your dream of opening a salon a reality. Congratulations! Sometimes, deciding to take action is the hardest step. Even so, it can still be difficult to know what you should do next. Allow us to shed some light on how to open a salon.
Pinpoint a Vision
Why do you want to open a salon? Who do you want to serve? How can your salon uniquely help that community? What are some key achievements you want your salon to accomplish? Where do you want your salon to be in five years? These are important questions to ask yourself before moving forward. Without a clear vision, it is difficult to make smart decisions — and as an entrepreneur, you’ll constantly be making decisions. Don’t risk putting hard work and money into a salon that will later go under or fail to live up to your expectations simply because you did not take the time to pinpoint a vision. Start by journaling about the questions above, then write a cohesive mission statement that highlights your main objective. Make sure this mission statement is kept somewhere where you can easily reference it each day.
Design a Plan
Once you’ve outlined a mission for your salon, you then must determine how you will achieve it. This is when most entrepreneurs begin writing a business plan. There are many templates for writing business plans online, but this is the main information yours should cover:
- Executive summary – an overview of your salon and your goals for the future
- Opportunity – your target market, the need you are serving for them, and who your competition is
- Execution – your marketing and sales plan, plus how you plan to measure success
- Company overview – what type of legal structure you’ll form (i.e. sole proprietorship, limited liability corporation, S corporation, etc.), where you’ll be located, and who’ll you’ll need to hire
- Financial plan – your revenue projections
Gather Your Resources
Next, assemble a trusted team and begin collecting the documents and assets that will bring your salon to life. We recommend first hiring a small business attorney and accountant to review your business plan. Attorneys and accountants can also help you form a business entity, apply for a federal tax ID number, and obtain a business license down the line. Some other professionals you may need to contact are a loan officer to assist you in obtaining financing, a real estate agent to help you rent or purchase a space, general contractors to install plumbing and equipment, and an insurance broker to help you purchase an insurance policy.
Learn How to Open a Salon at Health and Style Institute
Though the process of opening a salon may seem overwhelming, it is nothing you can’t do with the right knowledge and mentors. Here at Health and Style Institute, we’ve helped numerous aspiring salon owners realize their dreams through our Salon and Spa Leadership program, and we’d love to do the same for you. After all, establishing your salon is only the beginning. In order for your salon to be a success, you must also be equipped with a strong background in management for the years to come. If you’d like to learn more about how to open a salon and keep it running smoothly, contact us today at 1-844-947-8953.