There’s no doubt that the beauty industry is a huge one. If you did not previously know this, you should know that this industry generates sales of about $40 billion yearly. That’s huge and you can get a chunk of these sales if you know what to do. Thankfully, regardless of the number of salons currently in business and the different models like running a mobile beauty salon, specialized nail salons and others, the industry has continued to reward those who go about it the right way.
What we want to look at in this article is how you can start your own beauty salon. We will outline a few steps you can adopt to make this dream a reality. Let’s get right into it.
Carry Out a Feasibility Study
Carrying out a feasibility study is essential because it allows you determine what model will be profitable, what location you should set up in for best results, how much each of the options will cost and what they will bring in by way of ROI and many other important decisions. You should know about the products which are going to use in saloon like best lipstick brands, best makeup brands, ect
You need to know what it will cost to run a mobile beauty salon, a fixed beauty salon or owning a spa bus etc.
Once you successfully complete a feasibility study, you will have a good idea of the market you are going into (you should still do this even if you think you know the market well). You will know exactly what your costs are and based on this information, you can go on to the next stage, which is writing your business plan.
Write Your Business Plan
Now that you have done your market survey and know what it will cost you to setup in different locations, offer different services, operate different beauty salon models and generally run the business under different conditions, you should now decide on a direction based on all the information you have collated.
The decision you have made regarding how you want to run the beauty salon should now be written down in your business plan. Unlike what you did with the feasibility study, in this business plan, you have chosen your business model, location, services you want to offer, and other ways you want to go about the new salon.
Writing your business plan shows you in figures how much you will need to spend monthly to run the business, how much you need to make monthly to stay afloat, how long you need to make a given minimum income before you begin to turn a profit and more. Once this is done, you can move on to the next phase.
Figure Out Funding
You need money to make money. This is now where the tire needs to hit the road. Your business plan has shown you how much you need to get upfront to get started, how much you need to run the business monthly, and how long it is likely going to take you to begin to turn a profit.
With all of these, you can then decide how much you need to start your business. Do you have the funds or will you be requiring a business loan? This is the time to figure it out. Once you have figured it out and gotten the funding, you can then get started on setting up.
Get Necessary Regulatory Approvals
With your funding issues sorted out, you want to get every regulatory approval out of the way. You do not want to run afoul of the government on the first day of running your beauty salon.Interact with other entrepreneurs in particular in the beauty business and find out the regulatory approvals you need to run a beauty salon in your location and get them.
With approval issues sorted out, you can now go ahead to get your equipment. If you do not understand the industry, you need to work with an experienced person at this stage. It may actually help to jump to the next phase and hire your manager or a consultant to ensure you get the right equipment.
The services you render will only be as good as your workers are. This is the time to hire the type of workers you need to put your new beauty salon on the map.
Market Your New Beauty Salon
They say doing business without advertising is like winking in the dark. You know what you are doing but no one else does. With everything now in place, it is time to put the word out there. There are a number of ways you can do this.
Look for a digital marketing expert to help you get your business off the ground as quickly as possible. You can actually start marketing before your salon’s start date. This may be a good way to go as it builds up anticipation among your prospective customers.We wish you all the success in your new business.
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