Answer These Questions Before Opening a Hair Salon
You’re probably in the beauty business because you’re very passionate and creative about helping people feel their best and look amazing. But if you plan to open your own hair salon, you need to balance your passion with practicality. Treat it as starting any other business. You’re going to need a business plan, secure financing, get insurance and hire employees. There are also a couple of challenges unique to starting a hair salon. The following questions will help you figure out some things before opening your own salon.
Who is your target audience?
Do you already have loyal clients who will buy your services when you move to a new venture? Keep in mind that if you’re working at a beauty salon now, your employer has also established a connection with your clients, and some of them may find it more comfortable to stick with the same salon and only change the hairdressers. At the end of the day, this is your clients’ decision, even if they want to work with you and visit your new venture or decide to stick with the salon. Some may consider only the convenience factor when choosing because they don’t want to waste more time traveling to your location.
What sets your hair salon apart from the others?
There are dozens or even hundreds of hair salons in your town. Why should people choose yours? What makes it different from the other salons? You’ll attract more clients if you specialize in a particular area. Of course, you should provide a complete range of standard services, but you also need to identify the best services and use them to create a brand. Do you use only organic products? You can market your salon as an eco-friendly one.
What kind of insurance do you need?
Hairstylist insurance covers your salon financially in case it experiences financial risks associated with the way you handle your clients using hairstyling tools. When you own the shop, you should get general liability insurance because it offers more coverage than a professional liability policy. Accidents happen all time, and you want to make sure that your business is safeguarded against one.
How long will it take for the salon to break even?
A break-even analysis is essential when you plan to start any kind of business. Calculating how much expenses cost and projecting the revenue can help you determine how much financing you need to get through the startup period. As you may already know, in this sector, the pricing is standardized, and it’s challenging to attract new clients if you charge more than other hairdressers. So, you need to find a way to attract and retain clients.
Do you want to hire other employees?
As a salon owner, you’ll also have to decide if you want to hire other professionals or to work on your own. If you’re going to work with someone else, you can employ hairdressers or collaborate with freelancers willing to split the costs with you. Either way, consider your style and their style before you pick someone because you need to ensure their services fit your clients.