Today the global beauty industry is a $532 billion business. The U.S. currently is the world’s largest beauty market, with about 20% share, followed by China (13%) and Japan (8%). While projections for growth vary, most agree it will continue to advance at a 5% to 7% annual growth rate to reach $800 billion by 2025.
With demand for beauty therapy treatments and services remaining high all around the world, this market is a lucrative one to get started in. But what’s key to a salon or spa’s success is that, alongside giving flawless treatments, you also provide a relaxing and enjoyable experience.
So... why not opening your own hair salon business?
There is much to consider before starting a hair salon business or any other kind of business related with beauty. And it can all get very confusing, especially if it is your first go at any kind of business.
How to open a salon?
Where do you even start?
How much does it cost to start a salon?
How do you prioritize?
It can be hard to figure out your course of actions, so we have prepared a shortlist of things to keep in mind when opening a salon.
To start your own hair salon business, you need to have a business plan in place for how you’re going to earn money, how you’ll manage your finances, and day-to-day operations. There are plenty of resources available to help you make these important decisions that will shape your business. For example the Professional Beauty Association offers their members access to business blueprints that can be customized.
Many of our business decisions will depend on what type of customers you plan on serving. It’s not enough to say that you want a general hair salon.
What do you need to open a beauty salon aside from a good location? Think about the interior. In terms of the plan and design of your salon, it should be comfortable for the clients as much as for your employees. Also, don’t forget about the documents you need to prepare before start your salon business.
Professional equipment costs a lot and they can significantly spike up the average cost of the budget you will need to open a hair salon business. For example, new equipment for a full hair salon might cost you around $27,000.
Many salons have more than one stylist on hand to serve a variety of customers. This is often helpful to improve profitability, especially if you have a dedicated retail space. Keep your target customers in mind through the hiring practices. Your stylists should not only have the talent to offer your desired hair services, but they should also be personable and friendly so they can converse with your clientele throughout the experience.
You should start marketing your new salon even before opening, so you can build some buzz for your initial launch. You should start a website, invest in some local online ads or alert your local media outlets about your new business. A launch event or some type of special promotion could help you make the opening more newsworthy. However, you should also create an ongoing marketing strategy for once your salon is already up and running.
Computers, software, and the Internet make our lives easier, and it can certainly improve any business outcomes. You can automate practically any business process, improve advertising, and customer care.
“Failure is not to be feared. It is from failure that most growth comes.” - Dee Hock
All of us know that starting a business it's no so easy, so here you have a list of 5 hair salon business ideas:
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