Hair and Beauty Salon: Business Summary
The idea is on mind, owning a beauty salon business. Great! So what next? Step one is done, the objective is in mind, but in order for it to succeed, there must be a plan; a detailed Hair and Beauty Salon Business Plan which will show that the idea is going to succeed.
Do you remember the 5 w's in a the "Laundry Business Plan" article? What, When, Who, When, Why and How. Well now we have the What. The following question would be:
I already know I want to make an investment in beauty salon, but how am I going to make this happen? With a very well structured business plan. In that document, the entrepreneur(s) must include, well, basically everything:
|1. Describe your Company:Vision & Mission|
|2. Define your Target Market: Company's objectives|
|3. Creating a Marketing Plan|
|4. Figure the Finances Out|
Many people think that beauty salons are a cliché business, we have many of them already, but why? Because our society lives on stress, it is always stressed out and salons are convenient kind of retreats.
They are relaxing environments providing great customer services, stressed people go there to be taken care of. That is the magic of it, beauty salons will always have demand, there is no going back on this hectic world. People love to be taken care of, women love having great colored nails done and men love having perfect hands and beards. The people that is planing on having a beauty salon knows it will have a highly demand, they know people will go there and that if it is well managed it will work.
But remember, always be different. There are many investments in beauty salons, make yours be worth it. People love different!
Not sure yet? The following article might help! Top 10 Reasons to invest in Beauty Salon
1. Describe your Company
The objective is to have an added value, to be different, to have that something that makes people think about it. Will your business atmosphere be relaxing? Will soft drinks be offered to the clients or as they enter the store or until they sit down to get the service? Will you have televisions? Separate rooms depending on the service? To develop great business strategies, it is recommended to perform a SWOT analysis to make the right decision.
What are some of the keys to success?
Location:To provide an easily and accessible location for customers
Environment:It is necessary to have a conductive environment in order to give a relaxing but at the same time professional service
Convenience:This means to offer the clients a wide range of services in the same place
Reputation:Being the last on the list does not mean it is the least important. Actually it is the most important of the list. Having a good reputation is everything. With social media and word of mouth, people have to take care of giving the best experience to every customer so they recommend the business.
Considering the list above, it is of extreme importance to vary, not to only offer one thing, but to have a range of products and services so the clients find everything they need in the same place, in your oasis. There is no exact number of product or services a beauty salon must offer, but never ever offer least than the competitors. Again, plan plan plan! Hair and Beauty Salon Business plan, that should be your focus.
2. Define your Target Market
Even though there are many beauty salons, there are different types depending on the target. Some for example, are for men, other for women, other for both and so on... and as I stated before, even though the idea of having a beauty salon is there, people have to do a profound analysis on the message, on what do they want to communicate to others.
WHAT DO YOU WANT FOR YOUR SALON TO SAY?"
WHAT DO YOU WANT FOR OTHERS TO SAY ABOUT YOUR SALON?"
WHAT IS THE HIDDEN MESSAGE?"
WHOM DO YOU WANT TO GIVE THE MESSAGE TO?"
Defining a target market does not only mean to think "oh ok, my beauty salon will be for both, men and women" No. It goes way beyond that. It is one of the parts of the business plan that requires the most analysis because it requires to stop everything and about the buyer's journey. People need to understand the process the buyer will go through in order to get to that precise beauty salon. And also, the key message.
"What will I do to get my customers to understand and retain the message I want to give to them?"
3. Creating a Marketing Plan
We are not done with the planing yet! We have the strategy, now lets go to marketing. In this stage people have to analyze and think which is the best marketing tool for the business. Is it people? Is it social media?
For some hair and beauty salon business, when a client leaves with a new look, THAT is marketing. Some say their client wears the marketing and that is why most of a the clients of a beauty salon are referrals from existing clients.
It is important to note that research has shown that word of mouth is the best advertising for this type of business. Although as everything, it depends on many factors.
4. Figure the Finances Out
And here we go... the tough part, excel sheets. What is the financial goal? Is it to be a profitable business in the first month? To have a break-even in the 6th month? Number time! This is where you write down everything. Fixed costs, variable costs, every single thing that will involve money.
A sales forecast is extremely important. People need to have expectations on income even if they're only approximate. This is so managers know how much are will they be able to spend during the years and what will be the project that gives the hair and beauty salon profits.
Owning a beauty salon business is a great idea because of its potential, it has a potential growth (it never stops growing), it gives great amount of profit and it will never end.
Beauty salons have been on the market since long time ago; people always need to have their hair cut, nails done, a massage is always a good idea, etc.. But it is important for people to know that getting thins up and going involves planification, remember our focus? Hair and Beauty Salon Business Plan! Thinking and analyzing. If you do things the right way since the beginning, there will be less problems.