Last Updated on Feb 28, 2020 by James W
You may have the most amazing business idea, but without the funding, it’s unlikely to get off the ground. In this economy, starting up your own company is a brave thing to do. But there’s no reason why it can’t be a huge success! If you’re looking for a little guidance on making your dream salon a reality, keep reading…
Before you start looking into ways to finance your beauty business, write a detailed plan. Put down your entire plan on paper, paying particular attention to how you see your idea developing, coming to fruition, and ultimately, how it’s going to make you money. You can get basic templates for business plans online, if you feel stuck.
Once you’ve drafted up a comprehensive business plan, move swiftly on to the model for your company. It’s time to think about the money. Plan out the full costs of setting up your salon, from the equipment needed to the monthly rent.
Start Your Salon
Hopefully now, you’ll know how much money you’ll need to get your business up and running, as well as that emergency fund to keep your salon afloat in the early days. You’ll obviously have to have enough to pay all your members of staff in advance. It may be an idea to start small and expand once you’ve established your revenue.
Don’t miss a marketing trick – set aside enough money to open with a blast. Invite the locals to a ribbon-cutting party with complementary booze, tours around the salon stations, and free treatments. Make it fun, make it classy!
Talk with people who’ve established their own salon business in the past – this could be in person or online. They can give you those small tips to ensure that your services go down a treat with the customers.
Be Good With Money
Is your credit history spotless? Your bank is more likely to lend you a business loan if you’ve been loyal and harmless for years. You’ll probably need their help, unless you have a treasure trove of savings.
Now is the time to wow your suppliers. Buy your products wholesale to reduce costs and pay on time. In the future, your distributor may consider giving you even better deals.
Knowing when to dole out a wad of cash and when to find money-saving alternatives is important for establishing your salon business. Many of the high tech tools should have a reasonable amount of money poured into them, such as spray tanning equipment and combination machines – you want the best you can buy.
However, you can be thriftier when it comes to decorating your salon. Haunting charity shops and car boot sales in order to find beautiful and eye-catching display furniture will save you money. With a little TLC, these pieces can be more stunning than anything you’d buy in the shops for a small fortune.
Salons Direct are a leading supplier throughout the UK and they would like to present some useful ideas on the industry for business set up.