Every beginner entrepreneur should be looking for ways to save money as funds are always tight when starting a business.
However, there are some things that you simply cannot afford to be stingy about if you want to succeed. For a beauty salon, these have to do with location and quality of the service provided.
You have to spend all the money you possibly can (and perhaps a bit more) to ensure that you get the best of these as they will determine whether your new business will live to see another year.
4 Things to Splurge On When You Open a Beauty Salon
A beauty salon industry report states that this business grows at less than 5% a year.
This means that you must get every advantage you can when opening a salon of your own, and location is the biggest one available. Due to the nature of this business, being placed in the middle of a highly populated area is the key for its performance.
Salons at malls and other similar places are more successful exactly because they are located ‘in the thick of things’.
Premier location means paying a high rent, which you must include in your basic business plan. Over 90% of beauty and hair salons employ less than 10 people, so you don’t really need much space at first. However, look for a rental in the area with high traffic of people who are looking to relax and enjoy themselves.
2. Equipment and furniture
Another major investment you have to prepare for when you open a beauty salon is getting some salon furniture and equipment. You will only need a couple of barber chairs, styling chairs, mirrors, and a variety of station basics at first. You can go minimalistic and only purchase the bare essentials. But those must be of the highest quality to provide your customers with a sense of luxury.
Visiting a beauty salon has long been associated with pampering in our culture. So, your main task is to create a most enjoyable customer experience when providing top-quality service. If you manage to do this at an affordable rate, your business is sure to succeed. In fact, look at the designs of top blow-dry bars.
They breathe with luxury and original style, they also grow at 25% a year as opposed to the rest of the industry. Despite the expensive design, these businesses strive exactly because they offer an affordable alternative to luxury salons. Installing premium furniture and equipment at your place will help you achieve a similar result.
Hair coloring is the service in the highest demand in salons. Therefore, you have to make sure that your place offers the very best of it.
Consider your target audience when you stock up on these products. Researching future customers’ preferences is the first thing to do when you think to open a beauty salon. Therefore, you’ll be able to understand which coloring supplies and professionals you’ll need to look for at the business planning stage.
Bear in mind that stocking up on premium-quality professional hair dyes is not enough. This area of hair styling requires specialized skill, so you have to employ hair stylists with experience and training in different coloring types. Be sure to find out if the person you are about to hire is an expert in bleaching, tinting, ‘universe’ hair, or covering gray before you hire them.
When you open a beauty salon, you have to market it aggressively, especially at first. Launching special offers with discounts and a referral program since your first day in business can help you build a client base fast.
That’s why you need to invest in a major local marketing campaign that will draw attention to your business before the opening. Be sure to run a special for the opening day/week to immediately show off how great a salon you have.
What other things would you invest money in when opening a beauty salon?