Cosmetology schools produce countless graduates who aspire to own their own salon someday. However, it takes more than being a great beautician to open and run a successful business. Even if you are great at what you do, there are many decisions to be made on a daily basis, even before the shop is open, that have nothing to do with cutting and coloring.
Here are some things to consider before opening your own salon:
Are fellow beauticians going to work in the shop or will you be a one-person operation? If you are going to have others providing services in your shop, you have to consider whether you will rent booth space to them as independent contractors or rather hire them as employees.
If you rent them space, are they going to have the freedom to set their own prices? Will they keep all of their earnings or pay you a percentage plus the booth rent? If you hire them as employees, will they have any say over their prices? Will they get to keep the total of their tips or will they have to split with the house? The answers to all of these questions must be nailed down before the first customer walks through the door.
What other services will you offer in the beginning? Any service can always be added later on, but you must decide what to offer on Day One. Will there be someone available to take nail appointments? Will you have tanning beds? What about spa-type services such as facials and massages? Will permanent makeup or waxing be on the menu? Each salon is different. Do some research, such as visiting local beauty parlors and finding out what they offer. Then figure out how you can do it differently and better.
Training and Shows
Whether your rent booth space or hire employees, you will need to determine whether you will offer others working with you opportunities to go to hair shows or attend training on new techniques. Are you willing to pay for any related expenses? Will you require attendance at any such events, or a certain number of events per year?
Be sure that all of these bases are covered before you start looking for salon loans. While lenders consider all of the standard issues related to any business — such as qualifications of the borrower, demand, location, and other aspects of the business plan — the items above are unique to the salons. Knowing the answers will help you secure the funding you need to start your own beauty business.
Loans for beauticians are not always easy to find. Biz2Credit has a network of over 1,200 lenders, many of which offer business loans for hair salons. We can help you find the right one with the perfect financing tools for your specific situation. Visit Biz2Credit.com today for more information.