Starting a business is always a large undertaking. There is a lot to do and a lot to figure out. In addition, every type of business has unique requirements and considerations to think about. For example, if your business is a hair salon, there might be more to include in your business plan than you think.
Start by Building a Business Plan
A well-thought-out business plan is your best tool against potential disasters. Of course, so many things can go wrong, but considering as many potential bad outcomes as possible will help you prevent and manage them quickly when they happen. Some tips about what to incorporate into your business plan include:
1. What Are Your Opening and Operating Costs? – How much will it cost to get your business equipped, stocked, and ready to go? Are you thinking of starting slow and adding more help as you go? Or are you planning to start at full capacity?
Determine how much your location will cost and any changes you need to make to the building. For example, do you plan to rent or buy? If you plan to hire employees, will you take care of payroll and taxes or have a professional do it for you? The only way you won’t have unexpected expenses is by accounting for every potential cost in your business plan.
2. Who Are Your Target Clients? – Will your hair salon cater to the upper class or provide walk-in services without an appointment? What is the best location to make your salon accessible to your target client? You won’t know what to offer until you know who your clients are and what they want.
3. What Are Your Potential Profits? – Once you compare the potential profits for your salon, how much will you pay yourself, and what will you put back into your business? You probably aren’t starting a business with the expectation of not making a salary. Decide how much you will pay yourself and the best way to invest the rest.
4. Which Services and Products Will You Offer? – Contemporary beauty salons offer a broad range of services and products. How extensive will your offerings be? Do your research to learn what clients are interested in that they don’t already have access to in your location.
5. What Is Your Emergency Business Plan? – If we didn’t learn anything else from the COVID-19 pandemic, we discovered that it’s impossible to plan for every potential emergency. No one wants to think about it, but you never know when the next disaster is right around the corner. It might not be a virus next time, but any situation that keeps people out of your salon or causes damage to your records or equipment could devastate your business. Starting a new salon is a serious venture on your part. Do everything that you can to protect your business and your assets.
6. Which Post-COVID Changes Should You Implement? – It wasn’t long ago that salons closed, and we all had to learn how to take care of our beauty needs at home. Now, most salons are open for business, but with some changes to their setup and how they provide services to clients.
There’s no better time to think about implementing some of these changes into your new salon. That might mean putting more distance between chairs and booking fewer clients at one time.
One way that many existing salons have changed is by selling more beauty products online. People got used to purchasing products online during the pandemic. Although some services are only available in-salon, make your online retail a big part of your business.
Consider carrying skincare and haircare products, along with nail polish and makeup. Create a user-friendly website where customers can shop for quality products they want. You might even create an online store where your clients know they can find the awesome beauty products that you sell. Then, figure your online profits into your business plan.
Don’t Overlook the Need for Salon Insurance
Too often, new business owners overlook the need for salon insurance or keep putting it off. Even new salon owners who wouldn’t think of not insuring their homes or cars don’t see the value of insuring their business. They don’t realise that they could lose a lot more than their new business.
Why Opening a Hair Salon Is Always Serious Business
Technology has come a long way in the beauty arena. Hair salons are no longer limited to cutting and colouring hair, giving perms, and doing manicures. Today, salons also offer piercings, tattoos, skin needling, and laser treatments. They apply chemicals to the skin and inject fillers to make clients look younger.
All the services in your new salon should serve two purposes. First, they should provide clients with results that make them happy. They should leave your salon feeling pleased with the way they look and feel.
Second, they should help make your salon into a successful business. If you make your clients happy, it will help your business become successful. But you should also know that things don’t always go according to plan. No matter how good you are at your craft or how much you know about starting a business, you or one of your employees could make a mistake.
There is also the potential for damage or harm from one of the products or tools you use. You could still have liability even if you aren’t directly responsible when a client has an adverse reaction. All it takes is one lawsuit to ruin your hair salon’s reputation and any profits you have made. You might even lose more than the value of your business!
Get the Liability Insurance You Need
Make sure you have liability insurance in place before you open the doors to your salon. Contact us to get the right type of insurance for your new hair salon. Make sure all your hard work is protected.