Owning a hair salon can be a satisfying business if you love working closely with and serving people and if you enjoy seeing how they look as they step out of their chairs. Yet, like starting any new business, it takes planning, skill, and funding to get a hair salon started and successfully growing.
How to Start a Hair Salon Business
Follow these steps to start a hair salon business:
• Spend plenty of time defining your salon business concept. Determine the customer niche you will serve and the services you will provide. Create a name that will communicate your business’s uniqueness. Then, define how you will want your salon to look and feel.
• Create a business plan. That should include a target audience definition, some geographic analysis, a financial plan, and a marketing plan.
• Register your business with the IRS and receive an Employer Identification Number (EIN).
• Find an appealing location that offers good visibility, good customer access, and good parking.
• Determine all your operating costs including rent, equipment, interior décor and display items, utilities, insurance, labor, and operating supplies. Develop an operating budget. Based on your costs, establish pricing for your services.
• Order your equipment including salon stations, a POS system, and scheduling software.
• Hire qualified hair stylists. Look for the right skills, the right attitude, and the right personality for each hire.
• Develop your marketing tactics.
• Secure the funding you need.
Where to Get Funding to Open a Hair Salon
Funding for your hair salon business can be secured by getting a term loan from a bank or credit union or securing an SBA loan through one of their partnering institutions. Personal funds such as a Home Equity Line of Credit or savings can be used. Alternative lenders and financing specialists can be excellent funding sources.
Seek Expert Financing Assistance
Contact Critical Capital Solutions, based in Lancaster, PA for customized tailored financial solutions. We provide a wide selection of financial products so you can get the capital you need.