Opening Your Own Hair Salon

Hair salons can be significantly profitable, however, without proper financial and legal planning, however, even the trendiest shops can crash and burn.

Are you ready to start a small business?

1. Pick a business model

Different salon types have vastly different business models. Will you open a salon from scratch, buy an established salon or purchase a franchise and rebrand?

2. Explore partnerships

Seek strong business partners, whether it’s an investor or simply a strong mentor group, Fantetti says. The most successful salons are those that have somebody who focuses on the day-to-day business.

Consider partnering with a product company or line.

3. Create a business plan

A shocking number of potential salon owners launch without a business plan. Create a plan under the guidance of an accountant and attorney.

4. Financing

Remember you can smart small.

5. Select space carefully

Carefully read leases for potential spaces to understand what is and isn’t included by the landlord. Walk-in customers are as important as your regulars.

6. Consider equipment financing

You’ll need outdoor signage, phones, sound systems, desks, workstations, chairs, wash stations, cabinetry, mirrors, display cases, washers and dryers, and furniture for the office and backroom.

7. Tackle legal requirements

Numerous permits are required before opening a salon. This includes a business operation license, a certificate of occupancy, a license to sell retail, a building permit, a fire department permit and a license.

8. Hire wisely

A common struggle for salon owners is finding a competent team. It’s key to consider how you’ll find stylists.

9. Budget and create goals

A budget ensures costs don’t exceed revenue.