No salon owner likes empty booths, so many rent their chairs to cover costs. If this is your approach, take your overhead cost (rent, utilities, insurance, and cleaning/receptionist expenses) and divide it by the rental spaces in your salon (excluding your chair). Avoid "part time" and "booth share" situations whenever possible.
This is YOUR Business
Renting makes you more of a "landlord" than a business owner. Your business' success now depends on others. As renters, stylists are independent contractors. They can set their own schedules (consider absences and no-shows), keep all earnings, sell products of their choice, and dress and act how they want.
Renting is more difficult than hiring employees. However, if you thoroughly understand and anticipate the consequences, you can have your cake and eat it, too. Write your expectations into a well-thought-out contract. Include a dress and conduct code, a distribution of responsibilities, and agree on a unified product line display.