Opening up a hair salon is the dream of many women. After getting through beauty school, many beauticians want to start a business. However, with mounting student debt and the desire to find work after school, there is usually little money left to do so. Don't fear. In this great country, it's possible to start a hair salon without any initial investment.
Create a business plan. Do this in your head to start, then put pen to paper. Make the plan as concrete as possible. Detail all the equipment that you will need for your salon. Include the services that you will provide. Write about how you plan to draw customers and why customers will choose your brand new salon over established and trusted ones. Include what makes your salon unlike any of its competitors. Project your future profit margin.
Look at places to start the business. Find a great spot that would be suitable for starting a salon. Go inside. Make sure there are plenty of outlets for hair care tools and plenty of room for setting up individual stations, hair dryers and client booths.
Visit the Small Business Association in your city (see Resources below). You can locate your local branch from there. The organisation will supply you with help and mentors in your city. You will also get referred to places where you can find grants and loans.
Add up the cost of rent for the location, the cost of supplies to set up shop for your business and the probable initial budget for salaries and advertising. This will be the amount of the grant or loan you will need to acquire.
Apply for any grants for which you are eligible. Seniors, women and minorities may be at an advantage here. Grants are given to help you establish a business that is needed in your community. You will likely need to demonstrate the importance of your business to receive the grants. Work with the SBA to compile all of your prerequisites well before the application deadline.
Using the total established in Step 4, apply to a local, business-oriented bank for the remainder of the funds that the grant will not cover. You will have a much better chance of being approved if you already have the grant in motion.
Keep clear, concrete records of all money spent from grants and loans. You will be liable if you misspend the money. Make sure it goes to the right place. It's all right to pay yourself a well-deserved salary, but don't misplace funds for your business. That can be both illegal and unwise. The goal is to start a successful business. Keep that focus in mind as you move towards the opening of your salon.
- Don't experiment with your clients' hair. if you've never done the procedure before, tell them upfront.