How Much Money Does a Salon Owner Make?
As with any occupation, a variety of factors influence the amount of money a salon owner makes, including the geographic location of the salon and the number of new or returning clients.
For a salon owner to earn a competitive wage, he must have a healthy number of clients, a sufficient number of staff and strong management skills.
Less than half of all cosmetologists and personal appearance workers are self-employed. Many of these workers own a salon and are responsible for utilities and maintenance of the building. According to the Bureau of Labor Statistics, however, "a growing number of self-employed cosmetologists and personal appearance workers lease booth space or a chair from the salon's owner."
The mean hourly wage for a salon owner is £8.20; the median hourly wage is £7.10. Salon owners may earn an hourly wage up to £12.90. The mean annual wage for a salon owner is £17,231. Salon owners can earn an annual wage up to £27,001. Only 10 per cent of salon owners take home an annual wage as low as £10,627.
The difference in pay between salon owners working in metropolitan areas versus nonmetropolitan areas is significant. According to the Bureau of Labor Statistics, salon owners in metropolitan areas earn a mean annual wage up to £26,715. Salon owners in nonmetropolitan areas earn a mean annual wage up to £23,822; however, this figure can dip as low as £21,645.
A variety of factors influence how much a salon owner earns per year. For instance, the prices being charged at the salon, the amount of traffic in the salon, the number of self-employed cosmetologists working at the salon are all factors that affect a salon owner's take-home pay. The cost of overhead, including rent, electrical, water, insurance, salon products and supplies, hair care tools and other expenses are deducted from the salon owner's profits.