So, what is a business plan?
Part of the reason for this increase may be because salons offer customers something they typically need regularly and which they cannot duplicate at home: If you want to start your own hair salon, one of the first steps is writing a business plan.
This document details all the nuances of your business. Use it to lure investors, potential customers and clients. Write an outline setting forth the major sections in all business plans.
Section 1 typically focuses on the business and includes subsections for marketing, your competition, how you intend to manage the business, your hiring strategies and business insurance information.
Section 2 covers the financial aspects of your business and includes loan applications, balance sheets, detailed budget projections for each month during your first year and quarterly budgets for the next three years.
Include supporting documents, such as your prior income tax returns, copies of business licenses and your resume.
Conduct research to help you fill out the sections and subsections for your business plan.
Visit competing salons and learn how they operate. Study the marketing campaigns in your area including which salons advertise on television, which use billboards and which ones do not really advertise at all.
Use this data and your own business savvy to formulate ideas on how you intend to run your business. Ask the clerk at your city hall or government center about the requirements to operate a beauty salon in the area. Fill out business licenses and permits as required.
Save copies of these documents. Plan how you intend to finance the company. Decide how you intend to compensate your employees. Some salons offer commissions; other salons lease space to stylists.
Flesh out every intricate detail of your finances including what loans you need and how you intend to secure the loans. Speak with a certified public accountant as necessary.
Use the outline you created and the information you gathered and write the business plan section by section. Consider working from a template to help you get started.Hire the Right Hair Sylists.
Hiring the right staff for your salon is essential; the quality of your staff’s work makes or breaks your salon.
So before you start the interview process, create a list of what you are looking for in an ideal candidate. Business Plan Template This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business .
TOTAL SALON was created for beauty professionals like you, to make it possible for anyone, who desires more FREEDOM and CONTROL of their FINANCIAL future and SUCCESS, to own and operate their own salon business.
“PlanBuildr offers an easy and time efficient way for entrepreneurs to create their business plans. It guides you through everything that you need to include in a business plan.”. Feb 21, · Business plans are critical to the success of any new venture.
I believe that entrepreneurs should dedicate time to create them, regardless if you’re searching for investors. Business plans. Salon & Spa Marketing. Promotional specials are the key to long-term sustainability to your business. Experienced and successful salon and spa owners know simple but effective specials keep traffic flowing, increase revenue and create buzz.