Question

Topic: Strategy

Starting A Hair Salon

Posted by Anonymous on 3/21/2008 at 11:19 AM ET 125 Points
I am finally pursuing my passion as a natural hair stylist. I am very good at what I do (braiding, extensions, locs, etc) so why am I scared to step out and do this full time?
Well, I am hoping to open a beauty salon with booth rentals. I hope to rent to a cosmetologist, esthetician, and a manicurist. Renting to this professionals will make my salon a full salon because people can come and not only get their hair done but also get a facials, manicure and a pedicure.
The rent will range from $120 to $250 per week, the professionals buy their own products and bring their own clients. They only pay me for the space they are occupying.
I will appreciate any other suggestions that you all can offer me.
Thank you.
To continue reading this question and the solution, sign up ... it's free!
SUBSCRIBE
Or, SIGN IN

RESPONSES

  • Posted by CarolBlaha on 3/21/2008 at 11:25 AM Accepted
    Of course its scarey. You haven't lived until -- as a biz owner have sweat the upcoming rent, utility and other cash flow issues. Your name is on the line-- it all starts and ends with you.

    To minimize the stress, create a business plan. Focus on the financials and make sure they all work for you. Secret shop other salons and make sure your rental rates are competitive-- you don't want them too high or leave money on the table. Put together a marketing plan with all associated costs.

    Get letters of intent (which are nonbinding in most cases) from those you'll rent to.

    You'll still have bumps in the road. but the more time you spend upfront will prepare you and you'll sleep a whole lot better.

    Carol
    Sell Well and Prosper tm

  • Posted on 3/21/2008 at 11:50 AM Author
    Thanks Carol,
    I will be working with a SBD (small business development) counselor at one of the local universities to put my business plan together. The financial part have been very challenging so hopefully with the help of my counselor, I will be able to have a better handle on it.
    I am actually a student stylist in an established salon presently. The challenge of the owner is that her rentors "salon hops". They sign contracts to rent for 6 months but they leave at the end of 2 months. She said she got tired of taking them to court so now she does not require any contract, she just take them and charge them as long as they stay.

    Thanks again for your input.
  • Posted by CarolBlaha on 3/21/2008 at 11:53 AM Member
    Look into why they salon hop. The salon I go to rents space as you plan too-- and I see very little turnover. If you build a good marketing plan and they have plenty of work-- they will stay. They'd have no reason to leave!

  • Posted by Jay Hamilton-Roth on 3/22/2008 at 8:40 AM Accepted
    Another suggestion: don't simply create "another" full-service salon. Yes, you want great, friendly, mature professionals renting from you. Yes, you want a great vibe when people come in. But more than that - target your audience better than your competition. For example, for busy female execs - guarantee that they'll be in/out at a certain time, or their service is free. Or, have young girl days, where the music and vibe is better suited for them. Or, a man's makeover day. The full-service part of your business is more than the sum of the services you provide - it's the feeling they get when they're with you, and how they feel when they leave.
  • Posted on 3/22/2008 at 9:39 AM Author
    Thank you Jay,
    You are right! Differentiation is key in business and I do intend to differentiate myself.
    Thanks.
  • Posted on 3/22/2008 at 1:55 PM Accepted
    Maybe you can have some the people who will rent from you give talks in the space to educate people about what they can do at home to look better and charge for the seminars. Everyone wins here. You get some income, the renters might get clients, and the public gets educated.
  • Posted on 3/22/2008 at 9:52 PM Author
    Great idea Savant!

    I just hope that they will stiil come back and visit after we teach them to DIY at home - lol!
    It is always a good idea to teach people how to care for their hair at home. I intend to have a retail side to my salon so that I can recommend products to my client and show them how to use it. Of course they get to buy the products from me.
    Thanks for the suggestion.
    Ola.
  • Posted on 3/25/2008 at 6:22 AM Member
    Thanks Ola.

    I am a big believer in giving knowledge. I think they will come back. Best of luck with everything. Please let me know if I can answer any other questions.

    Best
BACK TO TOP

Post a Comment

Related Discussions

Community Info

Top 25 Experts
(Strategy)