Looking to Join the Beauty Industry? Here are Tips to Help You Open and Run a Successful Hair Salon
March 25th, 2020 by Diana Ross
The beauty and personal care industry in Australia is touted to hit the USD 6.7 billion in the next five years. There is no better time to join the industry.
Granted, starting a new business is not without its fair share of challenges, and many businesses continue to fail every day.
But it is not all gloom.
This article will present practical tips on how to open and run a profitable hair salon.
Create a Business Plan
A business plan creates a roadmap of what you want to do. Think about who your target customer is, your pricing, projected profits, and how you will run the business on the day-to-day.
This will help you think through and refine your business strategy and will be particularly useful in the event that you wish to seek funding for your enterprise.
Get Some Hands-on Experience
Even if you intend to hire hairdressers, it’s essential to have some hands-on knowledge about the business you are about to get into.
This can be by way of a mentorship, a hairdressing apprenticeship, taking up employment in a hair salon, or a salon management course before starting your own business.
You want to use this opportunity to learn as much as possible about the salon floor as well as the back end operations.
Pick a Great Location
Getting a prime location for your salon can make a significant difference to your revenues.
You might have to pay more in rent, but it will be well worth it.
While the location must have a lot of foot traffic, it is important to find a spot with ample parking. Every customer values convenience, and not even a low price can make up for lack of it.
Invest in Customer Experience
Good hairdo’s aside, the number of repeat customers and referrals you will get will be largely dependent on the customer experience you deliver.
Research has shown that customers are more than happy to pay more for superior customer experience.
This is also something you can use as a differentiator. While this is a continuous process, be on the lookout for new trends and how to improve them.
Talk to your customers and get feedback and suggestions on what your outfit can do to give them better experiences and earn their loyalty.
Manage Your Money
You already know that how you run your finances can make or break your business.
Regardless of your passion for beauty and the level of customer service you deliver, your business can still crumble if you don’t stay on top of your cash flow.
If you are not good with numbers, consider hiring someone to handle your business finances on a full or part-time basis.
You can also look into taking an accounting course of using accounting software to help you keep healthy books.
Hire the Right Team
Hiring staffers for your salon can be an uphill task.
You are not only looking for technical skills and know-how, but you also need to hire the right attitude and personality.
You need people with warm personalities that your clients will feel comfortable around. They say a hairdresser’s work is half hair and half therapy.
Look for personable, friendly hires with excellent communication and interpersonal skills.
Think Multiple Streams of Income
Successful entrepreneurs are those that can think of multiple streams of income from each business. Think widely about other complementary businesses that you can run from your salon space.
You can sell hair and other beauty products, you can offer house calls, and you can look into make-up artistry or even train others on hairstyling.
The options are limitless.
It is important to work side by side with your business plan and entrepreneurial goals to remain on track.
Similarly, think about scaling and the best ways and the right time to do it without affecting your cash flow negatively.