Opening a barbershop or beauty salon is a common dream for would-be entrepreneurs. As of this writing, there are an estimated 400,000 salons in business in the US, employing more than 1.7 million beauty professionals. The salon industry includes businesses ranging from basic hair-cutting outfits to comprehensive personal care spas. Whatever your dream, there are a number of steps to turning your idea into a thriving company.
Most people who are interested in opening a new salon have some (or a lot) of experience in the industry. Knowing the ins and out of the operations is an important first step. Many beauty professionals have a specialty, but it helps to have a fundamental understanding of every specialty you want to include in your salon. Continue to broaden your knowledge of the operations, read books and trade magazines, take classes, spend time in existing salons as either an intern or employee to hone your skills.
Most salons are managed in basically the same way — the commercial space is leased or owned by the business owner and the booths are leased to beauty professionals on a weekly or monthly basis. Prices are set or at least approved by the owner, and support staff is hired and managed by the owner as well. Support staff might include a receptionist, floor manager, and cleaning crew, as well as assistant stylists preparing to work on their own. Your local beauty school may have internship opportunities that will provide reasonably priced workers who are eager to become a part of the industry.
There are several options for organizing your business. There are a number of franchises available in the industry, but these tend to limit the growth potential for driven entrepreneurs. You may be able to find an existing salon for sale, or a former salon for lease, which can not only speed your time to launch but also eliminate the work of designing and outfitting your salon. Otherwise, you will likely need to do the work to secure an appropriate commercial space and build out the salon yourself. This option is exciting, but expensive. You get to include your own touches in the design, but you are responsible for covering every expense, from chairs to paint to the coffee maker.
The biggest obstacle for most up-and-coming entrepreneurs is developing their fundamental business skills. Salons that struggle usually have problems because certain business basics are overlooked or mishandled, not because the actual work turned out is bad. You need to have a solid understanding of accounting, financial planning, marketing, networking, sales, contracts, etc. — all of which can sink a business if ignored. Entrepreneurship requires big thinking, but it also requires attention to the details. Taking the leap into business ownership means you are now responsible for every aspect of the business, so it is in your best interest to become an expert in both the operations and the fundamentals of business.
Remember, no matter what type of business you want to start, it’s still a business. The greatest operations in the world will fall flat if the fundamentals are not managed correctly. Take the time to learn all you need to know about accounting, marketing, and financial and business planning and you will be well on your way to success.
About the Author-K. MacKillop, a serial entrepreneur with a J.D. from Duke University, is founder of LaunchX and blogs about starting a business. The LaunchX System for Business Startup provides complete step-by-step instructions to apply the fundamentals of business to starting a business. Visit LaunchX.com to find out more about our complete business startup kits.
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