Are you thinking of starting your own salon? It’s a great way to be your own boss and make your own hours, but it’s not something to take lightly. There are a lot of things to consider before taking the plunge into self-employment, and one of the most important is making sure you’re ready for the responsibility.
If you’re a cosmetologist, esthetician, or nail artist, there are some benchmarks you can use to determine if you’re ready to start your own salon. Here are a few things to consider:
1. How many clients do you have?
One of the most important factors in deciding whether or not to go out on your own is how many clients you have. If you’re only seeing a handful of people each month, it may be a little to early and not worth the added risk.
On the other hand, if you’re seeing dozens of clients every week, you’re probably in a good position to consider starting your own business.
Having a good clientele is essential for any business, including salon owners. Before you go out on your own, you will want to make sure you have a solid foundation of repeat clients or referral clientele built up. Opening up your salon can be expensive. If you don’t have a strong base of clients already built, you could find yourself in over head and closing your doors as quickly as you opened them.
That’s why it’s so important to build a good base of clients before starting your own salon. Growing any book of business requires time and hard work. There are a lot of ways to do this, from networking to marketing yourself online. But no matter what strategies you use, make sure youre doing what is necessary to attract and keep customers.
2. Is your experience and education nuanced enough?
Another important factor to consider is whether or not you’re ready to take your experience and education to go out on your own. While you might be very good at what you do now, starting your own salon is a completely different ball game. If you feel like your experience and education wouldn’t transfer to the new business, it might be better to wait until they’re more nuanced.
If, on the other hand, you’re confident that everything you’ve learned up until this point would help you in starting your own business, you’re likely ready to take the plunge.
3. Are you prepared for all of the obligations that come with working alone?
Owning your own salon comes with a lot of work, from marketing and bookkeeping to customer service and overall area maintenance. You need to be able to handle all of these tasks on top of managing your schedule, which can be a lot to juggle.
It’s important to understand that if you’re going to go out on your own, you need to be mentally ready for the long hours it will take, especially when you’re just starting out. Too many people start their own salon business without realizing just how much work it really does take to be successful.
Another obligation you need to be prepared for is the financial obligation that comes with starting and owning your own salon business. Starting any business takes a lot of capital. As the old adage goes, however much money you think it will cost you, double that number and you will be a lot closer to the actual amount of money that it will end up costing you.
You will not only want to take into consideration your startup costs, but you will also want to be aware of the ongoing carrying costs that are involved in running your own salon. Carrying costs, or overhead, are the everyday expenses that you will incur to keep the doors open and lights on. Think rent expense, utilities expense, CAM fees, GL insurance etc.
Whether you have a lot of customers or few customers, your carrying costs are fixed, and those obligations will need to be met every single month. It would not be a bad idea to have at least 6 months of your carrying costs in reserve at all times, especially when you are just starting out.
4. What are your financial goals?
Another important factor to consider is your financial goals. If you’re looking to make a lot of money right off the bat, starting your own salon probably isn’t the best idea. However, if you’re willing to put in the hard work and are aiming for steady growth over time, starting your own salon could be a great way to reach your goals.
Salon Suite Rental: An Easy Way to Start Your Own Salon
If you can answer “yes” to most of these questions, you’re likely ready to start your own salon. However, it’s important to remember that these are just guidelines—every business is different, and you should always consult with an accountant or lawyer before making any major decisions.
If you’re thinking of starting your own salon, but need more time to prepare, you might want to consider starting with less overhead by renting a salon suite first.
There are many great advantages to renting a space before starting your own business, including
- lower start-up costs
- high visibility with an established clientele
- easy accessibility for clients
- short term contracts
- flexible hours
- an opportunity to work out what kind of business you want
The best part about renting a salon suite is the freedom and independence it offers while still having the benefits of owning your own salon. Some of these benefits include flexible hours, setting your own prices, low overhead and making your own schedule so you can set aside some time for yourself. For a lot of people, renting a salon suite first is a great way to test the waters before opening up a full-fledged beauty salon.
With the right planning and preparation, starting your own salon can be a great way to achieve success in the beauty industry.Interested in starting your entrepreneurial journey and exploring what renting a salon suite looks like? Contact Indie Studio Suites today to take a tour of our customizable salon suites.