Do you dream of opening your own hair salon? Now may be the best time in recent history to do so. According to a recent report by the Professional Beauty Association, the salon industry is booming. Although there is a renewed demand for salons, there is stiff competition. Last year, over 900,000 salons opened across America. All this means is that you must have a solid plan in place to ensure the success of your business. The following are a few tips from the experts that will get you on the right track.
Find a Mentor
Before you start making too many plans, seek the help of someone who has a successful salon. Having a business mentor could be a valuable tool as you progress throughout your journey. They could give you advice and perhaps create some connections to help you along the way.
Make a business plan
This should go without saying. But you’d be surprised at how many entrepreneurs don’t have a solid business plan in place that extends passed opening their shops. The plan doesn’t have to be extremely long or intricate, but it should address what your business is, how it will be successful, and how you’ll fix any problems that could occur.
Show Me the Money
Decide where your funding will be coming from. In all honesty, entrepreneurs should know the answer to this question before they even start. It could affect your business plan, location choice, or even the scale of your salon. Besides traditional loans from banks, micro-lenders, and crowdsource funding are some popular sources for funding.
Get Systems in Place
Create or buy a system that will accurately track cash flow and inventory. You’ll obviously need systems to know how well the business is doing and to accurately report income to Uncle Sam.
Invest in Marketing, Social Media and Website
In the digital age, you must utilize online media to promote your business and connect with potential customers. Facebook, Twitter, Instagram, and other social websites are key to marketing your business, visually showing why your styles and cuts are better than the competition’s. Also a professional website is simple to create these days, and should have information like hours, location, contact info, and pricing.
First American Merchant is the online lender that gives merchant cash advances to small businesses like salons. We know that your beauty salon will succeed with a little help from a company that believes in it, and is willing to back it up in cash.
Contact FAM to learn more about our easy loan options and cash advances for merchants today.