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5 Replies Last post: May 1, 2009 1:11 AM by smallclimb

hair salon confussions

Apr 26, 2009 12:20 PM

Click to view aprilpie's profile Start-up aprilpie 1 posts since
Apr 26, 2009
One of my biggest dreams is to open my own hair salon, I have so much passion and ideas on how i want it to be, BUT it is much harder then i thought to get it started.
My ideas are my first step in this process and I am interested if anyone knows ANYTHING to help me with the process. Where to begin or how to even get a loan? should I buy an existing salon or should I start from the ground up? please feel free to comment on any experiences that might help me. Any information will be helpful at this point. Thank you!
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Click to view BizOptimizer's profile Mogul BizOptimizer 22 posts since
Apr 14, 2009
1. Re: hair salon confussions Apr 26, 2009 12:57 PM

The salon industry, like the body shop industry, seems to be one of those where every worker dreams of having their own - at least until they get their own. You see MANY up for sale and the price being asked is VERY small compared to other businesses with similar investment requirements.

That is because those people are overwhelmed with the responsibility and underwhelmed with the profit. Much of that is because they didn't think they needed a business background first. So, many end up just wanting out and the price they'll take is less than what it would cost you to move stuff in - much less buy it.


But if you want your dream to last and be pleasant - make sure you have the business skills - or a means to acquire them. Achieving profit doesn't mean you've made it - the first bump in the road will take that and more. You need to know how much product you have to sell and how many chairs you have to fill with what type of arraingments. You need a detail plan that works - before you start looking to lay money down.


Your success will depend much more on that business thought process that went into it than whether you bought the salon or started your own. So, there are great buys out there, but be sure you know how to turn that good buy into long term profit... Dreams are great, but you have to plan to turn it into a happy reality.

Good luck,
Ed

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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
2. Re: hair salon confussions Apr 26, 2009 2:41 PM
hair salon confusions, Welcome

It is great to have dreams. Do you know about SCORE??

SCORE is FREE and can help you and your dreams come true.

SCORE can help you get started, and help you develop a business plan
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Click to view MarketingSpot's profile EXPERT MarketingSpot 22 posts since
Jan 12, 2009
3. Re: hair salon confussions Apr 29, 2009 9:01 AM
Hi April, Congratulations on exploring the entrepreneurial dream before you jump in head first.

A couple of words of advice. First, look for a Fastrac entrepreneur program in your area (fasttrac.org). Take the course, build a business plan, and see if you still want to start that business.

Second, if you are going to open a hair salon, don't just open another hair salon with a cute name. Open up a salon that surprises people in an unexpected way. Change the game.

Third, if you cannot start a business without a loan, don't do it. You should have the capital in hand to start the business. If you do have the cash, then go look for the loan and keep your cash in reserve.
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Click to view ImageDesigner's profile Start-up ImageDesigner 1 posts since
Apr 30, 2009
4. Re: hair salon confussions Apr 30, 2009 10:45 PM
You have the dream that most Hair Designers have, which is to own it. There are many opportunities and directions you can take a Salon or Spa and unfortunately, many cosmetology colleges do not instruct on how to be your own boss or a boss of others, nor all of the bureaucracy that business owners have to put up with. With that being said, look to see if you can make more per hour as a stylist or as a salon manager/owner and how that fits in you life dreams. With that being said, IDA programs can help you get started.
A great way to explore starting your own salon and to get yourself some start up funds to purchase hard assets is to look into Individual Development Accounts. It is a Federal and State program administered by nonprofits to create wealth for low income individuals. As you save, they match the funds 3:1 up to 3,000.00. So you have taken 1,000.00 and made it 4,000.00. There are some income restrictions, you have to go through a business development course, and establish a consistant savings plan for a period of 6 to 18 months. IDA are offered for saving for post-secondary education, purchasing a home, and starting a business. Search it on the web for the nonprofit fiduciary organization that administers it. I also agree with the previous posts to your inquiry.

Good luck,
Bryan
Image Designers College of Cosmetology
Portland, OR
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Click to view smallclimb's profile Professional smallclimb 5 posts since
May 1, 2009
5. Re: hair salon confussions May 1, 2009 1:11 AM
in response to: LUCKIEST
I've have to second what LUCKIEST said about SCORE (www.score.org). Its a great place to get some info and/or hooked up with a mentor. I'd also recommend checking out your local BBB (www.bbb.org) for hair salons and contacting a few of them. Offer to take the owner out to lunch and ask them a few questions about how they got started, mistakes that were made, and general advice. It'll be the best $20 you invest in your new venture.
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