The beauty industry is thriving and paving a new landscape for experienced hairstylists to emerge into successful salon owners. However, launching a salon is not easy, which is why arming yourself with the right knowledge and tools can ensure growth and prosperity. Before starting up a new salon, learn how to implement the proper strategies to ensure success in just 90 days.
Develop a smart business plan
Even with years of experience and a superb reputation, it’s still essential to create a smart business plan that is concise, unique and specific about why the salon will be successful. In addition to an executive summary and financial projections, make sure to also consider including strategies to address the following:
- Cash reserves: Estimating startup costs is important, but also consider how to manage cash reserves for unexpected costs and fees that may incur.
- Business Model: Determine if the salon will adhere to a commission or booth rental format as well as the requirements/rules that need to be obliged.
- Continued education: No matter the salon format, employees are the face of the business so determine how to promote continued education for staff and encourage them to learn new skills and expand services.
- New trends: Innovation is key. Layout different strategies that keeps the salon ahead of the curve rather than sticking to old ways that can lead to business downturn.
- Appointments: Select a process that helps with scheduling without tarnishing relationships and bogging down the system. New technology allows beauty professionals to handle online booking, so set aside money to incorporate this software into the business.
- Competition: The marketplace is extremely saturated, so managing competition can be tough. Determine how to assess neighboring beauty business and remain profitable by offering discounts, new services and products.
Embrace innovative technology
One challenge is making the transition from an employee to a business owner and juggling new responsibilities. Fortunately, new software can tackle these the day-to-day operations and serve as a viable business partner. These all-in-one solutions can help with inventory management, budget, scheduling, marketing, point-of-sale, online booking, salon-relationship management and so much more.
Not only will these integrations provide a more holistic view of your salon, but also help manage the business with ease and efficiency. Certain solutions can also save owners up to 40 percent in software costs and free up hours of time, allowing you to focus on what you do best: making clients feel beautiful.
If you follow the booth rental approach where tenants have the freedom of running their business from the chair, recommend stylists use the same software tools to help them deliver a better client experience while maintaining cohesiveness across the entire salon.
Create a digital marketing strategy
You never get a second chance to make a first impression, so incorporate a memorable marketing strategy alongside the launch that continues throughout the salon’s tenure. When creating a marketing plan, focus on goals that are realistic, achievable and align with the salon’s target audience. Every smart digital marketing plan should also:
- Promote a consistent and relevant brand. This means establishing brand standards that give an overview of the company’s vision as well as brand colors, logo specs, and messaging. Stay loyal to these standards to help establish a brand identify.
- Maintain a modern, sleek and mobile-optimized website. With more than 98 percent of consumers on mobile devices, the website should navigate across all devices especially mobile.
- Incorporate social media advertisements. Leverage social media ads by segmenting messaging to key target audiences.
- Always be testing. Identify customers’ needs, test hypothesis in paid social media ads or marketing campaigns to further determine how best to connect with clients.
- Outsource digital marketing operations. This keeps costs down while maximizing profits, so partner with “middle-of-the-line” vendors or software providers with a proven track record of attracting and retaining clients.
Whether its opening a salon or starting your career as an independent, don’t let the risk of failure stop you from following your dreams. Take the time to prepare for this new venture by acknowledging and planning for various risk factors instead of harping on potential obstacles. With the right amount of talent, skill and determination, you’ll be more than ready to tackle this new beauty adventure.
About Chad Hankinson
Chad Hankinson is the founder of Stylie, the ultimate tool for independent beauty professionals. With more than two decades in the beauty industry, Chad leveraged his extensive experience with innovation at Australian Gold to become a vice president at its parent company, New Sunshine. In the role, he led the creation for the world’s most popular tanning salon software. Now, Chad fulfills his long-time passion for independent businesses by arming beauty professionals with cutting-edge software as well as educating them on how to run their businesses smoothly. Learn more at www.gostylie.com.