- A hair salon can be a steady, profitable business, but before you open one, you need a strong business plan and preparation.
- Finding a niche for your salon helps you attract a loyal client base.
- The most important things a salon needs to succeed are a good culture, knowledgeable employees and an understanding of what its services are worth.
When it comes to owning a business, a hair salon is a pretty safe bet – the beauty industry is valued at $532 billion per year. Beauty is also a steady business, often remaining unaffected during economic recessions.
But even if you have the styling skills, launching your own business can be a challenging process that requires patience and know-how. The cost of opening your own salon is around $62,000 for a basic setup, but it can go up to $500,000 or even more. No matter how much you invest in your new business, you’ll want to do everything you can to ensure your salon’s success.
The cost of opening a salon
- Licenses and permits: To open a salon, you’ll need a business license and any permits required in your area. If you plan on selling products, you’ll also need a seller’s permit.
- Real estate: You’ll have to find a place to either rent or buy. If you choose to pay a monthly lease, you’ll likely have to provide a security deposit upfront.
- Payroll: This involves salaries or wages for the employees you hire, and all the associated benefits you choose to offer.
- Salon equipment: A salon requires a ton of equipment, like beauty supplies, sinks, chairs and hair dryers. You may also