desire to open a studio hair salon- questions?

Question

My ultimate goal and dream in my career as a stylist and makeup artist is to open up a studio salon. I have unique ideas and have had a business plan drawn up for two years, but keep adding to it as my ideas keep growing. There is no other studio salon like the one I have in mind around this area. I want to be the first to do this, but need to do some more homework first. I am a great stylist and makeup artist, but that doesn't mean I'd make a great business owner.

So these question not only apply to salon owners, but for small-business owners as well: What can I do to educate myself more on opening a business? What are the #1 things I need to know before I do this. How can I make sure that my studio salon will not fail?

Thanks in advance! Any help, suggestions or ideas would be appreciated greatly.

to the first responder-

please read... i have a business plan made up. I have been editing it for the past two years. I have every little detail, cost, amount, etc. for what I would need in order to have an 8 chair salon.

Answer 1

The FIRST thing you need to do, is to find a knowledgeable and competent accountant, that can give you good advice as to how to register your business. Have him/her explain the different advantages and pitfalls to each way to form your business, i.e. sole proprietorship, LLC, S-corp, etc. Talk to friends, relatives, and business associates that can lead you to a competent accountant, then check references, and complaints with the Better Business Bureau. Secondly, check your local community college and take a basic course in business management. There is also lots of free information on the internet about forming a small business and the steps needed to do so.
Thirdly, talk with your bank and see what your financial options are about financing your business. Once you get this information from them, go on the internet and check for competitve rates with other financial institutions.
Starting a business is a scary thing for a responsible person that wants to do things the right way. I know from personal experience :-). It sounds like you have put together a well thought out business plan, now all you need to do is muster up the courage to get out there and implement it. You will make mistakes along the way, there is no way around it, but you will gain knowledge from those mistakes. Your caution is a good thing in that it makes you remain responsible, but do not let it hold you back from realizing your dream. When you encounter something you don't know about, call someone that works in that field, they will be glad to direct you to the people who can help you.
You will continually add to your ideas for your business after it is started. Don't worry about getting them all implimented at once, do it a little at a time after you have started. Otherwise, you may never start and the ideas you have now may become obsolete before you get around to starting your business.
There are no guarantees in business as to if it will fail or not. Most of it depends on sound ideas put into action in sound ways. Offer a good service, in a good location, at a fair and competitve price, and market it effectively and have the mindset to make it successful, and it will happen. So..........
Dust off your plans and get out there and get started! Good Luck!

Answer 2

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Answer 3

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Answer 4

I suggest that the upper limit for contributions be done away with, and that the maximum payouts in retirement still remain as they are, adjusted for inflation. Social security is not a "give away" program but one that we all contribute to like a savings plan, and should be protected from other uses by the government. Do you agree or disagree and why? If you are so worried about it then why don't you; first put it back into the private sector and make to were no can take out money from it for their own interest, second pay back every penny you have borrowed from both Social Security and Medicare, third take the illegal immigrants off of it and those who come over here but never paid a penny to it, and lastly have it the same for everyone; in other words government officials are to participate in it and if they want something more they do it on their own without the tax payers funding it?Yet, the monetary stytem feeding the imbalances had never been really changed. They, a group of scholars, suggested that all interest rates would be 3% or less for everyone to become rich if desired (that must be true also to taces). The best economic situation would be, they said, when there were no interest rates. Why not try this solution? The rich would still be rich. My question is: when soial security becomes a problem connected to federal debts, why not work with a balanced or gain budget and spend no more than comes in, as any family has to strive for? Why not ban all loobying gifts in order to get laws that serve the country? God bless America.

Answer 5

Just do it baby, you can do it. I did. No one told me I couldn't so I did. I was working in a Mall salon , not good. So I found a little barber shop that was empty, I had taken barber classes with American Crew and some other Master Barbers after basic beauty school. I inquired around the town to see if the people would accept a female barber. Then I just got my supplies and equipment and I opened. I gave seniors a discount and I did cuts, styles, facials, perms and color, manicures and pedicures. I would not try to open on a grand scale right away. Let that be your goal. Start small and grow. It is a cut throat business, a lot of jealousy. It is hard to get good help that will be loyal , so be careful in this area. Keep your thoughts to yourself, don't trust your mind to your help. Don't allow gossip in your shop and don't talk religion or politics. Work hard keep focused
keep a good stock, anticipate what you need and get it. Always be ready for what comes through the door, everything will believe me. Use the best products. And the best cutting instruments, it makes a difference. I served people from all over the world
with all types of hair, good shears are a God send. Best of Luck

Answer 6

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* Start Your Own Hair Salon and Day Spa by Eileen Figure Sandlin
* 101 Media and Marketing Tips for Salon Owners, Stylists and Managers by Nanette Miner
* Beyond Beauty: Cosmetology Business Information and Resources by Janie Buchanan
* Fun, Creative & Profitable Salon Marketing: 67 Ways to Grow for Salon Business by Allen D'Angelo
* Successful Salon Management, 5E by Edward Tezak

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 7

I know you need to seek the advice of a CPA and review different banks for MBA loans. It sounds to me, from what you wrote that your sheer desire and creativity and determination will pull you through this. Sometimes when you want something so badly that it 'burns in your belly' you will be surprised at how much you already know. I applaud you for your decisiveness and burning desire to create not only 'beauty' and 'creativity' but to make your own dream come true. I know that you wished for more 'actual steps to take' , but I am not a professional and you need professional advice right now. I'm not sure there is ever a guarantee against failure or we would all be successful, but it is obvious you have the drive to succeed. I wish you the best of luck and admire your tenacity.

Answer 8

Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.

Some things you need to consider:
- "How can I support my family while I build up by business?"
- "What are my abilities?"
- "Is there a market for the product or service I have chosen?"
- "How long will it take this business to reach the financial goal I have?"

You may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:

1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success - business plan
6. Market, market, market

To give you ideas on what exactly do you need to start your own business, here are ten things you need to know before launching your own business “10 Things You Need to Know When Starting Your Own Home Business” http://www.powerhomebiz.com/052006/startingbiz.htm .

I recommend that you read the following general books on starting a small business:

- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs
- Starting From Scratch: How To Start A Business When You Don't Have Money
- If You're Clueless About Starting Your Own Business and Want to Know More
- On the Move : How to Succeed and Survive As an Entrepreneur
- How to Make 1000 Mistakes in Business and Still Succeed

To help you learn more of the business side of running a hair salon, I recommend the following books:

- Creating an Excellent Salon: A Guide to Business Practice for NVQ Level 3 and Higher Qualifications http://www.amazon.com/exec/obidos/ASIN/0340772972/powerhomebizguid
- Milady's Standard System of Salon Skills: Hairdressing
http://www.amazon.com/exec/obidos/ASIN/1562533983/powerhomebizguid
- Beyond Beauty: Cosmetology Business Information and Resources http://www.amazon.com/exec/obidos/ASIN/0971623708/powerhomebizguid
- Salonovations' Day Spa Operations http://www.amazon.com/exec/obidos/ASIN/1562532553/powerhomebizguid
- Successful Salon Management http://www.amazon.com/exec/obidos/ASIN/1562536796/powerhomebizguid

If you've already got a business plan for the last 2 years YET you haven't started the business, you may want to consult with a small business guide. There are several places where you may be able to find a mentor:

- Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html ; or the Women's Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_roundtables.html
- Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs
- Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs/globallinks.html , Helzberg Entrepreneurial Mentoring Program http://www.helzbergmentoring.org/HEMP/ , or The Aspen Institute MicroMentor Program http://www.micromentor.org (these organizations charge minimal fee)
- Professional organizations such as the National Women’s Business Council http://www.nwbc.gov/Mentoring/programs.html
Industry and trade associations
- Local business groups, such as the chamber of commerce
- Local chapters of business groups

Remember a business plan is only a guide. In fact, I've met many entrepreneurs in my line of work who eventually found their business plans USELESS because of too many simplistic (if not tototally false assumptions made). It may do you good if you enroll in an entrepreneurship course. SBA has a network of training and counselling services per state http://www.sba.gov/ed/ - you may want to contact their agency in your state and find out the free or low cost training programs they offer. They have courses such as Smart Start Entrepreneur 101 for $35

Or check the associations.

- Professional Beauty Association http://www.probeauty.org/ offers business training programs for hair salon owners.
- The Salon Association http://www.salons.org/learninglounge/index2.html has a Learning Lounge educational tour that is designed specifically for salon owners.

Answer 9

first of all, is there a demand for your ideas in your area?if so, try to get a small buissness loan or maybe a government grant.many grants are either paid back with little or no interest.some are not required to even be paid back.most loans are also paid back at a low interest ratr.

Answer 10

do it and best of luck to you