Hair & Beauty: Are You Ready to Run a Salon?
Being able to run your own salon is somewhat of a dream. You can hire your own brigade of talented stylists, paint your own four walls and build up your own base of regular customers. It’s a big step from hiring a chair or hairdressing on the road. But what is there to think about, aside from renting a space and stocking up on foils? With 1 in 3 small businesses failing within the first two years¹, it’s important that you know what it takes to run your own salon. Do you tick all the boxes?
Hire stylists to keep up with competition
Take a good look at your competition- are you positioned next to another local salon, or a big household name? Craft a clear idea of what want in a stylist; do they know a rose gold colour or a side swept pixie? Maybe your only requirement is that they are NVQ level 3 qualified, or that they’ve got a vibrant personality with a willingness to learn. Your talent lies in placing the right candidates in the business to serve your brand.
Become a leader
Managing a team is really hard, especially if you are used to being managed. People use all different methods in leading a team, but leading one the right way will have a big effect on the success of your business. Your stylists will depend on you to make executive decisions about their welfare, wages and ultimately, it is your responsibility to keep those salon doors open. You’ll become a cleaner, a boss, a friend and a shoulder to lean on- but don’t let that put you off! Before the grand opening, try shadowing a salon owner for a day or enrolling on a short management course.
Become a business person, along with a hairdresser
You’ll occasionally find yourself making decisions based on what will bring you money, and those decisions will not necessarily satisfy your creative juices. But indulge in those boring blow-dries and discounts on Shellac, because every business needs to do something to keep cash flowing in the background! The working hours will be longer, and sure- you’ll have to give up doing nails 40 hours a week to prioritise management duties. You’ll quickly establish yourself as a business person, and your days of styling will be far and few between, but that’s OK.
Have your own marketing plan
Running your own business from scratch means you are responsible for getting your name out there. Will you take existing customers from mobile into the salon, or will you acquire brand new ones? Invest some budget in your marketing strategy to ensure you stick out amongst competition online, because that’s where the majority of your customers will be. Don’t forget, you are no longer riding on the reputation of an established business- so work hard to earn your brownie points. Finding the right location for your salon will take time, so take advantage of the time you’ve got by doing some market research. Rome wasn’t built in a day, and look how beautiful it is!
Budget and calculate your finances
You are no longer limited to juggling your own wages, but those of an entire team plus money going in and out of the business every day. Stick to the basics at first, and slowly invest in luxuries for your team and premises as you grow. Be patient, and forecast your finances realistically. In addition, work on creating good relationships with your suppliers and stockists. You could earn a cheeky discount here and there…
Hair & Beauty Insurance at The Insurance Octopus
Our hair and beauticians insurance policies are specially designed and tailored with you in mind to match your exact requirements. Talk to us today and allow us to compare hair and beauty insurance quotes and find you the most comprehensive deal for your business.
¹ Lockhart Meyer