Salon Spa Business Information for Salons and Spas

Your Own Salon

03.17.2017 · Posted in Articles

business-plan

The dream of almost every graduating aesthetician is to one day open their own salon. If after working in the industry for several years and gaining valuable experience the next logical step for you is to start your own salon. Or if you are new to salon ownership then this article may provide the information you need. Because getting it right in the beginning will save you money headaches and possibly the future heartache of business failure.

As one of the leading industry specific business coaches in Australia I am often called in by a stressed business owner when the business is starting to fail. And while I can generally turn the business around and into profit I would have loved the opportunity to be in at the commencement so that many of the pitfalls and stress could have been avoided. And also many thousands of dollars saved. In this article I will endeavour to offer the advice that could save you the stress of a failed business. But for a more in depth support please contact me on 07 55289 440

The Business Plan – if you plan to succeed

Firstly you will need to create a Business Plan. A well-prepared business plan is essential throughout the life of your business, not just before you start. You will need it later on to guide your focus, to prepare for expanding the business or to help implement new directions, advanced beauty equipment, or products. Before you start your business, a business plan will ensure that the business is feasible and that there is a well laid out blueprint for action. The business plan will cover critical business decisions made at the start, for example organizational structure, partners, initial debt, etc. It will be geared to the initial funding or capital requirements from a bank or investor.

If you require outside funding from banks etc the business plan will need to very in-depth and it is suggested that you get assistance from your accountant. If you wish to set up shop in a shopping center you will often find that they will require you to present your Business Plan so they can see if your business will be viable and can succeed through the term of the lease. Also once you are in the business, a business plan helps you track how you’re going. Business planning is an ongoing business activity – you should regularly review and revise the plan throughout the life of your business. Part of your business plan is the marketing plan. More in my next blog.

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