Dream of opening your own beauty store? Having your own beauty store can be a stable source of income and a good opportunity to gain more independence and become your own boss. In order to help you turn your salon dream into reality, we have compiled a comprehensive guide to start your own beauty store, including everything you need to know.
Choose the right place. Geographic location is critical to the success of an enterprise. Consider the following factors
Access to heavily trafficked areas. A space close to busy streets, shopping centers or places where people often visit (such as grocery stores) is ideal.
Try to have something easy to touch. If it is troublesome to park on the way to Sharon and the traffic is heavy, people may feel it is not worth it.
Stay away from competition. Don't put yourself directly next to another salon - you will offset each other. Instead, try to find a bar just for you in a few blocks.
Get all the permits. Unfortunately, running a business means dealing with red tape and paperwork. Here are some things you should pay attention to:
Get the business license. All business in the United States must be licensed. For more help, visit the Small Business Administration website.
All artists in the United States must obtain permission. This includes hair cutting or dyeing, nail painting, waxing and make-up. The regulations vary from state to state, so contact your local occupational and professional licensing department.
Make sure your salon passes the health check. To avoid fines or (worse) closure by health authorities, make sure your salon is hygienic and follows the guidelines of your state. See the New York State Salon Requirements for an example of expectations.
Find out how much you need. Entrepreneurship costs a lot of money, and most entrepreneurs will not make profits within 3-5 years. The following issues need to be considered:
Can you support yourself when you start a business? Calculate how much money you need to spend each month, how much cushion your savings have, and how much money you must earn each month to make ends meet.
Develop operational budgets. Calculate how much money you need each month to run your business. Including rent, licenses, training, wages, supplies and contingency funds
Calculate your service charge. Once you have an operating budget, you will know how much you need each month to break even. However, in order to make profits, you need to do more than save your capital. Estimate how many services you can provide per week (such as haircut, hair dye, nail enhancement, etc.), and calculate how much these services will cost to make you money.
Remember, although you need to charge enough to make a profit, you can't charge too much, or you will drive away customers. Try to set a price point that is good for your customers and yourself.
Find out the charging standards of other salons. Browse similar salons in your area to learn about their charges. Your price should be in a similar range.
Do you need a small business loan? Make an appointment with the credit officer of the local bank or small business association (SBA) and ask him or her to describe the process of obtaining small business loans. Before you leave, write a brief summary of how you want your salon to be profitable - because you provide unique services, or because there are not enough salons in your area.
Find out how you will be taxed. Taxing as a small business is different from paying taxes as an individual, so be sure to figure out what you need in advance. In order to save time and trouble, you can consider seeking the help of a certified public accountant when starting a business.