Salons are a booming business. When an economy is growing, beauty, service, leisure and other associated companies also grow, usually at a faster clip. There is more wealth to spread around, and more disposable income for spending in non-essentials.
To meet this demand for more beauty services, small businesses are expanding by adding more seats or putting up new locations. According to ARF Financial, providing salon business loans allow entrepreneurs the ability to grow their business.
A hair salon or spa is a business. As with any business, the owner should ask some relevant questions before expanding to a new location. The plan includes a business model, financing, branding, growth targets, compensation, equipment, and others. This helps lay the groundwork and expectations for the salon.
Salons thrive on a sense of community, touching base with customers, and being a place of fun and beauty. Customers go to a salon to feel good, and it is expected that other branches would have the same vibe. In any business, financing can be a concern.
For the most part, there should be enough startup capital to buy new equipment and for operating expenses for at least a year, preferably two years. The entrepreneur should talk with local banks, and with other financing institutions about getting a loan for expanding the business.
There are some tasks and roles which require certification. Hiring people who are already certified helps to ensure that the business has a running start. Trained people, however, are hard to find. Ask your current staff if they have any recommendations. It is necessary to have an apprentice who can be trained from scratch, as insurance against workforce churn.
Salons are dependent on return business, and it is necessary to ensure that they are happy with the service. To do that, it is essential that the staff know what they are doing, and that the place is accommodating and welcoming. Quality of service is a hallmark of successful salons.
Expanding a salon is like starting all over again, but with the necessary experience. To do that, the owner must find financing, launch the second branch, provide great service, and keep staff trained. Each salon and branch is unique and has its own birthing pains.