Even if the economy is down, a lot of people will still make use of the services provided by day spas and beauty salons. Why? Primarily, because such personal care services are difficult or cannot be duplicated at home. Looking and feeling good is also something that most people are willing to pay for, no matter how much they are earning.
From 2002 to 2005, the revenue of the beauty salon industry was predicted to have reached $3.4 billion dollars, based from a survey done by Modern Salon – Vance Publishing. According to Statista.com, 29% of the revenue from nail salon services was generated through pedicures for the year 2012. From 2008 to 2014, the number of people who said that they used the services offered by day spas reached 16.88 million. If you want to take your part in this multi-billion dollar industry, then you should definitely learn everything there is about the salon or day spa business.
What You Need to Know when Starting a Day Spa or Salon Business
To get you started, here are the top things to remember when starting your very own salon or day spa services:
• There are several business options to choose from.
First, remember that there are several options to consider. Let’s say that you are an expert hair cutter and stylist, so you decided to put up your very own salon business. Your options include opening up a franchise hair salon; purchase an established salon from a business forced into bankruptcy or a business owner who’s retiring; or starting the business from the ground up.
When taking your pick from these options, it’s a must to study the pros and cons of each. Think about the booth rental fee if you are working with hairstylists in a large salon; or if you want to put up a business using commercial spaces available.
• You need to have a solid business plan.
After deciding the specific type of salon or day spa business that you want to establish, create a solid business plan. What time would your operations be, as well as the number of days? How will you go about marketing your business? What are your short-term and long-term goals for the business? How many personnel do you need to hire. How much will you be charging for a specific service? When moving along with the next steps, you can consult the business plan so that you can follow the right path.
• Pick an area of specialization.
Hair cutting and hair styling are the most in-demand services in the hair salon industry. You should hire personnel who are experts at both, although it does pay to have someone who knows how to perform other services like hair coloring, highlighting, perming, chemical straightening, etc.
• Start marketing your wares.
Will you be using an all-print marketing campaign, or a mixture of other traditional ad forms? Those who are planning to build a day spa should print out brochures which list down the services they are offering. For instance, your list could include:
– Beauty facials
– Cosmetics application
– Color analysis
– Hair removal
• Hire your personnel.
Naturally, you need to hire personnel who will perform specific services to your clients before you can formally open the business. Make sure that they are experts in the field, and that their salaries can reach the price point you’re going for.
• Start with your day-to-day operations.
Your salon or day spa, personnel, and marketing materials are all set. What comes next? Starting your day-to-day operations! Remember that the first few days or even months might be tough, but once you have gotten over the hurdle of earning money to recover your capital from the business, the profits that will be flowing in the next time will go straight to your savings and earnings account.