How to write a business plan for a beauty salon.
When did you know that you just had to own a salon? Was it when you found the passion for hairdressing? beauty? breast implants and augmentation? Or are you just good with clients and figured why not become a hairdresser or beauty therapist?
It doesn’t matter! But what does matter is how you can make it a reality, and the first step towards success is developing a business plan. This will give you a guide on what to focus on to reach success. it can also help you to recruit partners or to get funding or loans from a bank.
Describing the company
This is part of the first sections of the plan. You need to cover the basics of the company, like the mission and the operational philosophies. For example, if you are a plastic surgeon – you might want to state your vision is to provide breast augmentation services to women to make them feel beautiful. This includes the name of the company, address, and business structure.
According to recent studies, only 50% of new businesses survive their first five years. Only a third last to ten years or more. Often a failure to survive is due to poor planning and the lack of funds that are used to sustain the company through their first years. You need to know what money you need and where it is coming from. Know exactly what you are spending it on and how long it is going to take you to get it back.
Include your startup expenses that are based on your salon experience and list down the potential sources of the funding. Figure out how many customers you can serve and how quickly the client base is able to grow then you can direct the cost estimates on these figures.
Here are a few things to consider:
- Calculate the monthly expenses like rent, training, payroll, emergency fund and licensing.
- Calculate how much you have in savings and the amount you need to make each month in order to stay afloat.
- Decide how much you will charge for the services.
- Consult with a professional accountant to help estimate what you are looking at paying for taxes.
Define Your Target Market
The target market is who will buy your product or services. Here you need to be specific. If you end up defining the market to broadly to appeal to more you can end up diluting the uniqueness of your products or services.
Create your marketing plan and the marketing budget
Describe how you intend on marketing the salon and this is an important part of your business plan. The marketing blueprint that you develop will help you to achieve your business goals. How are you going to market your salon these need to be outlined in the plan:
- Email marketing
- Social media
- Directory sites like Mapquest and Yelp
- Radio stations
- Community magazines
Your Products and Services
Now you need to show off your products and services and just how they are different to the others out there. Know exactly what sets them apart and how do you intend on offering them out.
Coming up with a business plan for a salon is not easy. There is so much to take into account and you need to ensure that you include everything that is important. If you feel overwhelmed you can get advice from professional services and ask them to look over your plan and see what could be changed.