For many creative entrepreneurs, owning a salon space is the ultimate dream. Being able to share your talent and help clients feel great about their appearance can be immensely fulfilling. Plus, you'll have a chance to be artistic, interact with others, and be part of a booming industry. In fact, the U.S. hair care services sector includes more than 80,000 establishments and brings in combined annual revenues of around $20 billion.
It's no wonder that you'd want to open your own salon studio space. But before you do, you'll want to be aware of some of the most common pitfalls. By avoiding the following mistakes, you'll be in a better position to develop a thriving hair salon that your community will welcome with open arms.
MISTAKE: Discounting the Importance of Location
In real estate, location is everything. But when evaluating salon suites for rent, you might be inclined to justify a decision based on other factors. Don't assume that a client will sacrifice convenience for your services. You should choose a spot for your hair salon space that sees a good amount of traffic and that's very visible from the street. It should be easy to access from main roads and be situated in an area that's close to where your target clients reside. Always keep your location needs in mind when evaluating options for your salon space to avoid choosing an option that doesn't tick all the boxes.
MISTAKE: Overspending on the Wrong Things
If you're a new business owner, it's easy to overspend on areas that might not end up paying off. You might have a specific vision for your salon space in your head and might be willing to extend your budget in order to realize that vision. But keep in mind that the main goal is to be profitable. Decor should be a priority, but you shouldn't sacrifice the quality of your equipment or necessary technology in order to make the space look picture-perfect. You'll want to create a budget upfront to figure out what you can afford to spend on each area so you have enough financial breathing room to support your business early on.
MISTAKE: Forgetting About Business Setup
Let's face it: running a business may not actually be your strong suit. If you don't have that kind of background or are more interested in the creative side of running a hair salon than the financial side, you may want to get yourself a mentor or start reading up on resources that can help you to take control from the beginning. In order to prevent a disaster, you'll need to figure out what you need in the way of permits, funding, leases, accounting, software, taxes, and construction. You can alleviate some of the work by renting a studio suite that offers amenities and customizable options, but you'll still need to research how to build a client base, market your salon on social media, and decide on insurance options.
You may have decided to open a hair salon because you love being creative with hair and helping your clients feel amazing. But it's clear that operating a salon space requires an immense amount of hard work. In order to be successful, you'll need to plan out all the details, minimize your risk of mistakes, and find ways to streamline the process. We're here to help with all three. For more information about how LuxSpace Studios can help you realize your styling dreams, please contact us today.