According to Salt Society, there is an excess of 80,000 establishments, whose yearly revenue is around $20 billion, which explains the rising demand for hair salon space, particularly salon suites. Salon suites are move-in-ready, private, mini salons. If you are considering renting a salon suite for a hair salon space, check out these pros and cons.
Pro: Being Your Own Boss
Many people do not do well with authority and find it frustrating to work for a business run contrary to their own beliefs. As a hairstylist, you get to be the boss and lease a salon suite of your own. As the boss, you can schedule the work hours you want, pick your preferred products, and run your business as you see fit.
Pro: Less Risky Than Buying Your Own Salon
Buying your own salon is expensive and can be risky because its success is not a guarantee. Leasing is a lower-risk venture, so it is becoming an increasingly popular option. A failed start will still be a difficult obstacle to overcome, but it is easier to get out of a lease than to sell the property completely.
Pro: Control Over Customer Experience
Every business owner wants to provide customers with a comfortable, aesthetically pleasing, and private environment. Leasing a salon suite allows you to provide your customers with ultimate experiences. You can serve refreshments, play the music you want, and let your inner interior decorator shine.
Pro: Serve a Specific Customer Niche
Renting a salon suite provides the opportunity to work with a specific market. You can market your services to the clientele you envision. Are you looking to cater to families? Maybe you want to provide excellent hair and nail experiences for the elderly. Or maybe you want a hip and trendy spot that caters to a younger demographic. Whichever you choose, finding a niche will help you build a resolute clientele who keep coming back.
Pro: Allocate Revenue the Way You Want
Given that you are your own boss, you can decide where the revenue you earn goes. Perhaps you want a robust team of supporting hairdressers. Or maybe you want to invest in innovative technology. Maybe you simply want a higher income for yourself. It is up to you to decide!
Cons: Learning Curve
If you are the boss, you will have to oversee a substantial amount of responsibility. You will need to stay on top of lease payments, insurance, paying salaries, scheduling, and more. Running a business involves overcoming a significant learning curve. However, the lessons learned will be invaluable for your business and your life, in general.
Finding Own Clients
You manage your own marketing. If you want people to be able to find and talk about your business, you will need to invest in a website and a social media team. You can also use more traditional forms of marketing including ads in local papers, fliers, and sponsorships at local events. It is a large responsibility, but it's also a great opportunity to figure out your salon's identity and make your mark.
If you are looking for greater autonomy in your work, leasing hair salon space can be a suitable place to start. It is a lower barrier of entry and risk than buying property, but you get all the benefits of running your own business. If you think you are up to the challenge, contact LuxSpace Studios, today.