Starting your salon loft is a great idea for any stylist ready to take control of their career by owning a business. A salon loft will spare you the responsibility of managing other employees while allowing you to determine your work hours, choose what services you offer, set your price list and product lines. If you are thinking about taking the leap and launching your dream, it is only natural to wonder where to begin. This blog link provides excellent resources to help you learn what to expect when starting your salon loft.
Opening a salon loft is a convenient form of salon ownership that makes it easier to find a perfect location and operate with a smaller budget than typical salon startup projects. Salon loft service packages usually include all the furniture and equipment you need to operate your salon. Read on to learn more about the considerations for starting your salon loft.
Planning and Preparation
It is important to do all the groundwork necessary to successfully change from your current situation to owning a salon loft. Stylists usually lose about 30% of their clients when they change salons. You will need to find out whether your clients are loyal to you or your current salon before planning to go out on your own. If you feel comfortable that you will retain a decent percentage of your clientele, you can do some research. You will need to determine what professional and state government requirements are necessary when opening a salon loft.
Choose an Ideal Location
Location is an essential ingredient to the success of any business. When looking for a salon loft, you should ensure that any location you consider meets three important needs. Your potential salon loft must be near your current salon, your clientele, and you. Moving to a location that your current clientele isn’t willing to travel to could prove disastrous for your new business.
A safe location will maintain your current clientele and possibly open a door for you to attract a new client base. You will have to balance between location and rent. It may be better to pay a higher rent in an upscale location to charge more for services than cheaper rents in a downtown location. When choosing between salon lofts, you should consider whether the listed prices include extra services like utilities, parking, or laundry facilities. Some salon lofts also allow you to choose between using their salon equipment and technology or providing your own.
Make a Price List and Budget
After determining your desired salon location, it is time to create a working budget for the project. When making your budget, it is important to estimate your expected business volume and how much you will be charging for your services. It is wise to know your worth and not undercharge for your services. Even though your business will be brand new, your services will remain excellent and not any less valuable.
The best way to create your budget is to list your expenses and estimate your average monthly costs. Next, you should list your intended services and their prices while considering the average pricing in your area, the clientele you are trying to attract, your most popular services, and how booked you plan to be. Your pricing should be based on your expenses to make sure you’re making enough profit to maintain your salon loft.
Fulfill Your Legal Obligations
After setting your budget, the most important step is looking into your legal obligations and what it will take to fulfill them. Most salon lofts offer professional assistance to help business owners offset their legal obligations with undue hardships. The salon loft management can help you with trade name registration, salon licensing, sales tax licensing, and any other legal regulations.
Before renting a salon loft, you will need to obtain a business license from your local government and get a cosmetology license from your state cosmetology board. The state board will likely set up an appointment to inspect your new salon loft to ensure that you have met all the set requirements. Ensure that you have learned of all the requirements ahead of time to comply with the set standards in issues like licensing, sanitation and display.
You will also need professional liability insurance to protect you and your business from any claims and lawsuits. While you may never face legal problems at your business, it is advisable and legally mandated to be safe than sorry. Some salon lofts work the cost of professional liability insurance into the rent costs and offer it as an additional service.